Satellite manufacturing and launch market set to grow by $4.662 billion from 2022 to 2027
The satellite manufacturing and launch market is fragmented; the vendors are competing with competitors and are trying to get a greater market share.
The market is growing, and the chances of new entrants cannot be overlooked.
The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products.
The Satellite Manufacturing and Launch Market report has been added to Technavio's offering. The satellite manufacturing and launch market size is estimated to grow by USD 4,662.26 million from 2022 to 2027, growing at a CAGR of 3.87%. North America is estimated to account for 36% of the global market growth. Some of the prominent countries in North America which are significantly contributing to the satellite manufacturing and launch market growth include US and Canada, as there are several prominent players in the region. These prominent players have a well-established aerospace industry, sophisticated technological capabilities, and robust infrastructure, which have led to their market domination. The rising demand for satellite communication, remote sensing applications, and national security requirements are some of the key factors which are expected to drive market growth in the region during the forecast period. For Comprehensive details on the market size of the historic period (2017 to 2021) and forecast period (2023-2027) - View the Sample report Technavio has announced its latest market research report titled Global Satellite Manufacturing and Launch Market 2023-2027
Satellite Manufacturing And Launch Market - Vendor Landscape The satellite manufacturing and launch market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments.
Satellite Manufacturing And Launch Market - Market Dynamics
Major Drivers & Challenges-
The increasing demand for multirole satellites significantly drives market growth. There is a significant change in the nature of wars due to the rapid advancement in technologies. Hence, different countries need pace capabilities to resolve the requirement for operationally responsive forces for different military requirements, such as communication. As a result, there is a rise in demand for nanosatellites due to their extensive advantages. Some of the key advantages of nanosatellites include high visibility against the tactical operations of enemy forces, fast access to near-real-time information, and imagery that can be a significant help with the aerial reconnaissance augmentation process. Hence, such benefits are expected to drive market growth during the forecast period.
The high cost of development and manufacturing satellites hinders market growth. There is an increase in expenditure in the manufacturing of satellites as the R&D and development of satellites involve significant investments in technology, engineering, and testing. Furthermore, the R&D cost of satellites can be very high, especially for advanced satellite systems with better capabilities, including communication, Earth observation, or navigation. Hence, the rising cost and funding for the manufacturing of advanced satellites can negatively impact market growth. Hence, such factors are hindering the market growth during the forecast period.
Rising demand for small satellites is an emerging trend shaping the satellite manufacturing and launch market. Some of the main developments in the satellite manufacturing and launch market are nanosatellites or CubeSats. These are classified as small satellites based on their compact size, which weighs under 500 kilograms. These small satellites have the ability to perform complex missions due to the advanced electronics, sensors, and propulsion systems.
Furthermore, the manufacturing costs of these small satellites are less as they require fewer resources. Hence, such factors are expected to drive the market growth during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report
The satellite manufacturing and launch market report includes information on the product launches, sustainability, and prospects of leading vendors including Airbus SE, Axelspace Corp., Blue Origin Enterprises LP, GeoOptics Inc., Honeywell International Inc., Israel Aerospace Industries Ltd., Leidos Holdings Inc., Lockheed Martin Corp., Maxar Technologies Inc., Mitsubishi Electric Corp., Northrop Grumman Systems Corp., OHB SE, Raytheon Technologies Corp., Rocket Lab USA Inc., RUAG International Holding Ltd., Safran SA, Sierra Nevada Corp., Space Exploration Technologies Corp., Thales Group, and The Boeing Co.
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Satellite Manufacturing and Launch Market - Market Segmentation
The Satellite Manufacturing and Launch Market is analyzed in terms of application (communication satellite, military surveillance, earth observation satellite, navigation satellite, and others), product (satellite launch and launch services). The geography segmentation includes North America, Europe, APAC, South America, and the Middle East and Africa.
The market share growth by the communication satellite segment is significant during the forecast period. Some of the main functions of communication satellites include television broadcasting, telephone networks, internet connectivity, and data transmission. Furthermore, this segment mainly comprises the design, manufacturing, and deployment of satellites that enhance long-distance communication across the globe. Factors such as the growing need for reliable and high-quality communication services such as voice, data, and multimedia transmissions are significantly contributing to the growth of this segment. Hence such factors are expected to drive the market growth during the forecast period.
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