Market Research Report
Satellite Manufacturing and Launch System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945238|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Satellite Manufacturing and Launch System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 112 Pages||
The global satellite manufacturing and launch market is currently witnessing stable growth. A satellite is a human-made spacecraft manufactured to orbit the Earth and other celestial objects to retrieve and process topographical information. Satellites are usually made using light-weight metals such as titanium and aluminum, along with composites and alloys, including aluminum-beryllium and nickel-cadmium. Currently, satellite manufacturing and launch organizations deal with Low Earth Orbit (LEO), geostationary (GEO) and sun-synchronous orbit satellites, which are used for remote communication, sensing, surveillance, transmission, traffic control and telemetry.
The increasing utilization of satellites for military surveillance and related defense applications is one of the key factors driving the growth of the market. They are also used for various commercial applications, such as global positioning services (GPS), satellite-based telemetry and internet connectivity. Furthermore, a reduction in the overall launch costs of satellites is another factor providing a boost to the market growth. Additionally, miniaturization of satellites with increased payload capabilities is also creating a positive outlook for the market. These satellites are compact in size and enable additional load on a single launch vehicle, which enhances the profit margins for the organizations. They are considered as one of the most effective solutions for cost reduction while ensuring optimum performance. Apart from being used indirectly to operate larger satellites, they are also widely utilized by research institutes and universities for technology demonstration sessions. Other factors, including the utilization of 3D technology in the manufacturing process, along with the implementation of favorable government policies to promote space research and increasing investments in research and development (R&D) by the private sector, are projected to drive the market further. Looking forward, IMARC Group expects the market to register a CAGR of around 3% during 2020-2025.