Market Research Report
Satellite Manufacturing and Launch Systems Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||597238|
|Published||Content info||96 Pages
Delivery time: 2-3 business days
|Satellite Manufacturing and Launch Systems Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: July 1, 2019||Content info: 96 Pages||
The Satellite Manufacturing and Launch Systems Market is poised to grow at a CAGR of more than 3.5% during the forecast period 2019 - 2024.
Military Segment Recorded the Highest Market Share in 2018
Currently, the Military and Government segment has the highest revenue share in the market. Militaries across the world are strengthening their C4ISR systems that essentially need secure and robust communication channels accessible from anywhere by the defense forces. The C4ISR system market is slated to grow, given the increasing demands for better security, control, and coordination. These factors are expected to enhance the need for military communication and ISR satellites during the forecast period. However, growth is projected to be higher in the commercial segment, due to the growing number of small satellite launches by private firms. The smallsat market has quickly expanded over the last five years and will experience a sustained expansion in the future. This trend is expected to give a significant boost to the commercial segment in the years to come.
The market in Asia-Pacific is Expected to Grow With The Highest CAGR During the Forecast Period
By Geography, North America registered the highest market share in 2018. The United States allocates the highest amount of money for space budget compared to any other country in the world. NASA's budget for fiscal year (FY) 2019 was USD 21.5 billion, the most by any country for its space. Launch providers like SpaceX, which are based in the United States, are also launching the satellites of other countries. However, the market in Asia Pacific region is projected to grow during the forecast period, as the markets in countries like China and India are progressing with many developments. China launched the highest number of rockets compared to any other countries in 2018, surpassing the number of rocket launches of the United States. India's ISRO is also taking huge leaps in the space launch technologies off-late. All these factors are expected to propel the growth of the region in the years to come.
Northrop Grumman Corporation, ArianeGroup, Space Exploration Technologies Corp, Blue Origin, and Lockheed Martin Corporation are some of the prominent players in the market. The market is fragmented, with many players venturing into the manufacturing of satellites and launch systems and sub-systems. Joint ventures between major aerospace and defense players, like the Ariane group (a venture between Airbus and Safran), the Thales Alenia Space (a Thales/Leonardo company) and United Launch Alliance (a joint venture of the companies Boeing and Lockheed Martin Corporation) are prominent in the market. The global satellite manufacturing and launch systems market experienced growth in orbital launch attempts in the past 5 years, and the forecast period might become one of the best growth phases for manufacturers as well as launch service providers. The demand for small satellites are also on the rise, and this would be a key point of concentration for the satellite manufacturers to incorporate the necessary types of technologies in their product portfolio, so as to gain the attention of customers.