The global satellite manufacturing and launch systems market size is set to exhibit robust growth due to the increasing demand for technically advanced reusable satellite launchers. The COVID-19 contagion and the resultant lockdowns in the initial phase have disrupted operations in all aspects. With no exception, numerous space operations have been shut for months and hence the businesses in the industry have paid the price. Key enterprises are striving to come out of the unpleasant crisis. At Fortune Business Insights, we thoroughly analyze the market conditions to provide detailed insights on the challenges at sight.
Highlights of the Report:
While making the report, we segmented the market based on the product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
A List of Key Manufacturers Operating In the Satellite Manufacturing and Launch Systems Market Report:
- Airbus Defense and Space
- Boeing Defense, Space, and Security
- Space X
- ViaSat Inc.
- Lockheed Martin Corporation
- ISS Reshetnev
- Innovative Solutions in Space
Drivers & Restraints-
Increasing Demand for Technologically Advanced Reusable Rockets to Drive Growth
Since the space war between the U.S. and Russia that led to the Moon landing, countries worldwide are striving toward space exploration. However, the cost associated with space projects has been the biggest challenge for space agencies due to limited funding from governments. This has increased the demand for technologically advanced reusable rockets and satellites, which is anticipated to drive the growth of the global satellite manufacturing and launch systems market. However, the complex manufacturing process, coupled with the high development cost is estimated to hinder growth shortly.
Presence of Key Players to Help North America Dominate
North America is projected to dominate the global satellite manufacturing and launch systems market owing to the presence of industry-leading enterprises in the U.S., such as Boeing and SpaceX, introducing latest technologies. In addition, increasing investments from the U.S. government on satellite infrastructure and manufacturing facilities is anticipated to drive growth in the region.
Asia-Pacific is set to exhibit significant growth during the forecast period. This is attributed to the rising satellite launch programs hosted by countries including India and China. In addition, the increasing demand for commercial applications is expected to further strengthen the demand for satellite manufacturing and launch systems in the region.
Research and Development to Aid Prominent Enterprises Reduce Cost
Key players operating in the global satellite manufacturing and launch systems market are embarking on research and development in order to reduce the total cost of their space programs. For instance, in January 2021, SpaceX announced that it is planning to “catch” the starship boosters instead of landing them. Initially, these boosters were designed to be landed on the company’s facility. This will help the company save the design cost and enable real-time repositioning of boosters. Price plays a crucial role in the industry as space projects can cost billions to governments and space agencies.
- In June 2020, Space X launched a batch of 58 starlink internet and three earth observation satellites. The launch is the initial phase of the starlink program.
- In June 2020, China launched an ocean monitoring satellite. The modified Long March 2C rocket was carried for this program.
About the Author
Name: Shubham Khampariya
Shubham Khampariya is a part of a talented team of content writers working in Fortune Business Insights™, one of the most promising market research firms in the industry. He has experience in creating quality content and is highly motivated. He enjoys putting ideas and thoughts into words to enable the reader to experience a seamless perusal.