Medium and Large Satellite Market to Expand at 4.7% CAGR from 2023 to 2030; Rocket Lab USA Secures Two USD 14 Million Contracts Focused on Satellite Separation Systems

The global medium and large satellite market size stood at USD 7.90 billion in 2022. The market value is slated to rise from USD 6.91 billion in 2023 to USD 9.52 billion by 2030 at a CAGR of 4.7% during 2023-2030. The expansion is on account of the escalating demand for space based services in navigation, communication, and remote sensing for earth and deep space exploration.

Fortune Business Insights™ presents this information in its report titled “Medium and Large Satellite Market Size, Share, COVID-19 & Russia-Ukraine War Impact Analysis, By Orbit (LEO, MEO, GEO, and Others), By Application (Earth Observation, Navigation and Global Positioning, Communication, and Others), By End User (Commercial, Government, and Military), By Payload (Up to 5000 kg, 5000 to 10000 kg, and Above 10000 kg), and Regional Forecast, 2023-2030”.

Market Expansion Impacted Due to Cancellation of Space Missions amid COVID-19 Pandemic

The pandemic period led to a negative impact on market expansion considering the suspension/cancellation of various space missions. The period also saw a decline in international demand from around 47% companies in the U.K.’s space sector.

Industry Growth Hindered on Account of Increasing Concerns Owing to Russia-Ukraine War

The Russia-Ukraine war created tension for collaborative space projects and joint space missions. The war had a negative impact on satellite communication (SATCOM) infrastructure in specific areas. Some of the damaged assets included satellite ground stations, antennas, and other facilities.

Rocket Lab USA Secured Two Contracts to Provide Satellite Separation Systems

In November 2022, leading launch and space systems company Rocket Lab USA was awarded two contracts amounting to USD 14 million. The contracts were awarded for providing satellite separation companies developing Space Development Agency’s Tranche 1 Transport Layer (T1TL) satellites.

Market Share is Driven by Increasing Deployment of Satellite Imaging for Homeland Security

The medium and large satellite market growth is being propelled by the increasing usage of satellite imaging technology in defense and homeland security applications. Besides, several government agencies are investing in medium and large military satellites considering the rising demand in defense applications.

However, high costs are involved in the installation of satellite components. This may hinder industry growth to a considerable extent.

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https://www.fortunebusinessinsights.com/medium-and-large-satellite-market-106278

Leading Companies Ink Partnership Deals to Expand Product Reach

Key market players are focused on formulating and developing a series of strategic initiatives for consolidating their industry positions. Some of these initiatives include acquisitions, mergers, and the rollout of new products. Many companies are also focusing on research and development activities for strengthening their market positions.

Key Players Profiled:

• Airbus SAS (Netherlands)
• Lockheed Martin Corporation (U.S.)
• L3Harris Technologies Inc. (U.S.)
• SpaceX (U.S.)
• NASA (U.S.)
• Northrop Grumman Corporation (U.S.)
• Sierra Nevada Corporation (U.S.)
• ST Engineering (Singapore)
• The Boeing Company (U.S.)
• Thales Group (France)   

Notable Industry Development

• January 2023 – The U.S. Space Force awarded Raytheon Intelligence & Space a key contract for developing a prototype Missile Track Custody system. As part of the deal, the company will develop a space vehicle with a missile tracking mission payload.   

Further Report Findings

• The North America medium & large satellite market share accounted for a dominating value in the global market. The region is expected to exhibit considerable expansion over the estimated period driven by the presence of leading players such as Northrop Grumman, L3Harris Technologies, Lockheed Martin Corporation, Boeing, Inc., and others.
• The Asia Pacific market is poised to expand at an appreciable rate over the forecast period. The rise is on account of the increasing space expenditure in Japan, India, and China.
• Based on orbit, the market is fragmented into GEO, LEO, MEO, and others. The LEO segment held a dominating share and is set to register considerable growth over the projected period. The expansion is impelled by an escalation in the number of missions that target the lower earth orbit.
• By application, the market for medium and large satellites is subdivided into communication, earth observation, navigation and global positioning, and others. The earth observation segment accounted for a major share in the market.

Table of Segmentation