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The global satellite manufacturing and launch system market size is expected to reach USD 54.17 billion by 2027. The incorporation of advanced satellite designs has led to high demand for miniaturized satellite component, which, in turn, will bolster the growth of this market, states Fortune Business Insights, in a report, titled “Satellite Manufacturing and Launch System Market Size, Share & COVID-19 Impact Analysis, By Type (Satellite Manufacturing and Satellite Launch Systems), By Application (Communication Satellite, Military Surveillance, Navigation Satellite, Earth Observation Satellite, and Others), By End-Use (Commercial and Military) and Regional Forecast, 2020-2027.” The market size stood at USD 25.15 billion in 2019 and is expected to exhibit a CAGR of 12.45% between 2020 to 2027.
Selection of Airbus for ESA’s New Snow Topography Mission to Amplify Growth
The European Space Agency (ESA) has chosen Airbus to build and develop the Copernicus polar ice and snow topography mission (CRISTAL). The CRISTAL mission will confirm the long-term continuation of radar altimetry ice elevation and change records through two satellites. It is one of six new tasks to increase the Copernicus space component's current capabilities for the benefit of all European citizens. The € 300 million contracts will include an advanced multi-frequency altimeter that will measure sea ice thickness and ice sheet elevations. The data will be further used to support maritime operations in polar oceans and contribute to a better understanding of climate processes. CRISTAL will also back applications related to coastal and inland waters and the observation of ocean topography. Moreover, the Airbus Defence and Space site in Friedrichshafen (Germany) in association with companies from 19 countries to deliver the project, including Thales Alenia Space to provide the IRIS Interferometric Radar Altimeter. The launch of CRISTAl will improve the prospects of satellite manufacturing and launch system owing to the 1.7-ton spacecraft, which is based on a proven, robust Airbus satellite design building on the heritage from Sentinel-6 and CryoSat.
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Increasing Deployment of Satellites to Fortify Market
The increasing satellite launches for robust satellite networks spur demand for components used in satellite manufacturing & launch systems. For instance, the U.S. Federal Communications Commission (FCC) approved the license to deploy up to one million user terminals throughout the U.S. for SpaceX's Starlink Internet program. SpaceX deployed 60 satellites in low earth orbit in the first half of the year 2020. The company intends to deploy 1,594 satellites by the end of 2020. Furthermore, the increasing demand for high-speed data transmission service will subsequently increase the deployment of communication satellites in low earth orbit. Besides, the growing spending on satellite technology in the defense sector for intelligence, surveillance, and reconnaissance (ISR) systems will bode well for the market. ISR system provides highly accurate, coherent, assured, and relevant information and intelligence to support military combat missions. Various companies are developing lightweight and cost-effective satellites for commercial and military applications, which in turn, will boost the satellite manufacturing and launch system market growth.
Adoption of Strategies by Companies to Consolidate Industry
Key players are adopting strategies to consolidate their position in the market. For instance, Lockheed Martin Corporation, a leader in a wide variety of satellite solutions, including small satellites, mid-satellites, and GEO-satellites. It has nearly built 800 spacecraft. The joint ventures and R&D investments by the company is expected to aid the expansion of the market. In August 2020, the Space Development Agency signed a contract worth USD 187 million with Lockheed Martin Corporation to build 10 satellites for the agency's tranche zero transport layer.
The Report Lists the Key Players in the Satellite Manufacturing and Launch System Market:
Further Report Findings:
This Market is Segmented into:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
Segmentation | Type; Application; End Use and Geography |
By Type
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By Application
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| By End Use
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By Geography
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