Press release
Commercial Satellite Launch Service Market 2024 Future Companies are NASA, Lockheed Martin, Ariane, GK Launch Services, United Launch Alliance, Commercial Space Technologies, ISRO, COSMOS International, Boeing, SpaceX
Commercial Satellite Launch Service Market
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The micro commercial satellite launch service market will experience more than 6% of growth rate during the projected time span. This growth rate can be credited to rising developments for enhancing affordability and reliability of the launching vehicles. Micro SATs penetration is observed in various industries owing to compact size.
Commercial Satellite Launch Service Market by Orbit
• LEO
• MEO
• GEO
• HEO
Commercial Satellite Launch Service Market by Size
• Large
• Medium
• Small
• Micro
Commercial Satellite Launch Service Market by Application
• Navigational
• Communication
• Reconnaissance
• Weather Forecasting
• Remote Sensing
Communication commercial satellite launch service Market will dominate industry volume share owing to increasing usage of wireless technology and rising connectivity among various countries. Reconnaissance segment is anticipated to hold over 35% of overall revenue share owing to utilization of imagery SATs for improving farming techniques. Online web sources and GIS tools for farmers will further spur segment revenue over the forecast period.
Usage of smart devices and services for personal use such as Smart TVs, online streaming services, etc. accelerates the financial investments. High demand for weather forecasting software is witnessed such as AccuWeather, The Weather Channel, Yahoo Weather, Google Weather, etc. Schools and colleges across the globe are introducing new smart classes initiatives.
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Rising penetration of mobile phones internet usage across the globe owing to next generation 4G/LTE networks with attractive data plans is driving the wireless technology. Due to proliferating usage of these applications across the globe additional number of satellites will be required. This in turn will escalate the revenue generation of the commercial satellite launch service market.
The European Space Agency (ESA) is exploring alternatives to introduce micro launchers for various applications such as education, technology demonstration, telecoms, and earth observation. With this ESA aims to target companies with small satellites focusing on various mobile applications. However, the prohibitive cost of commercial satellite launch services is hindering the industry growth. Moreover, the lack of proper commercial satellite launch facilities, quality control, launch problems, supply chain issues may negatively impact the industry size. However, with the growing demand for satellites, prices are expected to decline, resulting in strengthening of the commercial satellite launch service market size.
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Reconnaissance commercial satellite launch service market size is expected to hold around 36% of the revenue share by 2024. Introduction of new farming techniques such as precision farming, utilizing the satellite imagery for improving farming will play a key role for the industry growth. Geographical Information System (GIS) tools and online web resources with the help of UAVs for farmers are spurring the segment growth.
North America is predicted to dominate commercial satellite launch service Market and will be worth over USD 2.5 billion by 2024. This dominance can be credited to availability of robust infrastructure in the region and presence of multiple space organizations including SpaceX and NASA. Expansion of navigation industry demand to locate destinations is contributing significantly in regional revenue generation. Asia Pacific is anticipated to register robust growth owing to low launching cost offered by organizations such as ISRO.
Key Companies in the Commercial Satellite Launch Service Market include Ariane Group, GK Launch Services, Lockheed Martin, United Launch Alliance, Commercial Space Technologies Ltd., ISRO, NASA, Antrix Corporation Limited, COSMOS International, Sea Launch, Boeing, Orbital Sciences Corporation, SpaceX, Eurockot Launch Services, Mitsubishi Heavy Industries Launch Services.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Email: sales@gminsights.com
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