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Satellite Launch Vehicle Market Forecasts On Regional Growth, Industry Players And More| Key Players are ARCA Space, Blue Origin, Bristol Spaceplanes, E Prime Aerospace, Eurockot, ISRO, Kelly Space & Technology, Lockheed Martin
Satellite Launch Vehicle Market
he surge in the number of launchers incorporated with built-in automated navigation systems that are highly beneficial in the event of communication failure will positively influence the satellite launch vehicle industry share from commercial launch activities.
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The rapidly rising demand for navigation technology, weather monitoring, and remote sensing is certain to augment satellite launch vehicle market growth over the ensuing years. Indeed, authentic surveys vouch for the vast expanse of this industry across the globe. According to the 2017 State of the Satellite Industry Reports, satellite launch services industry revenues including all commercially-competed launches of 2016, increased by 2% to USD 5.51 billion after having experienced a drop by 9% between 2014 to 2015.
Escalating use of the internet, VoIP, online digital payment services and IoT are playing a key role in the enhancement of communication. Reportedly, in 2018, the number of internet users has risen by 7% y-o-y to 4.022 billion, social media users by 13% to 3.196 billion and mobile phone users up by 4% to 5.135 billion globally. Growing connectivity requirement through radio, TV, as well as telecommunication mediums will drive the deployment of communication satellites, thereby propelling the satellite launch vehicle market over 2018-2024.
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Indeed close to 34 launch missions in the GEO orbits were recorded in 2017 due to their precise applications in observational data analysis and national security monitoring. The growing demand for geosynchronous satellites on account of their benefits will robustly impel the GEO orbit based satellite launch vehicle market share in the years ahead.
Telecom giants utilize satellite networks to transmit digital services such as television channels or even high-speed internet facilities, while the rapid propagation of smartphones with GPS function has escalated the need for appropriately positioned GEO satellites or satellite constellations for ensuring the delivery of navigation services. The increased requirement of communication or navigation satellites will propel the satellite launch vehicle market valuation from the commercial segment. The growing demand for connectivity and smart technology in vehicles has also augmented the adoption of navigation systems based on satellite GPS.
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In June, the European Commission had disclosed its plan to spend nearly USD 18.6 billion from the year 2021 to 2027 for expanding the regions space capabilities, with the funds being allocated to a satellite navigations systems program, earth observation program and to develop associated security components. The EU aims to develop these systems to help its industries get at the forefront of various technology sectors like the IoT and automated driving, securing a prolific future for the satellite launch vehicle market.
Some of the major satellite launch vehicle market participants include ARCA Space, Blue Origin, Boeing Space and Communications, Bristol Spaceplanes, E Prime Aerospace, Eurockot, Indian Space Research Organisation (ISRO), Kelly Space & Technology, Lockheed Martin, Mitsubishi Heavy Industries, Northrop Grumman Corporation, Scaled Composites LLC, SpaceX, and Virgin Galactic.
Browse Related Report: Aircraft Gaskets Market in Commercial Aircraft is Expected to Showcase Significant Growth Rate Over 2024: https://www.marketwatch.com/press-release/aircraft-gaskets-market-in-commercial-aircraft-is-expected-to-showcase-significant-growth-rate-over-2024-2019-05-06
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