What’s driving the Commercial satellite launch service market Share? | Key Players are Lockheed Martin, Airbus, Space Exploration Technology, Boeing, Axelspace Corporation, and Orbital ATK
As per authentic sources, the company has partnered with Rocket Lab for three upcoming launches. The first Electron mission will launch a BlackSky microsat for several rideshare satellite customers, while the second mission is poised to launch satellites for commercial & government organizations. The third mission, scheduled for early 2019, will launch a spacecraft from Canon Electronics.
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Analysts deem that the increasing investments and expansion strategies in the communication sector will quite overtly have a powerful impact on the growth prospects of the global commercial satellite launch service market. With novel growth opportunities and further technology interventions poised to disrupt this space, commercial satellite launch service market is anticipated to surpass USD 7 billion by 2024.
The market for small satellites or the so called SmallSats has expanded rapidly in the past few years and is expected to account for 29% of the overall commercial satellite launch service industry revenue share in the coming seven years. The advancing technology trends that prioritize lightweight and microcomputer components have allowed the commercial satellite launch service market players to build much smaller and lightweight satellites ultimately leading to significant cost reductions. These factors have thus been playing a key role in making Smallsats appealing enough to be deployed across the commercial, government, and defense sectors.
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Owing to the recent surge in the interest in small satellites, the overall commercial satellite launch service market is undergoing a progressive overhaul across its value chain housing the low-weight & cost effective business model of small satellites. If estimates are to be believed, over 25 commercial small satellite operators are planning to launch constellations of 20 to 4,425 satellites down the line of 3 to 5 years. It is prudent to mention that in this regard, SpaceX has been standing tall, having planned to single handedly fire 12,000 small satellites for low earth orbit connectivity solutions.
Remote sensing satellites are prominently useful for disaster management, forestry, agriculture, water management, urban planning, and weather forecast. As the Chinese aerospace and technology companies continue to brainstorm new ideas about the deployment of satellites for practical purposes, the regional commercial satellite launch service market share is likely to witness an incline.
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Many spacecraft companies have been making heavy investments to develop next-generation satellites by 2020. In addition, many governments are implementing several product innovation strategies to encourage satellite manufacturers to get involved in novel product development. Validating the aforementioned fact, the U.S. government recently deployed a policy to reduce the cost and stimulate innovations that would impact the future of commercial satellite launch service market.
For the record, in 2015, the global spending on space activity reached USD 323 billion, out of which about 37% was held by commercial infrastructure companies and 40% was held by commercial space products and services. Moreover, the U.S. government alone accounted for 14% of the worldwide spending on space research and satellite manufacturing, making the United States a viable growth ground for commercial satellite launch service market.
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