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Commercial Satellite Launch Service Market Information and Industry Trends to 2024 (SpaceX, Boeing, Lockheed Martin, Airbus, Orbital ATK, NASA)

03-12-2020 11:16 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights, Inc.

/ PR Agency: Commercial Satellite Launch Service Market
Commercial Satellite Launch Service Market

Commercial Satellite Launch Service Market

Commercial satellite launch service market is likely to be driven by proliferation of GPS and other communication-based facilities requiring satellite launches. Increasing demand for navigation systems in automobiles, electronics, and IT will further boost industry growth. Commercial satellites have key implications in the oil & gas industry. Companies operating in the sector are liable to trace fuel tankers & vehicles for monitoring the onshore facilities, which requires well established communication network, that satellites can easily fulfill.

Commercial use of space includes satellite navigation, satellite television & commercial satellite imagery. Operators providing these services contract the manufacturing of satellites and their launch to public firms.

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While the overall number of satellite launches has grown globally, commercial opportunities are becoming more competitive. In such a competitive field, manufacturers are ready to take up orders to deploy new small satellite constellations into Low Earth Orbit (LEO), for telecommunication purposes. With a diverse applications range, demand for commercial satellite launch service is expected to gain traction over 2018-2024.

The Major Key Players in the Commercial Satellite Launch Service Market are as follows:
1. Ariane Group
2. GK Launch Services
3. Lockheed Martin
4. United Launch Alliance
5. Commercial Space Technologies Ltd.
8. Antrix Corporation Limited
9. COSMOS International
10. Sea Launch
11. Boeing
12. Orbital Sciences Corporation
13. SpaceX
14. Eurockot Launch Services
15. Mitsubishi Heavy Industries Launch Services

Manufacturers across the commercial satellite launch services industry are investing in R&D activities to develop cheap, flexible rocket systems, and cultivating business plans that offer an edge in a competitive scenario.

Also, increasing spending on R&D in developing countries, such as India, for cost reduction of satellite launches has also changed the business landscape. For instance, ISRO launched 31 satellites in 2018, and is planning to launch around 3000 such satellites in next ten years.

Moreover, expansion of satellite manufacturing facilities will increase production and favor commercial satellite launch service market growth. For instance, in 2017, Airbus allocated a sum of USD 17 billion to a factory as an annual investment to manufacture One-Web SATs.

Proliferation of smart appliances, such as smart televisions, smart watches, web streaming gadgets is boosting commercial satellite launch service industry. Availability of easy finance options is prompting masses to buy more smart appliances and gadgets. Also,growing popularity of web-based applications, such as Google search, AccuWeather, Facebook, and Instagram along with an upsurge in sales of smart phones will also supplement commercial satellite launch service market share over the coming years.

The industry is deriving significant growth from the rapid expansion of internet using consumer base. As per estimates, the number of online users reached around 25 million in 2017. Growing demand for telecommunication services is providing impetus to Low Earth Orbit (LEO) commercial satellite launch service industry. As per estimates, LEO commercial satellite launch service market will register a growth rate of 3.2% during the forecast period. LEO satellites need lesser deployment time and low launching cost in comparison to satellites launched in other orbits. This may further boost product adoption. Furthermore, the introduction of smart classes in education industry is likely to propel the requirement for internet Services, thereby supporting commercial satellite launch service market expansion.

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Availability of robust infrastructure and presence of various space organizations, including NASA and SpaceX in North America will offer lucrative regional growth prospects for the industry. Growing demand for in-built navigation systems in vehicles, mobile phones, and other electronic gadgets to locate destinations is likely to contribute significantly to the regional revenue generation. North America commercial satellite launch service market is forecast to generate a revenue of over USD 2.5 billion by 2024.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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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