Satellite’s Growth Engines Market | Increasing Demand, Current Growth Rate, Outlook and Forecast to 2027 | Key Player - Lockheed Martin Corporation, Thales Group, Sierra Nevada Corporation, L3 Harris Technologies, Lockheed Martin Corporation, Northrop G
The satellite’s growth is any method used to accelerate spacecraft and artificial satellites into space. Space propulsion or in-space propulsion exclusively deals with propulsion systems used in the vacuum of space and should not be confused with launch vehicles. Several methods, both pragmatic and hypothetical, have been developed each having its own drawbacks and advantages. Moreover, most satellite engines have simple reliable chemical thrusters, which are often known for monopropellant rockets or resist jet rockets for orbital station-keeping, while some use momentum wheels for attitude control. The interplanetary vehicles mostly use chemical rockets, although a few have used ion thrusters and Hall-effect thrusters for two different types of electric propulsion, which have also been used in the past. Increase in demand for satellites from the civil or government, commercial, and military sectors in recent years is expected to grow the satellite’s growth engines market during the forecast period.
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COVID-19 scenario analysis:
• The global market for satellite’s growth engine is severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of aircraft doors, which negatively impact the market growth.
• However, government around the world have allowed only few essential industries to operate until situation becomes favorable for resuming other business activities.
• This situation is further expected to improve as government has started relaxing norms around the world for resuming business activities.
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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Some of the factors that boost the market growth include increase in the number of space exploration missions and rise in demand for earth observation imagery and analytics. However, government policies at both the nation-state and international levels directly or indirectly influence the evolution of the small satellite ecosystem and industry, which is anticipated to hamper the growth of the market. Conversely, increase in government investments in space technology is expected to offer lucrative opportunities for the market in the forecast period.
The satellite’s growth engines market trends are as follows:
Increase in the number of space exploration missions
The growth in the small satellite imagery marketplace is expected to be driven by expansion of industries such as agriculture, insurance companies, financial trader, hedge funds, energy companies, urban planning, retail, resource management, maritime, and media. In addition, the market is witnessing the entry of private players who are spending huge amounts on research and development to exploit the new opportunities in the satellite’s growth engines market. Moreover, along with the shift toward the manufacturing of affordable and less sophisticated small satellites, it is expected that the manufacturing base of satellites is widening to several other countries around the world, which will further boost the market growth.
Rising demand for earth observation imagery and analytics
Earth observation services primarily cover the monitoring of agricultural fields, detection of climatic changes, disaster mitigation, meteorology, and several other resources. The requirement of high-resolution earth imaging has increased across verticals, as images can be used for various purposes, such as precise management of land, water, and forest resources. The government of developed economies is the largest purchaser of satellite imagery today. For this reason, most small companies across the globe see the developed economies government as a stable long-term customer to get started with. Hence, the surge indemand for earth observation will further augmentthe growth of the global satellite’s growth engine market.
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Questions answered in the defensive cyber weapons market research report:
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