Product ID: SQMIG45J2146
Global Satellite Manufacturing Market Size, Share, Growth Analysis, By Satellite(LEO, MEO), By Application(Communication, Earth Observation), By Size(Small, Medium) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2146 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
93 |
Figures:
76
Global Satellite Manufacturing Market Insights
Global Satellite Manufacturing Market size was valued at USD 17.38 Billion in 2022 and is poised to grow from USD 18.42 Billion in 2023 to USD 29.36 Billion by 2031, at a CAGR of 6% during the forecast period (2024-2031).
The need for satellite-based communication, Earth observation, navigation, and space exploration has been particularly strong recently, driving substantial development and change in the worldwide satellite manufacturing industry. A significant driving force has been the increase of satellite-based communication services, including mobile networks, broadband internet, and TV transmission. This trend has been further intensified by the ongoing deployment of 5G networks and the need to close the digital divide in rural areas. Earth observation satellites are essential for tracking natural catastrophes, keeping track of climate change, and evaluating environmental damage. Governmental agencies and commercial businesses are working harder to launch additional Earth observation satellites so that data may be collected for research, disaster management, and resource planning.
Governmental space agencies and private companies like SpaceX and Blue Origin have made large expenditures in space exploration projects, which has worked as a driver for satellite production. For expeditions to the Moon, Mars, and other celestial worlds, satellites are essential. It is important to note, however, that the growing number of satellites circling the Earth has sparked worries about space debris and potential collisions. International organizations and regulatory authorities like the FCC are assiduously establishing rules to reduce these hazards.
Additionally, because technology is advancing so fast, it is difficult for satellite producers to keep up with the latest innovations. The continual challenge of creating and launching new satellites that can keep up with changing technology falls on manufacturers. It can be difficult and time-consuming to get the requisite spectrum allocation for satellite communication and navigation, which causes delays and extra costs for manufacturers. Although downsizing lowers costs, building high-capacity satellites for complex missions is still expensive. In the satellite manufacturing sector, finding a balance between cost-efficiency and performance remains a difficult task.
US Satellite Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Satellite Manufacturing Market Report Snapshots
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