Satellite Manufacturing Market to Reach $27.3 Bn, Globally, by 2031 at 5.7% CAGR: Allied Market Research

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Nov 02, 2022, 09:30 ET

Rise in technical innovation, development of automation technologies, and lower launch costs have boosted the growth of the global satellite manufacturing market.

PORTLAND, Ore., Nov. 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Satellite Manufacturing Market by Application (Communication, Earth Observation, Navigation, Space Observation, Others), by Satellite Type (LEO, MEO, GEO, Others), by Size (Small, Medium, and Large): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global satellite manufacturing industry was pegged at $16.2 billion in 2021, and is expected to reach $27.3 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, restraints, and opportunities

Rise in technical innovation, development of automation technologies, and lower launch costs have boosted the growth of the global satellite manufacturing market. However, strict government regulations, increase in space debris, and interference in satellite data transmission hinder the market growth. On the contrary, development in satellite mission technologies and surge in demand for space data would open new opportunities in the future.

Covid-19 scenario:

The Covid-19 pandemic forced government bodies across the globe to implement strict lockdown and social distancing measures. This affected the supply chain. Several satellite manufacturing facilities partially or fully shut down their operations.
However, after the global situation started getting on track, there's been an increased focus on space as a priority either for space exploration or for the national defense.

The communication segment held the lion's share

By application, the communication segment held the largest share in 2021, accounting for nearly half of the global satellite manufacturing market, due to rising demand for connectivity services across the world. However, the Earth observation segment is expected to register the highest CAGR of 6.4% during the forecast period, owing to increase in demand for monitoring and inspection solution by defense and commercial organizations.

The LEO segment to manifest the highest CAGR through 2031

By satellite type, the LEO segment would showcase the highest CAGR of 6.3% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than two-fifths of the global satellite manufacturing market, due to increase in demand for satellites in LEO orbit to monitor and observe the space station, and assist the space station in conducting space research missions.

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The medium segment dominated the market

By size, the medium segment held the largest share in 2021, accounting for more than two-fifths of the global satellite manufacturing market, due to surge in launch of satellites for high-performance applications in space research, communication, and observation fields. However, the small segment is expected to register the highest CAGR of 10.3% during the forecast period, owing to rise in focus of telecommunications and space organizations toward deploying small satellite constellations.

North America held the largest share

By region, the global satellite manufacturing market across North America held the largest share in 2021, accounting for more than two-fifths of the market, due to increase in adoption of advanced satellite services among the civil, defense, and space industries in the region. However, market across Asia-Pacific is projected to manifest the highest CAGR of 6.4% during the forecast period, due to increased investment in deploying satellite technologies in countries such as China and India.

Major market players

Airbus
Arianespace
Ball Corporation
Geooptics, Inc.
L3Harris Technologies, Inc.
Lockheed Martin Corporation
Maxar Technologies
Mitsubishi Electric Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Sierra Nevada Corporation
SpaceX
Thales Group
The Boeing Company
Viasat, Inc.

Access the Statistical Data and Graphs, Key Players Strategies - https://bit.ly/3Dx9Lyz

The report analyzes these key players of the global satellite manufacturing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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