LONDON--(BUSINESS WIRE)--The global satellite manufacturing and launch market is expected to grow by USD 3.50 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 3%.
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The satellite manufacturing and launch market is driven by the reduction in associative launch cost. In addition, the rising demand for multirole satellites is anticipated to boost the growth of the satellite manufacturing and launch market.
Many companies that offer satellite launch services are increasing their R&D efforts to develop cost-effective launch systems. For instance, Rocket Lab has indigenously developed a rocket called the Electron with a maximum payload capacity of 496 lbs. The rocket has a unique structure and features an innovative jet propulsion cycle to achieve significant cost savings during launches. Besides, the growing competition in the market has compelled several satellite launch services companies to reduce the cost of launching satellites. For example, Arianespace, a part of ArianeGroup, has decided to reduce its satellite launch costs by 40% to compete with SpaceX. Such factors have significantly decreased the launch cost of satellites. This is expected to increase the number of satellite launches during the forecast period, thereby driving the growth of the market.
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Major Five Satellite Manufacturing and Launch Companies:
Airbus SE operates its business through segments such as Airbus, Helicopter, and Defence and Space. The company offers optical earth observation satellite systems such as S250 optical, S950 optical, and S850 radar among others.
Honeywell International Inc.
Honeywell International Inc. operates its business through segments such as Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers avionics, controls, and semiconductor solutions.
Lockheed Martin Corp.
Lockheed Martin Corp. operates its business through segments such as Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company offers Advanced Extremely High Frequency (AEHF-6) satellite.
Maxar Technologies Inc.
Maxar Technologies Inc. operates its business through segments such as Earth Intelligence and Space Infrastructure. The company manufactures communication and Earth observation satellites such as 1300 Class and Legion Class that offers radar imagery.
Northrop Grumman Corp.
Northrop Grumman Corp. operates its business through segments such as Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services. The company offers GEOStar geostationary Earth orbit (GEO) commercial satellites.
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Satellite Manufacturing and Launch Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Satellite manufacturing
- Launch services
Satellite Manufacturing and Launch Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
Satellite Manufacturing and Launch Market Application Outlook (Revenue, USD Billion, 2020-2024)
- Communication satellite
- Military surveillance
- Earth observation satellite
- Navigation satellite
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