Portland, OR, Oct. 11, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global satellite manufacturing market generated $15.50 billion in 2020, and is expected to reach $25.96 billion by 2030, witnessing a CAGR of 5.6% from 2023 to 2030. The report offers an extensive analysis of changing market trends, key investment pockets, value chain, top segments, regional scenario, and competitive landscape.
Rise in the number of space exploration missions, increase in demand for satellite aided warfare, and surge in deployment of small satellites drive the growth of the global satellite manufacturing market. However, interference in satellite data transmission and stringent government regulations restrain the market growth. On the other hand, advancements in satellite mission technologies and rise in demand for space data create new opportunities in the coming years.
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Covid-19 Scenario:
- The Covid-19 pandemic posed various problems for carrying out satellite manufacturing with full capacity. These hindrances include disruptions in supply chains, shortage of raw materials, logistical disruptions, and others.
- Satellite manufacturers were enforced to limit their expansion and R&D operations to cope up with the space industry’s declining sales and overall performance.
- However, the development of specialized satellite-launch solutions and ride-sharing systems by major market players such as ISRO, Virgin Galactic, SpaceX, and Blue Origin would lead to the growth of the satellite manufacturing sector in 2023.
The report offers detailed segmentation of the global satellite manufacturing market based on satellite type, size, application, and region.
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Based on satellite type, the LEO segment held the largest share in 2020, contributing to more than two-fifths of the total share, and is expected to continue its lead in terms of revenue during the forecast period. Moreover, this segment is projected to register the fastest CAGR of 6.2% from 2023 to 2030. The report also analyzes the segment including MEO, GEO, and others.
Based on application, the communication segment contributed to the highest share in 2020, accounting for nearly half of the global satellite manufacturing market, and is estimated to maintain its dominance throughout the forecast period. However, the earth observation satellites segment is expected to manifest the fastest CAGR of 6.1% from 2023 to 2030.
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Based on region, North America accounted for the highest share in 2020, contributing to nearly half of the total share, and is expected to maintain its leadership status by 2030. However, Asia-Pacific is expected to witness the largest CAGR of 6.3% during the forecast period.
Leading players of the global satellite manufacturing market analyzed in the research include Airbus S.E, Geooptics, Inc., Arianespace, Maxar, Lockheed Martin Corporation, SpaceX, Northrop Grumman Corporation, The Boeing Company, Thales Group, and Viasat, Inc.
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