Commercial Satellite Launch Service Market in NA to hit +$2bn by 2024
SELLBYVILLE, Del., July 9, 2018 /PRNewswire-iReach/ --
According to a latest research report by Global Market Insights, Inc. " Commercial Satellite Launch Service Market is predicted to be valued USD 7 billion by 2024." Proliferating use of GPS and communication-based facilities will require additional launches thereby boosting commercial satellite launch services market size from 2018 to 2024. Rising sales of passenger vehicles with built-in navigation facility has increased adoption of this facility in various sectors including information & technology, electronics, and automobile. Companies in oil and gas sector trace the fuel tankers and vehicles for monitor the on-shore facilities that requires well established communication network. Owing to diverse applications the service demand is predicted to expand thereby supporting industry growth rate.
Increasing public spending and availability of financial investment is spurring the use of smart appliances, such as smart televisions and web streaming which in turn will fuel commercial satellite launch service market size. Soaring smart phone sales along with internet usage among youngsters is enhancing web-based applications such as AccuWeather, Google search, Facebook, and Instagram. In addition, introduction of smart classes will further improve internet penetration. In 2017, the number of online users reached approximately to 25 million. This in turn will escalate the commercial satellite launch services market size in next seven years.
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Continuous R&D activities for cost reductions will aid developing countries such as India to strengthen its position., In 2018, ISRO launched 31 satellites and is planning for around 3000 in next ten years. Rising satellite manufacturing facilities will strengthen the commercial satellite launch service market size over the forecast period. For instance, in 2017, , Airbus commissioned factory to manufacture One-Web SATs with annual investment of around USD 17 billion.
Government agencies such as the U.S. Federal Aviation Administration (FAA) recommends and approves the regulations and procedures that govern commercial launch service industry. It satisfies infrastructure requirement for the companies located both domestically and internationally. European space organizations are exploring various alternatives for micro launchers for launching SATs for different applications including, telecom, technology demonstration, education, earth observation, and mobile applications.
Prohibitive cost may hinder the commercial satellite launch services market growth during forecast period. In addition, launching challenges, quality control, absence of proper launch facility, and distribution channel may restrict the industry growth. However, declining price owing to technological advancements thereby reinforcing industry size.
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LEO segment of commercial satellite launch service market will exhibit CAGR of around 3.2% during forecast period owing to less deploy time and low launching cost in comparison with other orbits. Additionally, the segment is the positive gateway for expanding connectivity in remote areas.
The micro commercial satellite launch services market will experience more than 6% of growth rate during the projected time span. This growth rate can be credited to rising developments for enhancing affordability and reliability of the launching vehicles. Micro SATs penetration is observed in various industries owing to compact size.
Communication commercial satellite launch service market size will dominate industry volume share owing to increasing usage of wireless technology and rising connectivity among various countries. Reconnaissance segment is anticipated to hold over 35% of overall revenue share owing to utilization of imagery SATs for improving farming techniques. Online web sources and GIS tools for farmers will further spur segment revenue over the forecast period.
North America is predicted to dominate commercial satellite launch service market size and will be worth over USD 2 billion by 2024. This dominance can be credited to availability of robust infrastructure in the region and presence of multiple space organizations including SpaceX and NASA. Expansion of navigation industry demand to locate destinations is contributing significantly in regional revenue generation. Asia Pacific is anticipated to register robust growth owing to low launching cost offered by organizations such as ISRO.
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Chapter 4. Commercial satellite launch service Market, By Orbit
4.1. Global commercial satellite launch services market share by orbit, 2017 & 2024
4.2. LEO
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. MEO
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4. GEO
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5. HEO
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
Chapter 5. Commercial satellite launch service Market, By Size
5.1. Global commercial satellite launch service market share by size, 2017 & 2024
5.2. Large
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3. Medium
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Small
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
5.5. Micro
5.5.1. Market estimates and forecast, 2013-2024
5.5.2. Market estimates and forecast, by region, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/commercial-satellite-launch-service-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, [email protected]
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