Commercial Satellite Launch Service Market |
Posted: August 19, 2018 |
Commercial Satellite Launch Service Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at CAGR of XX % in the forecast period. Increasing usage of data-based services and GPS systems is a major factor driving the commercial satellite launch service market size globally. These services are adopted by various sectors such as automotive, electronics, military, and IT, among others. Increasing number of vehicles integrated with built-in navigation units will contribute majorly towards launching additional satellites. Additionally, oil & gas companies across the globe use vehicle tracking systems for locating their vehicles and maintain transparency, making way for higher implementation of Commercial Satellite Launch Service Market. Usage of smart devices and services for personal use such as smart TVs, online streaming services, etc. accelerates the financial investments. High demand for weather forecasting software is witnessed such as AccuWeather, The Weather Channel, Yahoo Weather, Google Weather, etc. that uses satellite information for delivering details. Schools and colleges across the globe are introducing new smart classes’ initiatives as well. Rising penetration of internet and mobile phones across the globe owing to next-generation 4G/LTE networks with attractive data plans is also driving the wireless technology. Due to proliferating usage of these applications across the globe, an additional number of satellites will be required. This, in turn, will be used for escalating the revenue generation of the Commercial Satellite Launch Service Market. It is seen that technological advancements will result in a decline of the launching service cost, like in 2017, ISRO announced the launch of 3000 satellites in the next 10 years for navigation-based applications. In 2017, again Airbus commissioned a high-volume satellite factory in the U.S. to build OneWeb satellites with an annual investment amounting to USD 17 billion. The focus here is to reduce weight and enhance performance. The modular satellites are easily customizable with various configurations according to the user requirements. Increasing manufacturing of satellites across these regions will positively impact the Commercial Satellite Launch Service Market demand. Commercial Satellite Launch Service Market is majorly segmented by the orbit, size, application, and region. Based on-orbit segment LEO is expected to have a higher growth rate in the current forecast period. This growth can be credited to low initial launch cost as compared to other orbits, less time to deploy and compact sized commercial satellite. LEOs are a positive step towards providing connectivity to remote areas as well. Under applications segment, reconnaissance is expected to higher growth rate through 2026. Introduction of new farming techniques such as precision farming, or utilizing the satellite imagery for improving farming that will play a key role in the industry growth. Geographical Information System (GIS) tools and online web resources with the help of UAVs for farmers are spurring the segment growth of Commercial Satellite Launch Service Market.
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