According to a recent report published by Allied Market Research, titled, “Satellite Manufacturing Market by Application, Satellite Type, and Size: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The global satellite manufacturing market was valued at $15.50 billion in 2020, and is projected to reach $25.96 billion by 2030, registering a CAGR of 5.6%.
North America leads the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. The increased use of satellites in businesses such as telecommunications, defense, and space exploration boosts the growth of the satellite manufacturing industry in North America. In 2020, the U.S. led the satellite manufacturing market, and this trend is projected to continue during the forecast period. In major North American economies, satellites are increasingly being utilized to speed up the deployment of communication services.
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Defense agencies utilize satellites to deploy spy systems for tracking and monitoring adversary and terrorist operations throughout the world. The satellite manufacturing market is divided into communication, earth observation, navigation, space observation, and others based on application. The communication category generated major revenue in 2020, owing to an increase in worldwide demand for high-speed internet access and growth in telecommunication firms’ deployment of satellites to extend their reach. The expansion of the communication segment has been aided by increased demand for low-cost real-time monitoring services that enhance national security in defense, homeland security, and other industries.
By satellite type, the satellite manufacturing market has been segmented into LEO, MEO, GEO, and others. In 2020, the LEO segment dominated the satellite type segment, owing to the rise in the adoption of LEO satellites by commercial and government space organizations for several applications such as urban planning, border mapping, infrastructure security, and homeland security. The use of LEO satellites has risen dramatically in recent years, owing to the satellites’ close proximity to the earth, which allows them to communicate with minimum latency. Satellites in the LEO constellation are excellent for time-sensitive applications such as voice transmission. In addition, since the distance between the earth and the satellite is shorter, the satellite-to-earth communication links suffer less route loss, allowing for a more stable link to be formed with less power and/or antenna size. As a result, LEO satellites are often smaller, lighter, and less expensive than their GEO counterparts, attracting satellite manufacturers to construct LEO satellites.
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Factors such as increase in the number of space exploration missions, rise in demand for satellite aided warfare, and surge in deployment of small satellites accelerate the growth of the satellite manufacturing market. However, interference in satellite data transmission and stringent government regulations hamper the growth of the satellite manufacturing market. Conversely, advancement in satellite mission technologies and an increase in demand for space data are expected to provide lucrative opportunities for the expansion of the growth of the satellite manufacturing market.
COVID-19 Impact Analysis
The COVID impact on the satellite manufacturing market is unpredictable and is expected to remain stunted till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to a sudden decrease in satellite manufacturing across the world.
Moreover, nationwide lockdowns disrupted the supply-chain as several satellite manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues for the satellite manufacturing industry globally.
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Key Findings Of The Study
By size, the small satellite segment is expected to register a significant growth during the forecast period.
By satellite type, the LEO satellite segment is anticipated to exhibit significant growth in the near future.
By application, the earth observation satellites segment is anticipated to exhibit significant growth in the near future
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the satellite manufacturing market include Airbus S.E, Arianespace, Geooptics, Inc., Lockheed Martin Corporation, Maxar, Northrop Grumman Corporation, SpaceX, Thales Group, The Boeing Company, and Viasat, Inc.
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