Commercial Satellite Launch Service Market Growth Predicted at 7% Till 2026: Global Market Insights, Inc.
The European commercial satellite launch service market valuation crossed USD 1 billion in 2019 and is poised to grow at a CAGR of more than 6% during the forecast period.
SELBYVILLE, Del., June 25, 2020 (Newswire.com) - According to the latest report "Commercial Satellite Launch Service Market by Orbit (LEO, MEO, GEO, HEO), Size (Large, Medium, Small, Micro), Application (Navigational, Communication, Reconnaissance, Weather Forecasting, Remote Sensing), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of commercial satellite launch services will cross $9 billion by 2026.
The commercial satellite launch service market from MEO segment is expected to capture USD 600 million by 2026 at a CAGR of above 7%. The market penetration can be attributed to increasing demand to establish a comprehensive telecommunication network in outer space. Major companies operating in the space sector are collaborating with telecom service providers to increase their market competency.
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The medium segment in the commercial satellite launch service market accounted for more than 40% market revenue share in 2019, owing to increasing demand for resupply missions. The rising need for supplies in the International Space Station (ISS) to continue their operations is generating market demand.
The weather forecasting segment held 20% of market share in 2019 and will register around 6% gains till 2026. Weather satellites transmit weather and climate data and are used to forecast real-time weather updates depending on existing climatic conditions in surrounding regions. Efficient services for aerospace, maritime, and commercial transportation industries are among the primary targets pursued by service providers of commercial weather forecasting satellites.
The Europe commercial satellite launch service market valuation crossed USD 1 billion in 2019 and is poised to grow at a CAGR of more than 6% during the forecast period. Institutional & research agencies across Europe are encouraging initiatives for the development of micro-launcher-related solutions.
The North America commercial satellite launch service market size is estimated to observe maximum growth of 7% between 2020 and 2026 propelled by the presence of major players within the region. The presence of top educational universities capable of conducting individual space experiments will also support regional growth.
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Major players operating in the commercial satellite launch market include Ariane Group, GK Launch Services, Lockheed Martin, United Launch Alliance, Commercial Space Technologies Ltd., ISRO, NASA, Antrix Corporation Limited, COSMOS International, Sea Launch, Boeing, Orbital Sciences Corporation, SpaceX, Eurockot Launch Services, and Mitsubishi Heavy Industries Launch Services. Industry players are partnering with other non-tech commercial companies to increase market penetration.
Table of Contents (ToC) of the report:
Chapter 3. Commercial Satellite Launch Service Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2015 - 2026
3.4. Impact of COVID-19
3.4.1. North America
3.4.3. Asia Pacific
3.4.4. Latin America
3.5. Evolution of commercial satellite launch service
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.8. Regulatory landscape
3.8.1. North America
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis
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About Global Market Insights, Inc.
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.
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Source: Global Market Insights, Inc.
Categories: Aeronautics and Aerospace