| Source: Facts & Factors Facts & Factors
NEW YORK, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Satellite Market Size, Share, Growth Analysis Report By Type (Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite, By End User (Commercial, Civil, Government, Others), By Application (Scientific Research, Technology Demonstration and Verification, Earth Observation and Remote Sensing, Scientific Research, Communication), and By Region – Global Industry Insights, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Satellite Market size & share was valued at approximately USD 3,264.9 million in 2021. The market is expected to grow above a CAGR of 6.5% and is anticipated to reach over USD 4,763.9 million by 2028.”
The report analyses the Satellite market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Satellite market.
What is Satellite? How big is the Satellite Industry?
A satellite is an object that is set on a path to orbit a certain body like the moon orbiting the earth and but usually, satellites in our lingo mean a machine that is launched into space or the topmost atmosphere for special purposes or functions. Satellites are mostly used for communication, broadcasting, and location tracking services. Increasing technological proliferation and rising demand for advanced services are expected to propel the demand for Satellite over the forecast period. Rising advancements in space technology also influence the Satellite market potential.
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Key Insights from Primary Research
The report contains qualitative and quantitative research on the global Satellite Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.
Some of the main players in the global Satellite market include;
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Satellite Market Dynamics
Rising technological proliferation has also influenced the demand for satellite services and hence is driving the Satellite market potential across the world. Satellites are usually man made machines that are set to orbit the earth from space and provide desired functionality as well. Satellites are major utilized for broadcasting, communications, observation, and imaging purposes. As technology is advancing the scope of application of satellites has substantially increased and is projected to rise over the forecast period as well.
The rising demand for better and secure satellite communications in the defense industry is expected to provide lucrative opportunities for Satellite manufacturers and is anticipated to boost market potential over the coming years. Increasing government spending is also expected to positively boost Satellite market growth through 2028. However, high costs associated with manufacturing and launching these satellites is anticipated to have a hindering effect on the global Satellite market potential.
Satellite Market: COVID-19 Impact Analysis
The sudden emergence of the COVID-19 pandemic led to major changes in the global economy and had a negative impact on almost all aspects of the world resulting in a slowdown of economic growth across multiple nations. The Satellite market also experienced a downfall in its growth trend due to the pandemic which caused the Satellite manufacturers to incur big losses. Slow economic growth and hampered manufacturing and research activity during the pandemic led to negative growth in the Satellite market. The Satellite market is expected to make a good comeback in the post-pandemic era as the world returns to normal and lockdowns are lifted. As economic growth picks up we will see good growth in the Satellite market potential as well.
Browse the full “Satellite Market Size, Share, Growth Analysis Report By Type (Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite, By End User (Commercial, Civil, Government, Others), By Application (Scientific Research, Technology Demonstration and Verification, Earth Observation and Remote Sensing, Scientific Research, Communication), and By Region – Global Industry Insights, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/satellite-market
Satellite Market: Segmentation Analysis
In terms of end-user, the commercial segment is projected to account for a dominant outlook in the years to come. This can be attributed to the rising demand for satellite-based commercial applications such as high-speed live broadcasts, communication, imaging, monitoring, and observation. However, the government segment is expected to see a rise in market share owing to an increase in government spending for satellite launches and manufacturing.
The Observation and Remote Sensing segment is predicted to see good growth in demand over the forecast period as the focus on remote technologies increases. The rising incidence of natural calamities and increasing need for observation of changing climate trends are projected to drive demand in this segment through 2028.
The North American satellite market is expected to lead the global satellite industry owing to rising investments in the development of satellites and the presence of key manufacturers. Increasing investments in the technology sector by the governments are also expected to positively impact the Satellite market potential over the forecast period. Increasing spending on defense satellites and rising focus on advanced technologies will also boost demand for satellites in this region.
The United States will be the most notable market in this region owing to its rapid adoption of novel technologies and high defense spending potential. In September 2020, The Space Development Agency (SDA) announced that it had awarded a contract for Space Transport Layer to aerospace giant Lockheed Martin which was aimed at demonstrating a mesh network containing 10 small satellites that will be crucial in terrestrial war fighting with satellite links.
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The global Satellite market is segmented as follows:
By End User
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