The Business Research Company’s satellites market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 27, 2022 /PRNewswire/ — The increasing use of 3D printing is gaining popularity in the satellite industry trends. 3D printing or additive manufacturing, is the process of making a three-dimensional object from a CAD or 3D model. A study, from March 2021, showed that 50 space companies were using 3D printing to help create an off-Earth ecosystem, of which, 62% of the companies develop spacecraft and technology to travel to LEO. Satellite and subsystem production costs are reduced due to additive manufacturing. Satellite makers are now 3D printing satellite buses, bespoke payloads and even rocket engines in satellite launchers. Startups employ large-scale 3D printing to mass-produce satellites for LEO constellations. Customized and sophisticated satellite pieces are digitally twinned, and 3D printed. This reduces manufacturing lead time and costs by speeding up prototyping and testing of satellites and their components.
The global satellites market size is expected to grow from $23.15 billion in 2021 to $24.86 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The satellites market growth in the satellites market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The demand for global satellites market is expected to reach $31.06 billion in 2026 at a CAGR of 5.7%.
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Rising Adoption Of Low Earth Orbit Satellites – A Major Driver For The Satellites Market
As per the satellites market analysis, increasing adoption of low earth orbit satellites in various sectors will drive the satellites market in the forecast period. Low-Earth-Orbit Satellites are one of the most essential enablers of the planet’s protection, safety, and longevity, and they play an important role in earth observation for satellites in the field of agriculture. Earth observation uses data from low-earth-orbit satellites to observe and measure biological, chemical, and physical elements on a global scale.
North America Was The Largest Region In The Satellites Market In 2021
North America was the largest region in the satellites market and was worth $17.76 billion in 2021. The satellites market in North America is supported by strong demand for satellites from end users, such as commercial, military, government and other end users, space technology advancements and an increase in demand for intercontinental transmission. Favorable government initiatives coupled with competition between satellite manufacturers in the region also supports market growth. For example, In June 2019, NASA laid out a plan to pursue opportunities to stimulate scalable and sustainable demand for low-Earth orbit (LEO) destinations, including solicitations with calls for in-space manufacturing and regenerative medicine flight demonstrations, as well as capability enhancements for the International Space Station (ISS) National Lab.
Lockheed Martin Corporation Held The Largest Satellites Market Share
Lockheed Martin Corporation was the largest competitor in the satellites market in 2021, with a 6.13% share of the market. Lockheed Martin Corporation is a security and aerospace company. Lockheed Martin’s growth strategy focuses on strengthening its business operations through securing new contracts. For instance, in June 2021, Lockheed Martin received a $4.9 billion contract for building a triad of missile-warning satellites for the U.S. Space Force. Under this contract, Lockheed Martin will manufacture, test, assemble and deliver three next-generation Overhead Persistent Infrared (OPIR) satellites that will monitor earth from the geosynchronous orbit.
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