As many countries to take on maritime activities, commercial satellite launch service market will gain momentum with the increased need for maritime surveillance. The MEO commercial satellites are witnessing considerable adoption and will contribute high revenues for the launch service providers in the coming years. With the emergence of satellite technology, the demand to establish reliable telecommunication network in outer space has increased.
Reports indicate that global commercial satellite launch service market is expected to exceed an annual valuation of US$9 billion by 2026. Increasing scope of commercial operations of commercial satellites will enable the market grow notable between 2020 to 2026.
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To take advantage of market competency, top companies functioning in the space sector are collaborating with telecom service providers. For an example, with a vision to launch seven low-latency next-generation MEO satellite constellations into space, SpaceX merged with SES in a strategic joint venture in September 2019. The companies joined hands to use Falcon 9 spacecraft and launch from Cape Canaveral.
The spacecraft equipped with the O3b mPOWER communication system that can generate infinite numbers of electronically steered beams, leading to market growth. To continue with the space related major operations, increased demand of supplies in International Space Station (ISS) is propelling satellite launches. The medium section such as resupply missions in the commercial satellite launch service market gained more than 40% of market share in 2019.
Space Exploration Technologies Corp. launched Commercial Resupply Mission (CRS-16) in December 2018. This mega event enabled the company to strategically launch satellites with 5,600 pounds of essential supplies and payloads.
The weather forecasting commercial satellite launch service gained 20% of market share in 2019 and could rise at a CAGR exceeding 6% over the forecast timespan. Weather satellites play a very crucial role in weather forecasting, used to gather and transmit data related to weather and climate change for delivering real-time weather updates.
These real-time weather forecasts facilitate and provide essential information to several industries such as maritime, commercial transportation and aerospace.
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From a geographical point of view, Europe commercial satellite launch service market garnered more than US$1 billion in 2019 and is estimated to grow at a CAGR of over 6% through 2026. Institutional and research organizations in European countries have been introducing numerous initiatives to boost the development of micro launcher related technologies.
In October 2016, the European Commission had announced initiatives to support research and innovation and to improve its ability to anticipate and adapt to ongoing changes in the industry such as reusability. The initiative aided in the design and development of innovative commercial satellite technologies and launch sites. The demand for commercial satellite launch services across North America is anticipated to grow at 7% by 2026. The presence of renowned market players in the region is influencing the regional growth.
Some of the leading players in commercial satellite launch service market include ISRO, United Launch Alliance Ariane Group, Eurockot Launch Services, Lockheed Martin, NASA, Commercial Space Technologies Ltd., GK Launch Services, Antrix Corporation Limited, Mitsubishi Heavy Industries Launch Services, SpaceX, Sea Launch, Boeing, Orbital Sciences Corporation, and COSMOS International.
Major Key Points from Table of Content:
Chapter 5. Commercial Satellite Launch Service Market, By Orbit
5.1. Key trends, by orbit
5.2.1. Market estimates and forecast, 2015 - 2026
5.3.1. Market estimates and forecast, 2015 – 2026
5.4.1. Market estimates and forecast, 2015 – 2026
5.5.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Commercial Satellite Launch Service Market, By Size
6.1. Key trends, by size
6.2.1. Market estimates and forecast, 2015 - 2026
6.3.1. Market estimates and forecast, 2015 – 2026
6.4.1. Market estimates and forecast, 2015 - 2026
6.5.1. Market estimates and forecast, 2015 - 2026
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