Commercial satellite launch service market in LEO segment is expected to exhibit over 3% CAGR By 2024
Category: #business  By Partha Ray  Date: 2019-07-19
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Commercial satellite launch service market in LEO segment is expected to exhibit over 3% CAGR By 2024

LEO is likely to exhibit over 3% CAGR in the commercial satellite launch service market from 2018 to 2024. This growth can be credited to low initial launch cost as compared to other orbits, less time to deploy and compact size commercial satellite. LEOs are a positive step towards providing connectivity to remote areas.

Powered by the shifting trends toward improved communication networks, commercial satellite launch service market is likely to gain substantial traction in the ensuing years. As the demand for navigation facilities to detect destinations across the globe has been escalating, many private technology companies and regional governments have involved themselves in the development of diverse spacecraft, boosting commercial satellite launch service industry share

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An instance justifying the aforementioned is that of the American private space research company SpaceX, that launched five commercial communication satellites from California. The increasing investments in missions conducted for unveiling climatic behavioral changes will quite overtly have a favorable impact on commercial satellite launch service industry share.

Titled Apstar 6C, the satellite is deemed to be useful for maintaining in-flight connectivity, DTH television broadcasts, video distribution services, and cellular backhaul capacity across Southeast Asia, Mongolia, and China. Having been propelled in a geostationary orbit over 22,000 miles over the equator, Apstar 6C is indicative of the fact that satellite launches in the geostationary equatorial orbits will hold commendable precedence with time. As per estimates, GEO commercial satellite launch service market size will cross USD 2 billion by the end of 2024.

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Most of the Chinese companies are increasingly working on remote sensing satellites, owing to its numerous benefits for various practical applications. Remote sensing satellites are prominently useful for disaster management, forestry, agriculture, water management, urban planning, and weather forecast. As the Chinese aerospace and technology companies continue to brainstorm new ideas about the deployment of satellites for practical purposes, the regional commercial satellite launch service market share is likely to witness an incline.

Many spacecraft companies have been making heavy investments to develop next-generation satellites by 2020. In addition, many governments are implementing several product innovation strategies to encourage satellite manufacturers to get involved in novel product development. Validating the aforementioned fact, the U.S. government recently deployed a policy to reduce the cost and stimulate innovations that would impact the future of commercial satellite launch service market.

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For the record, in 2015, the global spending on space activity reached USD 323 billion, out of which about 37% was held by commercial infrastructure companies and 40% was held by commercial space products and services. Moreover, the U.S. government alone accounted for 14% of the worldwide spending on space research and satellite manufacturing, making the United States a viable growth ground for commercial satellite launch service market.

The escalating need of digitization across the globe is expected to encourage companies to develop satellites for improving communication, weather broadcasting, television broadcasting, and more. Powered by technologically advanced industrial scenario and a strong regulatory framework, commercial satellite launch service market is anticipated to register a CAGR of 2.5% over 2018-2024.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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