Global Satellite Manufacturing and Launch Systems Market Forecast to 2023
Dublin, Ireland, May 25, 2018--The global satellite manufacturing and launch system market is expected to register a CAGR of 5.32% to reach USD 25.90 billion by the year 2023 according to a new report by Research and Markets. The satellite launch systems market is anticipated to witness an increased growth rate by the end of the forecast period and is anticipated to hold 30% of the global satellite manufacturing and launch market. There is an increase is investment in these systems by various nations, to have access to launch their satellites.
The application of satellites led by the military and the civil sector is increasing at a tremendous pace. The growing use of Unmanned Aerial Vehicles and smart weapons has explicitly put a lot of constraint on the existing infrastructure. The growing use of such systems has increased the demand for satellites tremendously and will be one of the primary drivers of the satellite manufacturing and launch market. The development of the all-electric propulsion systems for spacecraft will increase the efficiencies and will contribute significantly to the market.
The Asia Pacific region is expected to grow at the fastest rate in the forecast period and is poised to be the largest market by the end of the forecast period. India and China will lead the growth globally in this space till 2023.
The rocket engine technology has seen much advancement in the last few years, especially because of private players entering the market and spending loads of money on research and development. Recently the China Aerospace Science & Technology Corporation (CASC) talked about the new invention to power up heavy launch vehicle CZ-9. This powering system consists of a gas generator and turbo pump structure for the 500-tonne class LOX/Kerosene Liquid engine.
The heavy launch vehicle CZ 9, which has been in its development phase from the last four years, is anticipated for its first launch in 2030. With 9-meter diameter, this 100m long rocket would be capable of lift-off thrust of 5,200 to 5,500 tons.
Key developments in the market include:
- March 2018: Following the successful launch of a pair of BeiDou satellites in January, China has launched two more navigation satellites into medium Earth orbits in March.
- February 2018: SpaceX launched its first test satellites to bring Internet to billions around the world.
Major players include Orbital ATK, Airbus Defense and Space, Boeing Defense Space & Security, Raytheon, among others.
