The global satellite manufacturing and launch market is expected to experience significant growth between 2023 and 2030. The market is currently growing steadily and is projected to continue rising due to the adoption of strategies by key players. In 2022, the market size was valued at USD 23,713.41 million and is predicted to reach USD 31,878.85 million by 2028, with a CAGR of 5.06% during the forecast period.
Satellites are artificial objects placed in orbit by rockets and are used for various applications including navigation, communication, Earth observation, and research. The market report provides comprehensive data on market introduction, segmentation, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics.
The factors driving the growth of the satellite manufacturing and launch market include increasing demand for commercial communications, earth observation, navigation, military surveillance, scientific research, and meteorology applications worldwide.
Based on product types, the market is categorized into LEO (low Earth orbit), GEO (geostationary orbit), MEO (medium Earth orbit), and Beyond GEO. Among these, LEO held the largest market share in 2023.
The leading regions in the satellite manufacturing and launch market are North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. These regions are expected to contribute significantly to market growth.
In conclusion, the global satellite manufacturing and launch market is poised for substantial growth in the coming years. Factors such as increasing demand for various applications and advancements in technology are driving this growth. The market is characterized by intense competition among key players in the industry.