Commercial satellite launch service market to garner hefty proceeds via small-satellite production over 2018-2024, increasing number of satellite launch programs to drive industry growth
As digital disruption strongly paves its way in the communication sector, commercial satellite launch service market players are looking for new ways to manage their business models. In this regard, many companies have been adopting satellite launches as a protuberant enabler. A classic example of the same is that of Spaceflight, which has recently announced to revolutionize the space business by delivering a new model for rideshare. The company plans to provide a straightforward & a cost effective suite of services including navigational and rideshare launch offerings.
U.S. Commercial Satellite Launch Service Market, By Orbit, 2017 & 2024, (USD Million)
As per authentic sources, the company has partnered with Rocket Lab for three upcoming launches. The first Electron mission will launch a BlackSky microsat for several rideshare satellite customers, while the second mission is poised to launch satellites for commercial & government organizations. The third mission, scheduled for early 2019, will launch a spacecraft from Canon Electronics.
SpaceX is yet another commercial satellite launch service industry major in the line that has fired one of the largest commercial communication satellites into the orbit to provide GPS, internet, data, and other communication services to the emerging economies across the Asia Pacific and MEA belts. SpaceX, earlier in the month of May had also launched five commercial communication satellites for a ride-share mission. These communication satellites are expected to provide global broadband services, reliable connection for the aviation, land-mobile, and Internet of Things with allegedly higher throughputs and faster speeds.
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Analysts deem that the increasing investments and expansion strategies in the communication sector will quite overtly have a powerful impact on the growth prospects of the global commercial satellite launch service market. With novel growth opportunities and further technology interventions poised to disrupt this space, commercial satellite launch service market is anticipated to surpass USD 7 billion by 2024.
Smallsats to be the next-emerging trend
The market for small satellites or the so called SmallSats has expanded rapidly in the past few years and is expected to account for 29% of the overall commercial satellite launch service industry revenue share in the coming seven years. The advancing technology trends that prioritize lightweight and microcomputer components have allowed the commercial satellite launch service market players to build much smaller and lightweight satellites ultimately leading to significant cost reductions. These factors have thus been playing a key role in making Smallsats appealing enough to be deployed across the commercial, government, and defense sectors.
Owing to the recent surge in the interest in small satellites, the overall commercial satellite launch service market is undergoing a progressive overhaul across its value chain housing the low-weight & cost effective business model of small satellites. If estimates are to be believed, over 25 commercial small satellite operators are planning to launch constellations of 20 to 4,425 satellites down the line of 3 to 5 years. It is prudent to mention that in this regard, SpaceX has been standing tall, having planned to single handedly fire 12,000 small satellites for low earth orbit connectivity solutions. Reliable reports further estimate more than 11,000 small satellites to be launched by 2030, given the essential value proposition offered by these products to end-users.
Beyond small satellites, the micro segment of the commercial satellite launch service industry is also expected to gain significant momentum as the satellite industry continues to launch reliable & affordable vehicles. Reports in fact claim micro satellites to witness highest annual growth rate at 6% over 2018-2024. Analyzing these industry trends, it wouldn’t be wrong to quote that small & micro satellite segments are now developing as lucrative investment grounds for potential stakeholders of this vertical.
Undoubtedly, innovative & cutting-edge product developments by prominent commercial satellite launch service industry players have played a pivotal role in impelling the revenue graph of this business sphere. That said, the Smallsats rush, according to industry experts is certain to hop onto the growing quest of new & existing companies to scale their commercialization matrix. With industry magnates further locking multi-billion dollar investments, this business sphere is certain to tread along a lucrative growth path. A report by Global Market Insights, Inc., estimates commercial satellite launch service market to record a y-o-y growth of 2.5% over 2018-2024.
Author Name : Ojaswita Kutepatil
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