(MENAFN- PR Newswire) PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "On-Orbit Satellite Servicing Market
by Service (Active Debris Removal (ADR) and Orbit Adjustment, Robotic Servicing, Refuelling, Assembly), Orbit Type (LEO (Low Earth Orbit), MEO (Medium Earth Orbit), GEO (Geostationary Orbit)), and End-User (Commercial, Military and Government): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "on-orbit satellite servicing market" was valued at $3.4 billion in 2022, and is estimated to reach $9.0 billion by 2032, growing at a CAGR of 10.59% from 2023 to 2032. Prime Determinants of Growth
The global on-orbit satellite servicing market is driven by factors such as proliferation of aging satellite population, which fuels the demand for on-orbit satellite servicing. However, complications in technology are projected to hinder market growth. On the contrary, rise in deployment of small satellites create lucrative growth opportunities.
Request Sample Pages:
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $3.4 Billion |
| Market Size in 2032 | $9.0 Billion |
| CAGR | 10.59
% |
| No. of Pages in Report | 321 |
| Segments covered | Service, Orbit Type, End-User, and Region. |
| Drivers | Proliferation of aging satellite population to drive the market growth |
| Opportunities | Rise in deployment of small satellites |
| Restraints | Complications in technology restricting the market growth |
Buy this Complete Report (321 Pages PDF with Insights, Charts, Tables, and Figures) at:
The Robot Servicing Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on service, the robot servicing segment held the highest market share in 2022, accounting for nearly half of the global on-orbit satellite servicing market revenue and is estimated to maintain its leadership status throughout the forecast period.
The robot servicing segment's share will be boosted by the rise in deployment of small satellites. The rise in efforts to develop indigenous robot servicing by developing nations in Asia-Pacific region to support the segment demand.
The LEO Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on orbit type, the LEO segment held the highest market share in 2022, accounting for more than two-fifths of the global on-orbit satellite servicing market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 11.27% from 2023 to 2032. The several number of space exploration missions increased as launch costs reduced, technologies advanced, and public interest in space exploration increased which is contributing to the market growth.
The Commercial Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on end-user, the commercial segment held the highest market share in 2022, accounting for more than three-fifths of the global on-orbit satellite servicing market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 11.12% from 2023 to 2032.
The market for commercial on-orbit satellite servicing is rapidly evolving, providing a range of valuable capabilities to commercial satellite operators. These services include in-orbit refuelling, repairs, upgrades, and maintenance for satellites which is contributing to the market growth.
North America to Maintain its Dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global on-orbit satellite servicing market revenue and is likely to dominate the market during the forecast period. The booming defense industries in the Asia-Pacific region have fuelled the demand for defense electronics. Asia-Pacific is expected to witness highest growth in forecast period owing to the on-orbit satellite servicing market in North America which is a vibrant and rapidly expanding sector that encompasses a diverse range of activities focused on servicing and maintaining satellites in orbit. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.92% from 2023 to 2032.
Enquiry Before Buying:
Leading Market Players: -
Maxar Technologies Astroscales Holdings Inc. Thales Alenia Space Airbus SE Altius Space Machines Tethers Unlimited Orbit Fab, Inc. Momentus Space Nanoracks (Voyager Space) Space Logistics LLC
The report provides a detailed analysis of these key players in the global on-orbit satellite servicing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link:
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
Logo:
SOURCE Allied Market Research
MENAFN23042024003732001241ID1108126004
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.