Medium and Large Satellite Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Medium and large satellites technologies are becoming a key enabler as well as accelerator of underlying technology of advancing wide spectrum of services in an economy. The confluence with the overall telecommunication framework has transformed various facets of the technology - from agriculture production, banking services, and transportation. Growing investments of several countries on strengthening their satellite technology are bolstering the prospects of the medium and large satellites market. Numerous innovations have taken place in this direction in recent years. such as the advent of low-Earth orbiting (LEO) satellites and high-throughput satellites. Satellite technology has come as vital one in promoting the role of connected services in various economies in path of achieving United Nations Sustainable Development Goals.
Increasingly, growing numbers of medium and large satellites used for commercial and research applications are propelled electrically; the other medium is chemical propulsion. Key application areas are in navigation and mapping, communication, reconnaissance, remote sensing, and earth observation.
Strides made in the space and defense in various developing and developed nations have spurred investments in the satellite technology, thus propelling the growth of the market. This has led to the advent of high-throughput satellites. Favorable procedures and provisions put forth by the Radio Regulations are attractive investments by governments to reinforce the potential of the medium and large scale satellites market. The space industry in particular is reaping gains from improving radio frequencies. New business models are expected to come to the fore in the medium and large satellites market. Further, the growing role World Radiocommunication Conferences in improving the scope of satellite technology is expanding the outlook of the market.
A number of state-of-the art telecom technologies have expanded the potential of the medium and large satellites market. A case in point is integration of satellite technology with 5G ecosystem. The growing traction of satellite technology in earth observation, research, communication, and navigation applications is boosting the market.
A lot of missions undertaken by the space giants around the world aim for maximizing the lifestyle of satellites without incurring huge costs. In this regard, robotic technologies and robot arms can do wonders. To put things in perspective, earth observation satellites typically last for about 15 years.
Maxar, a Colorado-based space behemoth has realized the potential of robotics in prolonging the lifecycle of the machinery of the small and large satellites. A robotic technology powered by one of its subsidiaries has already become the face of the International Space Station and the Hubble Space Telescope.
In another development, China is forking out large sums on space programs. In December, the country has planned to resume the flight of Long March 5, one of the largest rockets of the world. This will contain a large experimental communications satellite, Shijian 20. Such flights and launches have helped emerging economies to reinforce the potential of high-throughput satellite communications.
Some of the prominent players in the global medium and large satellites market are SES SA, Spacecom, UrtheCast, DigitalGlobe, SpaceX, Inmarsat PLC, and Lockheed Martin Corporation.
The global medium and large satellites market is seeing substantial revenue streams in North America and Europe. The prospects in Asia Pacific is proving to be no less lustrous over the past few years. The growth in this emerging market is spurred by rising investments by the space agencies. Moreover, investments made by governments in numerous economies in Asia in advancing satellite communication technologies have helped augment the regional potential. Growing numbers of missions by the space agencies to utilize large satellites are helping the overall prospect of the medium and large satellites market.
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