PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1282757
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1282757
Increasing use of dedicated satellite servicing mission extension vehicles (MEVs) , increasing investment in the space market and increased demand for satellite life extension are driving the global on-orbit satellite servicing market
The on-orbit satellite servicing market size is projected to grow from USD 2.4 billion in 2023 to USD 5.1 billion by 2030, at a CAGR of 11.5% during the forecast period. The market for on-orbit satellite servicing is driven by various factors, such as increasing demand for more effective, cost efficient satellite services . However, Rapid advancements in satellite technology can lead to the obsolescence of on-orbit satellite services are limiting the overall growth of the market.
" Robotic Servicing: The largest share of the on-orbit satellite servicing market by Service in 2023." Robotic servicing systems have become increasingly important for operations in both the lower Earth orbit (LEO) and the geostationary orbit (GEO). In LEO, these systems excel at tasks such as satellite capture, refueling, repair, and upgrades. Similarly, in GEO, they offer valuable services like relocation, refueling, and repair.
One of the major advantages of robotic servicing systems is their ability to tackle tasks that are challenging or impossible for human operators. They can perform repairs in hazardous or inaccessible environments, such as on the outer surfaces of satellites exposed to the harsh conditions of space. Additionally, robots can work continuously without requiring rest or sleep, making them ideal for prolonged, demanding tasks.
Numerous companies and organizations, including SpaceLogistics (US) and Maxar Technologies (UUS), are actively developing robotic servicing capabilities. Their focus lies on advancing technologies like robotic arms, capture mechanisms, and refueling systems to enhance the safety, efficiency, and effectiveness of satellite servicing in orbit.
" Commercial: The largest segment of the on-orbit satellite servicing market by End User in 2023"
The primary advantage of commercial on-orbit satellite servicing is the potential to extend the operational lifetime of commercial satellites, allowing them to provide valuable services and generate revenue for a longer period of time. It can also help reduce the need for costly and risky satellite replacements while enabling operators to upgrade and modify their existing satellites to keep up with technological advancements and market demands.
Overall, the commercial on-orbit satellite servicing market is expected to experience rapid growth as more satellite operators seek to maximize the value and utility of their space assets.
"North America to account for the largest share in the on-orbit satellite servicing market in forecasted year"
The US is a major player in the on-orbit satellite servicing market, with several companies offering innovative solutions for repairing, refueling, maintaining, and upgrading satellites in orbit.
One of the key drivers of the on-orbit satellite servicing market in the US is the increasing number of satellites in orbit, particularly in the commercial sector. As the demand for satellite communication and data services continues to grow, companies are looking for ways to extend the lifespan of their satellites and maximize their operational capabilities. On-orbit servicing provides a cost-effective solution for achieving these goals.
SpaceLogistics LLC is one of the leading companies in the on-orbit satellite servicing market in the US. Its Mission Extension Vehicle (MEV) program provides life-extension services for satellites that are running low on fuel or experiencing other technical issues. The MEV-1 successfully docked with the Intelsat 901 satellite in February 2020, marking a significant milestone in the commercial on-orbit servicing industry.
Break-up of profiles of primary participants in the on-orbit satellite servicing market: By Company Type: Tier 1 - 77%, Tier 2 - 15%, and Tier 3 - 8% By Designation: C-Level Executives - 79%, Director Level- 15%, and Others - 8% By Region: North America - 9%, Europe - 15%, Asia Pacific - 51%, Middle East & Africa - 16%, Latin America - 9%
Prominent companies in the on-orbit satellite servicing market are Maxar Technologies (US), Astroscale Holdings Inc. (Japan), SpaceLogistics LLC (US), Airbus SE (Netherlands), and Thales Alenia Space (France), among others. Research Coverage: The market study covers the on-orbit satellite servicing market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as Service, Orbit, Type, End User and Region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Key benefits of buying this report: This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall on-orbit satellite servicing market and its subsegments. The report covers the entire ecosystem of the on-orbit satellite servicing industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.