San Francisco, California, June 26, 2017 : TMR Research reveals the details on a previously niche but swiftly progressing market for manufacturing of satellites, in “Satellite Manufacturing Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” It falls under one of the most advanced aspects of engineering and requires specialized labor in nearly all aspects of manufacturing. The ease of launching and implementing satellites is increasing at a consistent rate, marking the overall rate of progress of human technology in an overall sense.
One of the key factors driving the global satellite manufacturing market is the increasing demand for satellite applications in the commercial sector. Commercial satellites are growing in number as well as in application scope, significantly increasing the capabilities of companies and the services they can offer. The commercial scope of satellites is increasing even further thanks to the proliferation of wireless technologies, which require connectivity through satellites.
At the same time, the global satellite manufacturing market continues to find a massive scale of demand from the defense sector. The increasing rate of insurgencies and terrorist activities, especially across the developed economies, is creating a spike in the demand for surveillance and satellite imaging services, further boosting the use of satellites by the defense sector.
However, the global satellite manufacturing market is currently being restrained by the steady reduction in government allocations to satellite manufacturers, which is putting a significant financial stress on several of the market’s players. The issue is further compounded by the economic slowdown in several countries, due to which larger private investors are also hesitant towards the global satellite manufacturing market. Another complication faced by the market comes from the growing volume of artificial space debris created by decommission of older satellites.
Current trends in the global satellite manufacturing market include the growing demand for HTS and high power transmission systems to suffice the growing number of people requiring faster rates of internet connectivity.
Countries from the Americas are likely to remain in the lead in the global satellite manufacturing market over the coming years. The U.S., Canada, and Mexico take up large volumes of the overall demand in the market. The growing volume of activities by organizations such as NASA and SpaceX are also adding to the demand for different types of satellites in the world. Over the coming years, industrial and infrastructural development in Asia Pacific nations is likely to add to this demand volume.
The leading players in the global satellite manufacturing market include APCO Technologies SA., Boeing, Lockheed Martin Corp., Indian Space Research Organization, Orbital Sciences Corp., and Thales Group.