Global Satellite Manufacturing and Launch Systems Market to Reach US$25.9 Billion by 2023

Dublin, Ireland, July 15, 2018 --The application of satellites led by the military and the civil sector is increasing at a tremendous pace and the global satellite manufacturing and launch system market is expected to register a CAGR of 5.32% to reach USD25.90 billion by the year 2023.

A report recently released by Research and Markets says the growing use of Unmanned Aerial Vehicles and smart weapons has increased the demand for satellites tremendously and will be one of the primary drivers of the satellite manufacturing and launch market. The report added the development of the all-electric propulsion systems for spacecraft will increase the efficiencies and will contribute significantly to the market.

“The satellite launch systems market is anticipated to witness an increased growth rate by the end of the forecast period and is anticipated to hold 30% of the global satellite manufacturing and launch market,” said the research firm.

It added there is an increase is investment in these systems by various nations, to have access to launch their satellites with the Asia Pacific region is expected to grow at the fastest rate in the forecast period and is poised to be the largest market by the end of the forecast period. India and China will lead the growth globally in this space till 2023, the firm said.

Technological advancements have been driving the industry with the rocket engine technology going through much advancement in the last few years, the report said. It added the participation of private players entering the market and spending loads of money on research and development is boosting the industry’s development.

Recently the China Aerospace Science & Technology Corporation (CASC) talked about a new invention to power up heavy launch vehicle CZ-9, the report noted. This powering system consists of a gas generator and turbo pump structure for the 500-tonne class LOX/Kerosene Liquid engine.