CHICAGO, May 24, 2023 /PRNewswire/ — The global On-Orbit Satellite Servicing Market was valued at USD 2.4 billion in 2023 and is projected to reach USD 5.1 billion by 2030; registering a CAGR of 11.5 % during the forecast period according to a new report by MarketsandMarkets™. Increasing aging satellite constellations, need for satellite refuelling are driving the growth of the on-orbit satellite servicing market.
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On-Orbit Satellite Servicing Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$2.4 billion |
|
Estimated Value by 2028 |
$5.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 11.5% |
|
Market Size Available for |
2019–2030 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Service, Orbit, Type, end-user and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Rapid advancement in satellite technology to lead to obsolescence of on-orbit satellite services |
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Key Market Opportunities |
More cost-effective than new satellite launches |
|
Key Market Drivers |
Aging satellite population |
Based on Service, the Active Debris Removal (ADR) and Orbit Adjustment segment is expected to grow at the highest CAGR during the forecast period.
Active debris removal (ADR) technologies can be used to capture and remove space debris from orbit, either by deorbiting it back to Earth or by moving it to a graveyard orbit where it will not pose a risk to another spacecraft. There are several different approaches to ADR, including using robotic arms, nets, tethers, and harpoons to capture and remove debris.
The benefits of active debris removal include reducing the risk of collisions between spacecraft and debris, reducing the amount of space debris in orbit, and improving the overall safety and sustainability of space operations. However, ADR is a complex and challenging undertaking, requiring advanced technologies and significant resources. It also raises legal and ethical questions, such as who is responsible for cleaning up space debris and how to prevent the creation of new debris in the future.
Based on Orbit, the Geostationary Orbit (GEO) segment is projected to lead the market during the forecast period.
On-orbit servicing allows for repairs and maintenance to be performed on satellites in the GEO, which can help address unexpected failures or problems. This can provide greater flexibility and resilience to the satellite operator’s network. On-orbit servicing can contribute to the long-term sustainability of space operations by reducing the amount of space debris that is generated from the launch and disposal of new satellites.
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Based on region, the North America segment is lead the market during the forecast period.
The North America region is expected to lead the On-Orbit Satellite Servicing industry in 2023. Canada is an emerging market, with companies such as MDA Space Ltd. and Canadensis Aerospace developing advanced robotic servicing technologies. In November 2020, MDA was awarded a contract by the Canadian Space Agency to develop a robotic servicing vehicle for the International Space Station (ISS).
Furthermore, the increasing use of small satellites and constellations in North America is expected to drive the demand for on-orbit satellite servicing, as these satellites require more frequent maintenance and upgrades to ensure optimal performance.
Overall, the on-orbit satellite servicing market in North America is expected to continue to grow as the demand for satellite communication and data services increases and as new technologies make it easier and more cost-effective to service satellites in orbit.
Major players operating in the On-orbit satellite servicing market include Maxar Technologies (US), Astroscale Holdings Inc. (Japan), SpaceLogistics LLC (US), Airbus SE (Netherlands), and Thales Alenia Space (France) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and Asia Pacific.
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