Key players in the all-electric satellites market are engaging in widening their product portfolios to support the growth of the electric propulsion market, while also catering to customers seeking conventional solutions.
ROCKVILLE, MD / ACCESSWIRE / April 30, 2020 / The all-electric satellite market is projected to rise at a massive CAGR of 11% between 2019 and 2029. The increasing application of all-electric satellites in telecommunication applications are key factors, which are driving sales. Widespread use of all-electric satellite in the commercial sector will continue to aid the growth of the all-electric satellite market. This extremely promising growth prospect can be attributed to the rising number of relevant emerging technologies such as reconfigurable on-board processors, concludes Fact.MR in its new study.
"While the all-electric satellites market is in a nascent stage, the transition to all-electric platforms is rapidly gathering pace. The market is adopting combinations of traditional, hybrid, and all-electric platforms," concludes the Fact.MR report.
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All-Electric Satellites Market - Key Takeaways
- Commercial communication applications will account for a major market share of over 30% of the overall value.
- Adoption by civil bodies will remain high. However, adoption from the defense sector remains sluggish.
- The earth observation and remote sensing segments will account for a 12% CAGR in the all-electric satellite industry, driven by application diversification.
- North America will remain a leading regional market accounting for nearly 35% of the global market.
- Asia Pacific will display high growth rates of more than 14%, accounted for by rise of downstream applications.
All-Electric Satellites Market - Key Driving Factors
- The increasing global demand for electric propulsion systems in satellite platforms is driving the global adoption of all-electric satellites.
- Rising investments for production activities associated with civil telecommunication infrastructure is a key growth contributor of global market.
- Low weight and longer mission life characteristics of all-electric satellite is sustaining market growth.
- Applications of on-board switching techniques, for protocol implementation contributes to sales.
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All-electric Satellites Market - Key Constraints
- Reduced reliance on external suppliers and minimal issues in economy at scale are issues challenging vertical integration of the all-electric satellite market, which is likely to hamper growth.
The Covid-19 Effect
As the coronavirus outbreak continues to wreak havoc across the globe, numerous space organizations have announced numerous closures and delays, with spaceports in several locations, ceasing operations. Further, satellite launch agencies have been pushed to limit the number of employees working on site, with workers increasingly transitioning to teleworking. These trends have put the construction of numerous all-electric satellites on hold. The reduced demand, and production is anticipated to continue until the outbreak is brought under control, adversely impacting the global market.
Competition Landscape
The global all-electric satellites market is highly consolidated. The leading players profiled in the report include, but are not limited to Viasat Inc., The Boeing Company, Intelsat Corporation, Airbus SE, Safran Aircraft Engines Maxar Technologies, The Raytheon Company, and Northrop Grumman Corporation. Market leaders are focusing their efforts towards bolstering the market share of their all-electric offerings. Manufacturers are also channeling their efforts towards vertical integration, without cutting into the needs of conventional customers as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the all-electric satellites market. Global, regional and country level analysis of the latest industry trends impacting the all-electric satellites market are covered in this Fact.MR study. The report offers compelling insights on the all-electric satellites market on the basis of propulsion type (electrostatic, electrothermal, electromagnetic, and photonic), satellite type (LEO, MEO, and GEO), and application (commercial communications, military surveillance, earth observation & remote sensing, and research and development), across seven regions (Middle East and Africa, South Asia, Oceania, East Asia, Europe, Latin America, North America).
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SOURCE: FactMR