Market Trends of satellite attitude and orbit control system Industry
Small satellites are poised to create demand in the market
- The classification of spacecraft by mass is one of the main metrics for determining the launch vehicle size and cost of launching satellites into orbit. In North America, during 2017-2022, over 45 large satellites (owned by North American organizations), more than 80 medium-sized satellites (operated by North American organizations), and over 2,900 small satellites (manufactured in the region) were launched.
- Europe has witnessed significant growth in recent years, primarily driven by the increasing demand for different satellite masses. Satellite mass is one of the most critical factors influencing the European satellite manufacturing market. This is because different types of satellites require different masses, which, in turn, affects the launch vehicle market. During 2017-2022, a total of 569 satellites were deployed in orbit. Of that, minisatellites accounted for the largest share, with 451, followed by nanosatellites (44), large satellites (37), medium-sized satellites (16), and microsatellites (7).
- Satellite manufacturing has become an increasingly important industry in the Asia-Pacific region in recent years, driven by the need to meet the growing demand for advanced satellite capabilities. The range of satellite mass manufactured in the Asia-Pacific region varies significantly, which affects the growth of the market. During 2017-2022, a total of 370 satellites were launched in the region, including 130 microsatellites, 75 large satellites, 63 nanosatellites, 60 medium-sized satellites, and 42 minisatellites.
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Investment opportunities in the market driving growth
- In North America, government expenditure for space programs hit a record of approximately USD 103 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space programs in the world. For instance, till February 2023, NASA distributed USD 333 million as research grants. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender in the space industry in the world.
- European countries are recognizing the importance of investments in the space domain and are increasing their spending on space activities and innovation to stay competitive in the global space industry. In November 2022, ESA announced that it had proposed a 25% boost in space funding over the next three years to maintain Europe's lead in Earth observation, expand navigation services, and remain a partner in exploration with the United States. ESA asked its 22 nations to back a budget of around EUR 18.5 billion for the period of 2023-2025. Germany, France, and Italy are the major contributors.
- There has been an increase in space-related activities in the Asia-Pacific region. In 2022, according to the draft budget for Japan, the space budget amounted to over USD 1.4 billion, which included the development of the H3 rocket, Engineering Test Satellite-9, and the nation's Information Gathering Satellite (IGS) program. The proposed budget for India's space programs in FY22 was USD 1.83 billion. In 2022, South Korea's Ministry of Science and ICT announced a space budget of USD 619 million for manufacturing satellites, rockets, and other key space equipment.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The global rising demand for satellite miniaturization is driving the market
