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Proliferating use of GPS and communication-based facilities will require additional launches thereby boosting commercial satellite launch service market size from 2018 to 2024. Rising sales of passenger vehicles with built-in navigation facility has increased adoption of this facility in various sectors including information & technology, electronics, and automobile. Companies in oil and gas sector trace the fuel tankers and vehicles for monitor the on-shore facilities that requires well established communication network. Owing to diverse applications the service demand is predicted to expand thereby supporting industry growth rate.
The micro commercial satellite launch service market will experience more than 6% of growth rate during the projected time span. This growth rate can be credited to rising developments for enhancing affordability and reliability of the launching vehicles. Micro SATs penetration is observed in various industries owing to compact size.
Communication commercial satellite launch service market size will dominate industry volume share owing to increasing usage of wireless technology and rising connectivity among various countries. Reconnaissance segment is anticipated to hold over 35% of overall revenue share owing to utilization of imagery SATs for improving farming techniques. Online web sources and GIS tools for farmers will further spur segment revenue over the forecast period.
Top Key Players:-
The key players of global Commercial Satellite Launch Service Market are Lockheed Martin, Airbus, Space Exploration Technology, Boeing, Axelspace Corporation, and Orbital ATK.
Regional Segmentations:-
North America is predicted to dominate commercial satellite launch service market size and will be worth over USD 2.5 billion by 2024. This dominance can be credited to availability of robust infrastructure in the region and presence of multiple space organizations including SpaceX and NASA. Expansion of navigation industry demand to locate destinations is contributing significantly in regional revenue generation.
Asia Pacific is anticipated to register robust growth owing to low launching cost offered by organizations such as ISRO.
Increasing public spending and availability of financial investment is spurring the use of smart appliances, such as smart televisions and web streaming which in turn will fuel commercial satellite launch service market size. Soaring smart phone sales along with internet usage among youngsters is enhancing web-based applications such as AccuWeather, Google search, Facebook, and Instagram. In addition, introduction of smart classes will further improve internet penetration. In 2017, the number of online users reached approximately to 25 million. This in turn will escalate the commercial satellite launch service market size in next seven years.
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