In-orbit satellite services refer to the maintenance, refueling, upgradation, orbit change, and other critical mid & end-life upgrade of satellites in space. The respective services help in improving the efficiency of the satellites as well as reducing the cost of launching newer satellites. The innovative and advanced technological developments in In-orbit satellite services by the companies are assumed to captivate the satellite operators to opt for the services in the future.
The Global In-Orbit Satellite Services Market is projected to grow at a CAGR of around 98.47% during the forecast period, i.e., 2022-27. The market has witnessed steady growth in the historical years, owing to the increased adoption of in-orbit satellite services by satellite operators for required on-time maintenance. In-orbit satellite services are the technological transformation in the NewSpace sector that aims to replace the damaged parts on satellites, enhance the life span of satellites, and reduce the cost of launching new satellites, further bolstering the market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US|
|Europe: Germany, The UK, France, Russia, Rest of Europe|
|Asia-Pacific: India, China, Japan, South Korea, Rest of Asia-Pacific|
|Rest of World|
|Key Companies Profiled||
Northrop Grumman., Astroscale, Airbus , ATOMOS SPACE , Lockheed Martin Corporation., Infinite Orbits SAS, ExoAnalytic Solutions, Inc., Firefly, Thales, Honeybee Robotics, Intelsat Corporation, Xplore
|Unit Denominations||USD Million/Billion|
Furthermore, there has been an increasing influx of funds and collaboration of private & government organizations with aerospace companies to develop and improve in-orbit satellite services, further contributing to the market expansion. For instance,
Hence, such strategies by the associations in the NewSpace market are estimated to maintain the demand frequency of in-orbit satellite services in the forthcoming years. Thereby, augmenting the growth of the Global In-Orbit Satellite Services market.