Market Trends of Satellite Component Industry
The Antenna Segment is Expected to Show Remarkable Growth During the Forecast Period
- The antenna segment is projected to show significant growth during the forecast period. The growth is due to increasing demand for advanced communication systems, rising number of satellite launches, and rising spending on the space sector. Satellite antennas are used to concentrate the satellite's transmitting power to the designated geographical region on Earth and avoid interference from undesired signals that will deteriorate the overall quality of the signal. Increasing satellite launches for various end-use applications such as communications, broadcasting, navigation, weather forecasting, and others drive the segment's growth.
- The United Nations Office for Outer Space Affairs (UNOOSA) stated that 155 orbital and suborbital launches took place in November 2022. Moreover, in June 2022, the Satellite Industry Association (SIA) unveiled the 25th annual State of the Satellite Industry Report (SSIR). The report indicated a remarkable deployment of 1,713 commercial satellites in 2021, reflecting a notable surge of over 40 percent compared to 2020. This escalating demand for satellites is set to trigger a corresponding need for satellite components, thereby propelling market growth in the projected period. As an illustration, a significant development occurred in July 2022 when MDA Ltd. entered into a contract with York Space Systems, a satellite manufacturer, to construct Ka-Band steerable antennas for satellites.
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North America Held Highest Shares in the Market During the Forecast Period
- North America dominated the satellite components market and continued its domination during the forecast period. An increase in spending on space research and development and a rising number of satellite launches from the National Aeronautics and Space Administration (NASA) and SpaceX. In 2022, the US government spent approximately USD 62 billion on its space programs, making the country with the highest space expenditure in the world. There were 180 successful rocket launches worldwide in 2022, out of which 76 were launched by the United States.
- For instance, in September 2021, Terran Orbital, a satellite manufacturing company in the United States, announced that it would open the world's largest satellite manufacturing and component facility on Florida's Space Coast at a cost of USD 300 million. Furthermore, in December 2021, Redwire Corporation signed a three-year supplier agreement with Terran Orbital, a satellite manufacturer, to provide a range of advanced components and solutions used in satellite manufacturing and service offerings.
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