Market Trends of mid-size satellites Industry
Growing demand for Earth observation, imaging, and connectivity services is expected to surge the research and development expenditure in the mid size satellites category
- Over recent years, there has been a significant increase in the number of mid-size satellite missions launched and in development globally. This is largely due to advances in technology that have made it more affordable and accessible to build and launch these types of satellites. As a result, R&D expenditure in this area has been growing steadily. European countries are recognizing the importance of various investments in the space domain and are increasing their spending in areas such as Earth observation, satellite navigation, connectivity, space research, and innovation to stay competitive and innovative 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 designed to maintain Europe's lead in Earth observation, expand navigation services, and remain a partner in exploration with the United States. The European Space Agency (ESA) is requesting its 22 nations to back a budget of EUR 18.5 billion for 2023-2025. Likewise, in September 2022, France announced that it was expecting to increase spending on national and European space programs as the European Space Agency works to secure commitments for its own significant budget increase. The government announced that it planned to allocate more than USD 9 billion to space activities, an increase of about 25% over the past three years.
- During 2017-2022, around 320+ satellites were manufactured and launched globally. Overall, the mid-sized satellite market is expected to continue to grow, driven by the growing demand for Earth observation, imaging, and connectivity services.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The trend of for better fuel and operational efficiency is expected to positively impact the market
