Satellite Launch Vehicle Market Size
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 4.65 Billion |
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Market Size (2029) | USD 12.11 Billion |
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Largest Share by Orbit Class | LEO |
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CAGR (2024 - 2029) | 21.10 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Satellite Launch Vehicle Market Analysis
The Satellite Launch Vehicle Market size is estimated at USD 4.65 billion in 2024, and is expected to reach USD 12.11 billion by 2029, growing at a CAGR of 21.10% during the forecast period (2024-2029).
4.65 Billion
Market Size in 2024 (USD)
12.11 Billion
Market Size in 2029 (USD)
-5.22 %
CAGR (2017-2023)
21.10 %
CAGR (2024-2029)
Largest Market by Launch Vehicle MTOW
51.11 %
value share, Medium, 2022
The demand for medium launch vehicles is fueled by the granting of multi-year contracts by government and commercial end users to launch vehicle manufacturers and launch service providers.
Fastest-Growing Market by Orbit class
25 %
Projected CAGR, LEO, 2023-2029
Government initiatives pertaining to LEO satellites and their numerous uses, such as commercial communications, Earth observation, navigation, and military surveillance, will likely aid in the growth of LEO satellites.
Largest Market by Orbit Class
47.76 %
value share, LEO, 2022
LEO satellites are increasingly being adopted in modern communication technologies as they play an important role in Earth observation applications.
Leading Market Player
69.39 %
market share, China Aerospace Science and Technology Corporation (CASC), 2022
China Aerospace Science and Technology Corporation (CASC) is the largest player in the market. It offers a diverse range of launch vehicles and adopts a competitive pricing strategy to attract customers globally.
Second Leading Market Player
38.26 %
market share, Space Exploration Technologies Corp., 2022
SpaceX is the leading player in the global satellite launch vehicle market and maintains its market share globally through its Starlink project. The company produces 120 satellites per month.
The demand for LEO satellites is driving the segment's growth
- During the launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth. It can also be launched into an interplanetary journey using a launch vehicle propelled by rocket engines. Satellites orbit the Earth at varying distances depending on their design and primary purpose. Each distance has its own benefits and challenges, including increased coverage and decreased energy efficiency. Satellites in medium Earth orbit (MEO) include navigational and specialized satellites designed to monitor a specific area. Most Earth science satellites, including NASA's Earth Observation System, are in low Earth orbit (LEO).
- Different satellites manufactured and launched in these orbits have different applications. For instance, from 2017 to 2022, almost 4,131 satellites were deployed in LEO, focusing mainly on communication and Earth observation. Most of the 57 satellites launched in MEO were built for navigation/global positioning purposes. Similarly, most of the 147 satellites in GEO were deployed for communication and Earth observation purposes.
- LEO is the most commonly used orbit due to its various advantages, such as close proximity, the presence of the International Space Station (ISS), and no compulsion to follow the equator path. In this orbit, satellites travel at a speed of around 7.8 km per second and take approximately 90 minutes to circle Earth, meaning the ISS travels around Earth about 16 times a day.
- The increasing usage of satellites in areas such as electronic intelligence, Earth science, laser imaging, electronic intelligence, optical imaging, and meteorology is expected to drive the demand for launch vehicles. The market is expected to grow by 210% in 2029, outpacing the amount recorded in 2023.
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Asia-Pacific and North America are expected to occupy a major cumulative share of 92% in 2029
- The space industry has seen remarkable growth in recent years, with numerous companies emerging as major players in the development and deployment of launch vehicles. North America has been a pioneer in space exploration, with many space missions having their origins in the region. SpaceX is currently the leading provider of launch services in the region, with its launch vehicles including Falcon-9, Falcon Heavy, and Starship. During 2017-2022 SpaceX's rockets launched approximately 2,744 satellites into orbit.
- In Europe, companies like ArianeGroup are developing the Ariane Next rockets, including a reusable first stage. Russia's Roscosmos is another key player in the industry, with a long history of developing and deploying launch vehicles. The company is responsible for developing the Soyuz and Proton rockets, which have been used to launch a range of satellites into space. During 2017-2022, the Soyuz rocket launched approximately 611 satellites into space for various satellite operators globally.
- In Asia-Pacific, CASC is responsible for developing and deploying a range of launch vehicles, including the Long March series, which has become one of the most reliable launch vehicles in the world. During 2017-2022, CASC's Long March rocket launched approximately 372 satellites into space for various satellite operators globally. JAXA, on the other hand, has developed H-IIA and H-IIB rockets. During 2017-2022, JAXA's H-IIA rockets launched approximately 25 satellites into space for various satellite operators globally. During 2017-2022, ISRO's rockets launched approximately 171 satellites into space for various satellite operators globally.
Global Satellite Launch Vehicle Market Trends
Growing demand and competition in the global satellite launch vehicle market
- North America has been a pioneer in space exploration, with many space missions having their origins in the region. SpaceX is a leading aerospace company in North America that manufactures and launches advanced reusable rockets and spacecraft. It is currently the leading provider of launch services in the region, with its launch vehicles including Falcon-9, Falcon Heavy, and Starship. During 2017-2022, SpaceX’s rockets launched approximately 2,744 satellites into orbit.
- In Europe, companies such as ArianeGroup are developing the Ariane Next rockets, which involve a reusable first stage for the Ariane rocket. Russia's Roscosmos is another key player in the market, with a long history of developing and deploying launch vehicles. The company is responsible for the development of the Soyuz and Proton rockets, which have been used to launch a range of satellites into space. During 2017-2022, the Soyuz rocket launched approximately 611 satellites into space for various satellite operators globally.
- In Asia-Pacific, CASC is responsible for developing and deploying a range of launch vehicles, including the Long March series, which has become one of the most reliable launch vehicles in the world. During 2017-2022, CASC's Long March rocket launched approximately 372 satellites into space for various satellite operators globally. During 2017-2022, JAXA launched approximately 25 satellites into space for various satellite operators globally using its H-IIA and H-IIB rockets. India's space program has also seen significant growth in recent years, with the ISRO playing a key role in the development of the country's launch vehicles. During 2017-2022, ISRO's rockets launched approximately 171 satellites into space for various satellite operators globally.
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Investment opportunities in the global satellite launch vehicle market
- In North America, global 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 in the world. In terms of funds allocated for launch vehicle development, under FY 2023 President's Budget Request Summary from FY 2022-FY 2027, NASA is expected to receive USD 13.8 billion.
- In November 2022, ESA announced that it had asked its 22 nations to back a budget of EUR 18.5 billion for 2023-2025, with Germany, France, and Italy being the major contributors. Developed at a cost of just under USD 3.9 billion and originally set for an inaugural launch in July 2020, the project has been hit by a series of delays. The governments of France, Germany, and Italy announced that they had signed an agreement on "the future of launcher exploitation in Europe" to enhance the competitiveness of European vehicles while ensuring independent European access to space.
- In February 2023, the Indian government announced that ISRO is expected to receive USD 2 billion for various space-related activities. Under the Outlay on Major Schemes, INR 9,441 crore has been allocated for launch activity, R&D on rockets, engines, satellites, etc. In March 2021, Japan announced its plan to spend USD 4.14 billion on space-related activities. In March 2023, South Korea announced that approximately USD 113.6 million would be used to develop a next-generation carrier rocket, the KSLV-2.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rising demand for satellite miniaturization globally
Satellite Launch Vehicle Industry Overview
The Satellite Launch Vehicle Market is fairly consolidated, with the top five companies occupying 160.48%. The major players in this market are Ariane Group, China Aerospace Science and Technology Corporation (CASC), ROSCOSMOS, Space Exploration Technologies Corp. and United Launch Alliance, LLC. (sorted alphabetically).
Satellite Launch Vehicle Market Leaders
Ariane Group
China Aerospace Science and Technology Corporation (CASC)
ROSCOSMOS
Space Exploration Technologies Corp.
United Launch Alliance, LLC.
Other important companies include Indian Space Research Organisation (ISRO), Mitsubishi Heavy Industries, Northrop Grumman Corporation, SpaceX, The Boeing Company.
*Disclaimer: Major Players sorted in alphabetical order.
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Satellite Launch Vehicle Market News
- March 2023: ISRO launched 36 communication satellites of Oneweb aboarding its LVM3 rocket into LEO.
- August 2022: United Launch Alliance's Atlas V rocket carried SBIRS GEO-6, built by Lockheed Martin for the US Air Force, was launched from the Cape Canaveral Space Force Station.
- April 2022: The Long March 3B rocket lifted off from the Xichang launch base with the Chinasat 6D, or Zhongxing 6D, communications satellite.
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We offer a comprehensive set of global and local metrics that illustrate the fundamentals of the satellites industry. Clients can access in-depth market analysis of various satellites and launch vehicles through granular level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on satellite launches, satellite mass, application of satellites, spending on space programs, propulsion systems, end users, etc., are available in the form of comprehensive reports as well as excel based data worksheets.
Satellite Launch Vehicle Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Satellite Miniaturization
- 4.2 Owner Of Launch Vehicle
- 4.3 Spending On Space Programs
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4.4 Regulatory Framework
- 4.4.1 Global
- 4.4.2 Australia
- 4.4.3 Brazil
- 4.4.4 Canada
- 4.4.5 China
- 4.4.6 France
- 4.4.7 Germany
- 4.4.8 India
- 4.4.9 Iran
- 4.4.10 Japan
- 4.4.11 New Zealand
- 4.4.12 Russia
- 4.4.13 Singapore
- 4.4.14 South Korea
- 4.4.15 United Arab Emirates
- 4.4.16 United Kingdom
- 4.4.17 United States
- 4.5 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Orbit Class
- 5.1.1 GEO
- 5.1.2 LEO
- 5.1.3 MEO
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5.2 Launch Vehicle Mtow
- 5.2.1 Heavy
- 5.2.2 Inter Planetary
- 5.2.3 Light
- 5.2.4 Medium
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5.3 Region
- 5.3.1 Asia-Pacific
- 5.3.1.1 By Country
- 5.3.1.1.1 China
- 5.3.1.1.2 India
- 5.3.1.1.3 New Zealand
- 5.3.2 Europe
- 5.3.2.1 By Country
- 5.3.2.1.1 Russia
- 5.3.3 North America
- 5.3.3.1 By Country
- 5.3.3.1.1 United States
- 5.3.4 Rest of World
- 5.3.4.1 By Country
- 5.3.4.1.1 Iran
- 5.3.4.1.2 Rest of World
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 Ariane Group
- 6.4.2 China Aerospace Science and Technology Corporation (CASC)
- 6.4.3 Indian Space Research Organisation (ISRO)
- 6.4.4 Mitsubishi Heavy Industries
- 6.4.5 Northrop Grumman Corporation
- 6.4.6 ROSCOSMOS
- 6.4.7 Space Exploration Technologies Corp.
- 6.4.8 SpaceX
- 6.4.9 The Boeing Company
- 6.4.10 United Launch Alliance, LLC.
7. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter's Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- MINIATURE SATELLITES (BELOW 10KG), NUMBER OF LAUNCHES, GLOBAL, 2017 - 2022
- Figure 2:
- SPENDING ON SPACE PROGRAMS GLOBALLY, USD, GLOBAL, 2017 - 2022
- Figure 3:
- GLOBAL SATELLITE LAUNCH VEHICLE MARKET, VALUE, USD, 2017 - 2029
- Figure 4:
- VALUE OF LAUNCH VEHICLE MARKET BY ORBIT CLASS, USD, GLOBAL, 2017 - 2029
- Figure 5:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY ORBIT CLASS, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 6:
- VALUE OF GEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 7:
- VALUE OF LEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 8:
- VALUE OF MEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 9:
- VALUE OF LAUNCH VEHICLE MARKET BY LAUNCH VEHICLE MTOW, USD, GLOBAL, 2017 - 2029
- Figure 10:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY LAUNCH VEHICLE MTOW, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 11:
- VALUE OF HEAVY MARKET, USD, GLOBAL, 2017 - 2029
- Figure 12:
- VALUE OF INTER PLANETARY MARKET, USD, GLOBAL, 2017 - 2029
- Figure 13:
- VALUE OF LIGHT MARKET, USD, GLOBAL, 2017 - 2029
- Figure 14:
- VALUE OF MEDIUM MARKET, USD, GLOBAL, 2017 - 2029
- Figure 15:
- VALUE OF LAUNCH VEHICLE MARKET BY REGION, USD, GLOBAL, 2017 - 2029
- Figure 16:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY REGION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 17:
- VALUE OF LAUNCH VEHICLE MARKET BY COUNTRY, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 18:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY COUNTRY, %, ASIA-PACIFIC, 2017 VS 2023 VS 2029
- Figure 19:
- VALUE OF LAUNCH VEHICLE MARKET, USD, CHINA, 2017 - 2029
- Figure 20:
- VALUE OF LAUNCH VEHICLE MARKET, USD, INDIA, 2017 - 2029
- Figure 21:
- VALUE OF LAUNCH VEHICLE MARKET, USD, NEW ZEALAND, 2017 - 2029
- Figure 22:
- VALUE OF LAUNCH VEHICLE MARKET BY COUNTRY, USD, EUROPE, 2017 - 2029
- Figure 23:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY COUNTRY, %, EUROPE, 2017 VS 2023 VS 2029
- Figure 24:
- VALUE OF LAUNCH VEHICLE MARKET, USD, RUSSIA, 2017 - 2029
- Figure 25:
- VALUE OF LAUNCH VEHICLE MARKET BY COUNTRY, USD, NORTH AMERICA, 2017 - 2029
- Figure 26:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY COUNTRY, %, NORTH AMERICA, 2017 VS 2023 VS 2029
- Figure 27:
- VALUE OF LAUNCH VEHICLE MARKET, USD, UNITED STATES, 2017 - 2029
- Figure 28:
- VALUE OF LAUNCH VEHICLE MARKET BY COUNTRY, USD, REST OF WORLD, 2017 - 2029
- Figure 29:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY COUNTRY, %, REST OF WORLD, 2017 VS 2023 VS 2029
- Figure 30:
- VALUE OF LAUNCH VEHICLE MARKET, USD, IRAN, 2017 - 2029
- Figure 31:
- VALUE OF LAUNCH VEHICLE MARKET, USD, REST OF WORLD, 2017 - 2029
- Figure 32:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, GLOBAL SATELLITE LAUNCH VEHICLE MARKET, ALL, 2017 - 2029
- Figure 33:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, GLOBAL SATELLITE LAUNCH VEHICLE MARKET, ALL, 2017 - 2029
- Figure 34:
- MARKET SHARE OF GLOBAL SATELLITE LAUNCH VEHICLE MARKET, %, ALL, 2022
Satellite Launch Vehicle Industry Segmentation
GEO, LEO, MEO are covered as segments by Orbit Class. Heavy, Inter Planetary, Light, Medium are covered as segments by Launch Vehicle Mtow. Asia-Pacific, Europe, North America are covered as segments by Region.
- During the launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth. It can also be launched into an interplanetary journey using a launch vehicle propelled by rocket engines. Satellites orbit the Earth at varying distances depending on their design and primary purpose. Each distance has its own benefits and challenges, including increased coverage and decreased energy efficiency. Satellites in medium Earth orbit (MEO) include navigational and specialized satellites designed to monitor a specific area. Most Earth science satellites, including NASA's Earth Observation System, are in low Earth orbit (LEO).
- Different satellites manufactured and launched in these orbits have different applications. For instance, from 2017 to 2022, almost 4,131 satellites were deployed in LEO, focusing mainly on communication and Earth observation. Most of the 57 satellites launched in MEO were built for navigation/global positioning purposes. Similarly, most of the 147 satellites in GEO were deployed for communication and Earth observation purposes.
- LEO is the most commonly used orbit due to its various advantages, such as close proximity, the presence of the International Space Station (ISS), and no compulsion to follow the equator path. In this orbit, satellites travel at a speed of around 7.8 km per second and take approximately 90 minutes to circle Earth, meaning the ISS travels around Earth about 16 times a day.
- The increasing usage of satellites in areas such as electronic intelligence, Earth science, laser imaging, electronic intelligence, optical imaging, and meteorology is expected to drive the demand for launch vehicles. The market is expected to grow by 210% in 2029, outpacing the amount recorded in 2023.
| Orbit Class | GEO | ||
| LEO | |||
| MEO | |||
| Launch Vehicle Mtow | Heavy | ||
| Inter Planetary | |||
| Light | |||
| Medium | |||
| Region | Asia-Pacific | By Country | China |
| India | |||
| New Zealand | |||
| Region | Europe | By Country | Russia |
| Region | North America | By Country | United States |
| Region | Rest of World | By Country | Iran |
| Rest of World |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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