North America Satellite Manufacturing Market Trends

Statistics for the 2023 & 2024 North America Satellite Manufacturing market trends, created by Mordor Intelligence™ Industry Reports. North America Satellite Manufacturing trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of north america satellite manufacturing Industry

Rising Demand for Satellite Miniaturization in North America

  • The ability of small satellites to perform nearly all of the functions of traditional satellites at a fraction of their cost has increased the viability of building, launching, and operating small satellite constellations. Small satellites are being preferred for scientific research and military and defense sector applications. Small satellites typically have shorter development cycles, and smaller development teams can be produced on the same production line and are cheaper to launch into orbit. Revolutionary technological advancements facilitated the miniaturization of electronics, reducing the satellite bus size and mass over time for manufacturers. During the historical period, a total of 580 nanosatellites were placed into orbit by various players in the region.
  • The demand from North America is primarily driven by the United States, which manufactures the largest number of small satellites each year. The country's launches have increased over the last three years, which shows the country's huge potential. In addition, the ongoing investments in startups and the nano and microsatellite development projects are expected to boost growth in the region.
  • Currently, NASA is involved in several projects aimed at developing these satellites. NASA is making use of CubeSats for conducting advanced exploration, demonstrating newly emerging technologies for conducting scientific research and educational investigations. The Canadian government is emphasizing the development of necessary skill sets for nanosatellite development at the university level. For instance, Wyvern, a Canadian startup, aims at providing relatively low-cost access to hyperspectral imaging taken from a low Earth orbit with the help of CubeSats.
North America Satellite Manufacturing Market

Investment Opportunities in the North American Satellite Manufacturing Market

  • In North America, government expenditure for space programs hit a record of approximately USD 24.8 billion in 2022. The region is the epicentre 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 the United States, federal agencies receive funding from Congress every year worth USD 32.33 billion for their subsidiaries.
  • In January 2023, according to the Canadian government, the Canadian space sector added USD 2.3 billion to the Canadian GDP and employed 10,000 people. The government reported that 90% of Canadian space firms are small- and medium-sized businesses. The Canadian Space Agency (CSA) budget is modest, and the estimated budgetary spending for 2022-23 was USD 329 million.
  • Space agencies spend available budgetary resources by making financial promises called obligations. For instance, until February 2023, the National Aeronautics and Space Administration (NASA) distributed USD 333 million as research grants. The Canadian Space Agency (CSA) announced an opportunity for the Canadian space science community to advance its knowledge of space in atmospheric and Earth-system science, lunar gateway/Artemis technology application, planetary exploration, space astronomy, and solar-terrestrial science. In April 2022, three grants totalling USD 132,831 thousand were awarded to Canadian universities to support projects that use data collected by AstroSat to understand better how stars are formed.
North America Satellite Manufacturing Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • Medium and Micro Satellites are Poised to Create Demand in the Market

North America Satellite Manufacturing Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029