On-Orbit Satellite Servicing Market to Reach $9.0 Billion, Globally, by 2032 at 10.59% CAGR: Allied Market Research

PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "On-Orbit Satellite Servicing Market by Service (Active Debris Removal (ADR) and Orbit Adjustment, Robotic Servicing, Refuelling, Assembly), Orbit Type (LEO (Low Earth Orbit), MEO (Medium Earth Orbit), GEO (Geostationary Orbit)), and End-User (Commercial, Military and Government): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "on-orbit satellite servicing market" was valued at $3.4 billion in 2022, and is estimated to reach $9.0 billion by 2032, growing at a CAGR of 10.59% from 2023 to 2032.

Prime Determinants of Growth

The global on-orbit satellite servicing market is driven by factors such as proliferation of aging satellite population, which fuels the demand for on-orbit satellite servicing. However, complications in technology are projected to hinder market growth. On the contrary, rise in deployment of small satellites create lucrative growth opportunities.

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The Robot Servicing Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on service, the robot servicing segment held the highest market share in 2022, accounting for nearly half of the global on-orbit satellite servicing market revenue and is estimated to maintain its leadership status throughout the forecast period.

The robot servicing segment's share will be boosted by the rise in deployment of small satellites. The rise in efforts to develop indigenous robot servicing by developing nations in Asia-Pacific region to support the segment demand.

The LEO Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on orbit type, the LEO segment held the highest market share in 2022, accounting for more than two-fifths of the global on-orbit satellite servicing market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 11.27% from 2023 to 2032. The several number of space exploration missions increased as launch costs reduced, technologies advanced, and public interest in space exploration increased which is contributing to the market growth.

The Commercial Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on end-user, the commercial segment held the highest market share in 2022, accounting for more than three-fifths of the global on-orbit satellite servicing market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 11.12% from 2023 to 2032. The market for commercial on-orbit satellite servicing is rapidly evolving, providing a range of valuable capabilities to commercial satellite operators. These services include in-orbit refuelling, repairs, upgrades, and maintenance for satellites which is contributing to the market growth.

North America to Maintain its Dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global on-orbit satellite servicing market revenue and is likely to dominate the market during the forecast period. The booming defense industries in the Asia-Pacific region have fuelled the demand for defense electronics. Asia-Pacific is expected to witness highest growth in forecast period owing to the on-orbit satellite servicing market in North America which is a vibrant and rapidly expanding sector that encompasses a diverse range of activities focused on servicing and maintaining satellites in orbit. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.92% from 2023 to 2032.

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Leading Market Players: -

• Maxar Technologies
• Astroscales Holdings Inc.
• Thales Alenia Space
• Airbus SE
• Altius Space Machines
• Tethers Unlimited
• Orbit Fab, Inc.
• Momentus Space
• Nanoracks (Voyager Space)
• Space Logistics LLC

The report provides a detailed analysis of these key players in the global on-orbit satellite servicing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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