Space-Based Fuel Management System Market On An Astounding Growth Trajectory: Surge In Satellite Launches A Major Driver As Per The Business Research Company’s Space Based Fuel Management System Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 12, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s space based fuel management system global market report 2023, the global space-based fuel management system market is poised for celestial growth, ascending from $4.79 billion in 2022 to $5.21 billion in 2023, presenting a formidable Compound Annual Growth Rate (CAGR) of 8.7%. This stellar trajectory is anticipated to continue, propelling the space based fuel management system market to $7.11 billion by 2027, maintaining a robust CAGR of 8%.
Key Driver: Surge in Satellite Launches
The surge in satellite launches emerges as a pivotal driver steering the growth of the space-based fuel management systems market. With the continuous influx of satellites into orbit, optimizing fuel consumption, enhancing mission performance, and ensuring operational longevity become imperative. The United Nations Office for Outer Space Affairs (UNOOSA) reported a 2022 cumulative object launch of 14,281, marking an 18% increase from the previous year. Additionally, the Satellite Industry Association (SIA) highlighted a 40% rise in commercial satellite deployment in 2021, with 1,713 satellites launched. This surge in satellite launches is a driving force propelling the space-based fuel management systems market.
Learn More In-Depth On The Space Based Fuel Management System Market
Navigating Through Innovation: Key players such as The Boeing Company, Lockheed Martin Corporation, and Airbus SE play pivotal roles in shaping the space-based fuel management system market.
Technological Advancements Redefining Strategies:
A notable trend in the space-based fuel management system market is the adoption of cutting-edge technologies. Lockheed Martin, for instance, has commercialized Horizon and Compass software designed to support constellations while minimizing on-orbit fuel consumption. This cloud-enabled, expandable C2 jump-start kit and mission planning software highlight the industry’s dedication to embracing technological advancements for operational efficiency.
Strategic Collaborations for On-Orbit Services: Starfish Space Inc. and Benchmark Space System collaborated to advance on-orbit refueling and docking. Starfish’s CEPHALOPOD software, tailored for rendezvous, proximity operations, and docking (RPOD), integrated with Benchmark’s Halcyon thruster, showcases the industry’s collaborative efforts to pioneer accurate on-orbit refueling technologies.
Europe at the Helm: Europe emerged as the largest region in the space-based fuel management system market in 2022, showcasing the region’s prominence in advancing space exploration technologies. The space based fuel management system market is segmented based on components, fuel types, and applications, providing a nuanced understanding of its diverse landscape.
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This comprehensive space based fuel management system market report not only illuminates the growth trajectory of the space-based fuel management system market but also serves as a guiding light for stakeholders. Industry players can leverage the strategic insights within this report to identify growth opportunities, navigate technological trends, and make informed decisions. As the space exploration landscape evolves, this report empowers stakeholders to chart their course successfully in the dynamic and expanding space-based fuel management system market.
Space Based Fuel Management System Global Market Report 2023 by The Business Research Company provides insights on the space based fuel management system market size, space based fuel management system market segments, space based fuel management system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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