Sellbyville, DE -- (SBWIRE) -- 02/08/2019 -- Commercial Satellite Launch Service Market is estimated to exhibit over 2.5% CAGR with USD 7 billion by 2024. Reconnaissance commercial satellite launch service market size is expected to hold around 36% of the revenue share by 2024. Introduction of new farming techniques such as precision farming, utilizing the satellite imagery for improving farming will play a key role for the industry growth. Geographical Information System (GIS) tools and online web resources with the help of UAVs for farmers are spurring the segment growth.

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Powered by the shifting trends toward improved communication networks, commercial satellite launch service market is likely to gain substantial traction in the ensuing years. As the demand for navigation facilities to detect destinations across the globe has been escalating, many private technology companies and regional governments have involved themselves in the development of diverse spacecraft, boosting commercial satellite launch service industry share. An instance justifying the aforementioned is that of the American private space research company SpaceX, that launched five commercial communication satellites from California. The increasing investments in missions conducted for unveiling climatic behavioral changes will quite overtly have a favorable impact on commercial satellite launch service industry share.

As per authentic sources, the company has partnered with Rocket Lab for three upcoming launches. The first Electron mission will launch a BlackSky microsat for several rideshare satellite customers, while the second mission is poised to launch satellites for commercial & government organizations. The third mission, scheduled for early 2019, will launch a spacecraft from Canon Electronics.

SpaceX is yet another commercial satellite launch service industry major in the line that has fired one of the largest commercial communication satellites into the orbit to provide GPS, internet, data, and other communication services to the emerging economies across the Asia Pacific and MEA belts. SpaceX, earlier in the month of May had also launched five commercial communication satellites for a ride-share mission. These communication satellites are expected to provide global broadband services, reliable connection for the aviation, land-mobile, and Internet of Things with allegedly higher throughputs and faster speeds.

The market for small satellites or the so called SmallSats has expanded rapidly in the past few years and is expected to account for 29% of the overall commercial satellite launch service industry revenue share in the coming seven years. The advancing technology trends that prioritize lightweight and microcomputer components have allowed the commercial satellite launch service market players to build much smaller and lightweight satellites ultimately leading to significant cost reductions. These factors have thus been playing a key role in making Smallsats appealing enough to be deployed across the commercial, government, and defense sectors.

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China has indeed, been attempting to remain at the forefront as far as satellite launches are considered. Recently, APT Satellite Holdings collaborated with China Great Wall Industry Corporation and arranged for spacecraft & launch services in the nation. As early as April 2018, China successfully sent five small remote sensing satellites through a solid-propellant rocket into orbit, while in June 2018, the country announced to have planned to launch a couple of remote sensing satellites for Pakistan. China's efforts to enhance Pakistan's space capability and ensure that it emerges self-reliant with regards to remote sensing satellites for multi-spectral imaging is likely to fuel the regional commercial satellite launch service industry outlook.

North America was worth more than USD 2 billion in 2017 and is anticipated to dominate the commercial satellite launch service market share. This can be credited to robust infrastructure available in the region for developing new space programs by organizations such as NASA and SpaceX. Increasing number of navigation and communication satellites for locating destinations and data usage is significantly contributing towards regional growth of the commercial satellite launch service market.

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Airbus S.A.S., Arianespace S.A., Axelspace Corporation, Boeing, Lockheed Martin Corporation, Orbital ATK, Space Exploration Technologies are few industry participants in commercial satellite launch service market. Joint ventures and partnerships are among the prominent strategies implemented by the competitors to enhance their industry share. For instance, in 2018, United Launch Alliance acquired Atlas 5 division of Lockheed Martin for reducing launch prices and improving business efficiencies.

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