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Space Service Market Outlook - 2027Space service industry refers to economic activities related to manufacturing components that go into earth's orbit or beyond, delivering them to those regions, and related services. Space services include satellite manufacturing, support ground equipment manufacturing, and launch services, mobile terminals, gateways, control stations, very small aperture terminal or VSATs, direct broadcast satellite dishes, and other specialized equipment. Furthermore, space service include launch services, vehicle manufacturing, and subsystem manufacturing.
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COVID-19 scenario analysis
The global market for space service is severely impacted by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Increasing use of space technology in communications, positioning services, earth observation, and economic activity related to government-funded space programs is one of the significant driver for space service market.
In addition, space service has various application in weather prediction and climate monitoring for accurate weather prediction enabled by space systems which has become a critically important element in our daily lives, impacting government, industry, and personal decision making.
Moreover, earth observing satellites also monitor greenhouse gases and other crucial climate indicators, as well as overall earth ecosystem health. Without this kind of environmental information coming from satellites, plans for dealing with climate change would have less scientific basis.
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Furthermore, space service through earth observation provides information and support for agricultural production, fisheries management, freshwater management, and forestry management, as well as monitoring for harmful activities, such as illegal logging, animal poaching, fires, and environmentally pernicious mining.
Space communication capabilities positively impact almost every aspect of human civilization. All these uses of space services will further drive the space service market.
Space service market trends are as follows:
Increasing use of mega constellation
Mega constellations, also known as low earth-orbit or LEO satellite constellations, are webs of networked satellites, which orbit the Earth at altitudes of 2,000 km or less. This is an emerging trend with huge potential, which is likely to enhance the efficiency, capacity, and security of a variety of services to Earth-based business customers by drastically cutting communications latency, while increasing throughput and global coverage.
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Recently, SpaceX has successfully launched 60 more Starlink satellites, its third Starlink mission in 2020 and its fifth overall, as it continues to rapidly expand its mega constellation to provide high-speed internet around the globe.
Also, amazon is also launching project Kuiper. Project Kuiper is a constellation of 3,236 satellites which Amazon plans to deploy in low Earth orbit for low-latency, high-speed broadband.
Increasing trend of space based data centers
Data centers are centralized locations where computing and networking equipment is concentrated for the purpose of collecting, storing, processing, distributing or allowing access to large amounts of data. They provide important services such as data storage, backup and recovery, data management and networking.
Data centers are the essential for the Internet that drives much of today’s economy, but they consume vast and increasing amounts of electricity. Presently, data centers are often being located in cold climates to take advantage of lower operating temperatures and cooling loads.
However, if data is placed in space, and their power supplies directly is in space using the virtually unlimited solar energy, to remove the burden of Earth-based electricity systems to power them.
There are several advantages, including increased physical security, decreased signal transmission times, and superior performance of spinning disk drives in microgravity. It is possible that space-based data centers could eventually become cost effective, resulting in lower electricity demand and carbon emissions on Earth.
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