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Global Space In-Orbit Refueling Market Report 2022-2032: Increase in Investments for Startups & Rise in Demand for In-Space ServicesDUBLIN, Nov. 1, 2022 /PRNewswire/ -- The "Space In-Orbit Refueling Market - A Global and Regional Analysis: Focus on Application, End User, Capability, and Country - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering. The global space in-orbit refueling market is estimated to reach $1,090.8 million by 2032 at a compound annual growth rate (CAGR) of 103.85% during the forecast period 2022-2032 (CAGR:2026-2032) The major factor driving the market growth is expected to be the increase in demand for sustainable and reusable space systems. With the increasing number of satellites going into space, the demand for satellite servicing has been rising. In the future years, refueling capabilities are expected to become a need rather than an option for satellite operators. Several market players have already started demonstrations and some have been successful. Commercial players are expected to extract the maximum benefit of the space in-orbit refueling technologies. Note: Based on primary interviews and key developments by companies, the market for space in-orbit refueling is expected to observe scheduled commercial services by 2026. Market Lifecycle Stage Space in-orbit refueling has been on the wish-list of satellite operators for decades, however, even though the concepts existed, no company was able to materialize the technology. However, in the past 5 years, multiple established players and startups have entered the market and are now full-fledged working on the refueling capabilities. Massive amounts of investments are pouring into the industry and multiple collaborations are happening in order to co-develop new technologies. Over 15 years of research and development on satellite refueling technologies have bought us to a stage where key players are performing successful demonstrations of in-orbit refueling and services in-orbit. Additionally, commercial players with large constellation sizes or heavy communication satellites are expected to adopt the market first. Following this, government agencies like NASA and ESA are also stepping forward to develop technologies and fund startups in the in-orbit refueling industry. Applications, such as site earth observation, communication, and navigation, are some of the areas where satellites are expected to be refueled in the coming years. Moreover, newer technologies, such as advanced docking systems, fueling ports, and artificial intelligence software are expected to support the growth of the space in-orbit refueling market over the 2022-2032 forecast period. The players operating in the space in-orbit refueling market are engaged in several strategies, including strategic partnerships, contracts, agreements, and business expansion. The marketing strategies will help the readers understand the revenue-generating strategies adopted by the in-orbit service providers operating in the space in-orbit refueling market. For instance, Orbit Fab, Inc and the U.S. Air Force Research Laboratory have signed a technology-sharing agreement to share details regarding RAFTI. The company markets its products to all different layers of the military, intelligence, and commercial satellite community. The Air Force will help Orbit Fab review some of the technologies that aided in developing them. More specifically, they are going to advise on requirements and design elements, as well as provide testing and qualification access at several governmental facilities throughout the country. In February 2022, Northrop Grumman-owned SpaceLogictics has signed a launch agreement with SpaceX and a contract with Optus for the sale of its Mission extension pod. Under the agreement, SpaceX wll be responsible for providing launch services for the 2024 MRV and MEP launches. Market Segmentation Based on application, the space in-orbit refueling market is expected to be dominated by the communication segment owing to its technological and economic feasibility. Communication and Earth observation applications are expected to see the first initial missions for refueling. Based on end-user, the space in-orbit refueling market is expected to be dominated by commercial end-users. Commercial end-users are expected to garner significant share and growth due to their priority requirement and economic feasibility. Commercial satellite operators with large satellite constellations and heavy communication satellites are expected to adopt the technologies faster compared to any other segment. During the forecast period, North America is expected to dominate the space in-orbit refueling market (by region). The significant presence of key companies engaged in developing space in-orbit refueling services is a major factor responsible for the region's growth. A higher number of collaborations between various service providers, satellite operators, and enabling technology providers is another factor driving the market growth. An increasing number of start-ups and emerging players and successful demonstrations and increasing investments by key players in the market are also contributing to the market growth. Recent Developments in the Space In-Orbit Refueling Market
Key Market Players and Competition Synopsis The companies profiled in the study have been selected based on inputs gathered from primary experts and analysis of the companies' product portfolios, key developments, and market penetration. Space in-orbit refueling as a technology is still in the development and demonstration phase. However, there are several established players and startups that have entered the market and have made considerable progress. Some prominent established names in this market are:
Key Topics Covered: 1 Markets 2 Application 3 Technology 4 Regions For more information about this report visit https://www.researchandmarkets.com/r/k0eaz2 Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1904 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-space-in-orbit-refueling-market-report-2022-2032-increase-in-investments-for-startups--rise-in-demand-for-in-space-services-301665077.html SOURCE Research and Markets |