The Global Satellite Launch and Space Insurance Market to grow at a CAGR of 2.26% during the period 2018-2022.
This report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend affecting this market is the growing demand for small satellites. The number of small satellites that were launched into the orbit have increased considerably since the past one decade as they cost less and require lower capital investments.
According to the report, one driver influencing this market is the rising number of satellite launches. The demand for satellite-based services such as climate monitoring, EO, and reconnaissance is on the rise which is going to drive the growth of the market.
Further, the report states that one challenge affecting this market is the decline in space launch insurance and satellite in-orbit insurance costs. The costs of premium for satellite launch and space insurance has reduced over the past few years which is likely to hamper the growth of the market.
Key Market Trends
Growing demand for small satellites
Entry of private companies in space industry
Expected increase in number of partnerships between governments and private space agencies
Growing interest in in-orbit servicing technologies