On-Orbit satellite servicing market to grow at 12.3% CAGR through 2034

The market is expected to rise at a CAGR of 12.3% through 2034. The market is projected to reach a valuation of US$ 8.8 billion by 2034, rising from US$ 2.8 billion in 2024, according to Future Market Insights.

Countries like the United Kingdom, the United States, China, South Korea, and Japan are expanding their presence in this market to capitalize on the growing demand for reliable and sustainable space operations. They leverage their technological expertise, robust aerospace industries, and supportive regulatory environments to drive the expansion in on-orbit satellite servicing. These nations are leading advancements in servicing technologies and offering innovative solutions to meet evolving market demands through strategic partnerships, investments in research and development, and participation in international collaborations.

The demand for different types of satellite servicing fluctuates according to needs; small satellites in the on-orbit satellite servicing market are rising due to their unique operational advantages. Small satellites are being increasingly deployed to offer satellite-based services across various sectors. Active debris removal services are becoming popular to proactively remove defunct satellites, spent rocket stages, and other debris from orbit.

Some challenges pose potential constraints to market growth, such as regulatory hurdles, safety concerns, and environmental impacts. Despite these challenges, the market thrives, driven by increasing awareness, technological innovation, and the pressing need for sustainable space operations.

Collaborations between governments, commercial entities, and academic institutions play a crucial role in accelerating the adoption of on-orbit servicing technologies, ensuring the long-term sustainability of space activities.

Key Takeaways from the Market Study

• Active debris removal (ADR) and orbit adjustment services are poised to significantly influence the on-orbit satellite servicing market, which is expected to rise at a CAGR of 11.8% from 2024 to 2034.
• The market is projected to experience a robust upsurge propelled by small satellites, exhibiting a CAGR of 12.1% until 2034.
• The on-orbit satellite servicing market in South Korea has the potential to increase at a 14.1% CAGR through 2034.
• The on-orbit satellite servicing market in Japan is projected to inflate at a CAGR of 13.9% through 2034.
• The on-orbit satellite servicing market in the United Kingdom is predicted to rise at a 13.6% CAGR through 2034.
• On-orbit satellite servicing in China is anticipated to develop at a CAGR of 12.9% through 2034.
• On-orbit satellite servicing in the United States is estimated to rise at a whopping 12.5% CAGR through 2034.

Future Market Insights