DUBLIN--(BUSINESS WIRE)--The "Satellite Docking System Market - A Global and Regional Analysis: Focus on Service Type, End User, Spacecraft Type, and Country - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The global satellite docking system market is estimated to reach $1,011.34 million in 2032 from $40.3 million in 2021, at a growth rate of 31.3% during the forecast period 2022-2032.
The growth in the global satellite docking system market is expected to be driven by the enforcement of regulations on space sustainability and increase in in-orbit services.
Over the past few years, trends in the number of satellites launched by commercial satellite operators have been increasing drastically. As per the space database, the global satellite launch forecast estimates 45,131 satellites to be launched within the 2022-2032 timeline.
Out of these 45,131 satellites, 95% of satellites are expected to operate in low Earth orbit (LEO). This indicates that over 95% of the satellites are expected to operate in one orbital segment leading to a growing state of congestion, which further adds to the risk perception of collision and space debris concerns.
In addition, commercial satellite operators are opting for the life extension program to keep their existing satellites alive in space for longer periods. This will help them to reduce the satellite operation cost and increase their revenue with the existing satellite.
Furthermore, it helps to remove the active space debris to keep the space debris-free and sustainable and reduce the risk of collision. Given the circumstance, the need for a satellite docking system is very high at this point, and the same is expected to persist as well.
Recent Developments in the Global Satellite Docking System Market
- In November 2022, Starfish Space announced that its Otter Pup satellite with high-performance low-thrust electric propulsion, which includes a satellite docking system, is planned to launch in the spring of 2023 to dock with another satellite in the fall of 2023.
- In October 2022, High Earth Orbit (HEO) Robotics collaborated with Satellogic to integrate Satellogic's growing satellite constellation and high-resolution satellite imagery with HEO's flyby inspection and computer-vision capabilities.
- In September 2022, Astroscale Holdings, Inc. received funding of $1.79 million from the U.K. Space Agency to develop technologies and capabilities for Cleaning Outer Space Mission through Innovative Capture, which consists of Astroscale's robotic debris capture capabilities and rendezvous and proximity operations to remove space debris and defunct satellites.
- In May 2022, Momentus Inc. signed a partnership with SpaceX for the integration of its Vigoride Orbital Transfer Vehicle and customer payloads on Falcon 9, which would be used for the transporter-5 mission.
- In April 2022, Lockheed Martin Corporation released an open-source Augmentation System Port Interface (ASPIN), a non-proprietary interface standard to support on-orbit servicing and mission augmentation. It uses Mission Augmentation Port (MAP) interface standard online that provides a mechanical interface design for docking spacecraft to one another.
- In March 2022, Rogue Space Systems Corporation announced that Seldor Capital is their first institutional investor, which helps the company to scale up its engineering and operations teams.
- In November 2021, Astroscale Holdings, Inc. launched a universal docking device for spacecraft, ""Docking Plate,"" to capture and de-orbit the defunct satellite.
- In September 2021, Starfish Space secured an investment of about $7 million from NFX and MaC Venture Capital along with PSL Ventures, Boost VC, Liquid2 Ventures, and Hypothesis.
- In September 2021, Orbit Fab, Inc. launched its first propellant tanker to geostationary orbit, which has been designed for refueling the largest space assets and for the harshest orbital regimes.
Demand - Drivers and Limitations
The following are the drivers for the global satellite docking system market:
- Growing Demand for Sustainable Space Operations
- Growing Demand for Optimizing Satellite Operation Cost
The following are the challenges for the global satellite docking system market:
- Lack of Industry Wide Standardization of Docking Solutions
- Reduction in Manufacturing and Launch Costs Impacting the Financial Viability of In-Orbit Services
The following are the opportunities for the global satellite docking system market:
- Opportunity for Software Solution for Rendezvous/Proximity Operations
- Evolution of Standardized Satellite Platform
- Enabling Capabilities for Rendezvous/Proximity Operations
Market Segmentation
Segmentation 1: by Service Type
- Refueling
- Inspection, Repair, and Replacement
- De-Orbiting
Based on service type, the satellite docking system market is expected to be dominated by the refueling service satellite during the forecast period.
Segmentation 2: by End User
- Commercial
- Civil Government
- Military
- Deep Space
Based on end user, the global satellite docking system market is expected to be dominated by commercial end users.
Segmentation 3: by Spacecraft Type
- Target Satellites
- Service Satellites
Segmentation 4: by Region
- North America
- Europe
- Rest-of-the-World
North America is expected to account for the highest share of 78% in the satellite docking system market by value in 2021, owing to a significant number of companies based in the region.
Companies Mentioned
- Altius Space Machines, Inc.
- Astroscale Holdings, Inc.
- ClearSpace
- Lockheed Martin Corporation
- Northrop Grumman
- Orbit Fab, Inc.
- QinetiQ
- Rogue Space Systems Corporation
- Starfish Space
- D-Orbit SpA
- High Earth Orbit Robotics
- LMO
- Maxar Technologies
- Momentus Inc.
- Obruta Space Solutions Corp.
- Orbit Recycling
- Tethers Unlimited, Inc.
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