In-Orbit Refueling Market Report Anticipates Sharp Growth
The global space in-orbit refueling market is estimated to reach $1.09 billion by 2032 at a compound annual growth rate (CAGR) of 103.85% during the forecast period 2022-2032, according to a new report from Research and Markets. 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.
The company notes that, 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.
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.
In-Orbit Refueling Capability Closing in on Commercial Viability
Over 15 years of research and development on satellite refueling technologies have brought us to a stage where key players are performing successful demonstrations of in-orbit refueling and other services.
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 signed a launch agreement with SpaceX and a contract with Optus for the sale of its Mission extension pod. Under the agreement, SpaceX will be responsible for providing launch services for the 2024 MRV and MEP launches.
(Infographic provided with Research and Markets news release. Image courtesy Orbit Fab)