China’s Roll Out Of Tianzhou-2 Cargo Spacecraft Highlights Increasing Competition Among Spacefaring Nations In The Satellites Industry
China is preparing to launch the Tianzhou-2 cargo spacecraft this week and has rolled out the spacecraft to the launch site. This is the second section of China's space station following the entry of the Tianhe core module cabin into orbit in late April. The Tianzhou-2 cargo spacecraft is planned to proceed to a low Earth orbit to engage and dock with the Tianhe core module. Tianzhou-2 is the second of more than 10 launches China has planned for 2021 and 2022, which will give it an operational space station of its own weighing more than 60 tons. China’s surge in this sector is a reflection of the large size and stable growth forecast for the market in The Business Research Company’s recent satellite industry report.
China aims to establish its status as a space superpower by completing the sophisticated space station in 2022. The Chinese space station will focus on areas such as microgravity research, Earth observation and technology development – same as the International Space Station, built by the US, Russia, the European Space Agency, Japan and Canada. As more and more countries and government agencies join the space sector, competition among spacefaring nations continues to increase.[i] [ii] [iii]
As per data on the Global Market Model, the global satellites market size is expected to grow from $17.99 billion in 2020 to $18.79 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global satellite market is expected to reach $21.6 billion in 2025 at a CAGR of 3.5%.
The global satellites market report by TBRC is segmented by type into large satellite, mini satellite, and micro satellite, by orbit into low earth orbit (LEO), medium earth orbit (MEO), geosynchronous orbit (GEO), and elliptical orbit, by end user into commercial, civil, government, and others, and by application into scientific research, technology demonstration and verification, earth observation and remote sensing, scientific research, communication, and others.
In October 2020, AAC Clyde Space, a Swedish-based company that provides small satellite solutions, announced the acquisition of SpaceQuest, Ltd. for $8.4 million. SpaceQuest, Ltd. is a Virginia-based satellite technology developer. The acquisition is expected to help AAC Clyde Space to grow its operations in the U.S.A and to expand Space-as-a-Service offerings.
The Satellites Global Market Report is one of a series of new reports from The Business Research Company that provides satellites market overviews, analyzes and forecasts satellites market size, share, satellites market players, satellites market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
About The Global Market Model
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[i] https://www.cbsnews.com/news/china-tianhe-space-station-work-starts-launch-chinese-control-module/
[ii] https://www.globaltimes.cn/page/202105/1223706.shtml
[iii] https://asteroid.news/2021/05/china-rolls-out-rocket-for-tianzhou-2-space-station-supply-mission/