Technology

3D Printing in Low-Cost Satellite Market to Grow by USD 39.32 Billion from 2024-2028, Driven by Rapid Satellite Development; Market Evolution Powered by AI – Technavio

Published

2 months ago

September 30, 2024

NEW YORK, Sept. 30, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global 3D Printing in Low-Cost Satellite Market size is estimated to grow by USD 39.32 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 75.62% during the forecast period. Rapid development and deployment of low-cost satellites is driving market growth, with a trend towards increasing number of space exploration missions However, scalability issues associated with 3D printing in low-cost satellite manufacturing poses a challenge – Key market players include Airbus SE, EOS GmbH, L3Harris Technologies Inc., Lockheed Martin Corp., Stratasys Ltd., and The Boeing Co..

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3D Printing In Low-Cost Satellite Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 75.62%

Market growth 2024-2028

USD 39320.3 million

Market structure

Concentrated

YoY growth 2022-2023 (%)

61.87

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 47%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Airbus SE, EOS GmbH, L3Harris Technologies Inc., Lockheed Martin Corp., Stratasys Ltd., and The Boeing Co.

Market Driver

The space industry witnessed significant advancements in 2023, with multiple space exploration missions launched by renowned organizations such as the European Space Agency (ESA) and the Indian Space Research Organization (ISRO). Notably, ESA’s Jupiter Icy Moons Explorer (Juice) mission was set to reach Jupiter by July 2031, while ISRO’s Chandrayaan-3 mission was successfully launched at a cost under USD100 million. Additionally, SpaceX launched 91 satellites using the Falcon 9 rocket. These milestones were accompanied by groundbreaking developments, including the first-ever 3D-printed rocket launch by SpaceX in Florida and two Starship test launches in Texas. The increasing number of space missions will fuel the demand for cost-effective satellites, thereby propelling the growth of the global 3D printing in low-cost satellite market in the forecast period.

3D printing is revolutionizing the low-cost satellite market by enabling the production of housing, propulsion systems, and components for Nano and Microsatellites and Small Satellites. Advanced printer technology and materials from material suppliers are reducing satellite production costs for satellite manufacturers and space agencies. Budget-conscious space industry players are adopting 3D printing equipment for waste reduction and efficient production of satellite parts. This trend is particularly relevant for space exploration, satellite constellations, and small satellite missions. Components like antennas, brackets, and shields are being 3D printed for communication, Earth observation, navigation, internet access, telecommunications, broadcasting services, military operations, and more. Overall, 3D printing technology is transforming the space industry by making satellite manufacturing more accessible and cost-effective.

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Market Challenges

The implementation of 3D printing in low-cost satellite manufacturing presents significant opportunities, but scalability remains a primary challenge. While 3D printing offers cost savings for creating small, complex components, its limitations in large-scale or high-volume production pose concerns. Three main scalability issues include printing speed, material compatibility, and post-processing challenges. 3D printers are slow in producing large and complex satellite parts, making it difficult to meet high-volume requirements within a short timeframe. Additionally, some materials required for low-cost satellite manufacturing are not compatible with 3D printers, reducing the available options. Lastly, post-processing steps, such as polishing, sanding, and painting, are labor-intensive and time-consuming, making it challenging to scale to high-volume production. These challenges may hinder the growth of the low-cost satellite manufacturing market during the forecast period.In the low-cost satellite market, housing, propulsion, and manufacturing challenges persist for Nano and Microsatellites and Small Satellites. Traditional satellite production methods face budget constraints, making 3D printing an attractive alternative. 3D printer technology, materials, and printing techniques offer solutions for satellite manufacturers and space agencies. Material suppliers are crucial for advanced printing technology, ensuring the production of high-quality satellite components. The space industry benefits from waste reduction through 3D printing, enabling space exploration and satellite constellations. Small satellite missions rely on 3D printing for producing essential components like antennas, brackets, and shields. Communication, Earth observation, navigation, internet access, telecommunications, broadcasting services, military operations, and more can be enhanced through satellite-based services made possible by this innovative technology. 3D printing equipment and materials are essential for producing satellite components, reducing costs and increasing efficiency. The use of 3D printing technology in satellite manufacturing is revolutionizing the space industry, enabling the production of complex structures and custom parts for various space applications.

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Segment Overview

This 3d printing in low-cost satellite market report extensively covers market segmentation by

Application 1.1 Aerospace and defense1.2 Scientific researchProduct 2.1 Power system2.2 Framework2.3 AntennaGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Aerospace and defense- The demand for low-cost satellites is escalating in the aerospace and defense sectors due to the growing requirement for affordable and dependable satellite technology for various mission-critical applications. Small satellites, also known as low-cost satellites, offer several advantages over conventional, larger satellites. They have lower manufacturing and launch costs and faster deployment times. The global defense sector is witnessing a consistent increase in spending on defense, creating a significant market opportunity for low-cost satellites. For instance, the US Department of Defense (DoD) is investing in advanced technology and communication, surveillance, and reconnaissance capabilities by developing small satellites equipped with multiple sensors. The US government’s proposed budget for the fiscal year 2022 includes USD1.9 billion in funding for space programs, including low-cost satellite initiatives. One of the significant benefits of 3D printing in low-cost satellite and aerospace applications is the ability to produce parts with complex geometries, which cannot be manufactured using traditional methods. 3D printing also enables on-demand manufacturing, reducing lead times and streamlining supply chain processes. This capability is crucial in the aerospace and defense sector, where timely delivery is essential. For example, SpaceX, the space venture company owned by Elon Musk, has successfully launched Falcon 9 rockets with 3D-printed parts, significantly reducing the cost of its spaceflights. The use of 3D-printed low-cost satellites provides several benefits, including reducing manufacturing costs and timelines and enabling companies to send satellites into orbit more frequently. For instance, NASA launched the world’s first 3D-printed satellite in 2015, and Alba Orbital developed the PocketQube satellite in February 2022. The defense sector is also exploring the use of 3D-printed low-cost satellites. For example, the US Air Force (USAF) is collaborating with Aerojet Rocketdyne and 3D printing company Stratasys to develop 3D-printed rockets for space missions, aiming to reduce manufacturing time and cost to support military operations. In conclusion, the increasing application of 3D-printed low-cost satellites in the aerospace industry will drive the growth of the market during the forecast period. The benefits of 3D printing, such as reduced manufacturing costs and timelines and the ability to produce complex geometries, make it an attractive option for both commercial and defense applications. The global market for 3D printing in low-cost satellite manufacturing is expected to grow significantly in the coming years.

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Research Analysis

The 3D printing technology is revolutionizing the satellite manufacturing industry, offering significant cost savings and design flexibility. This innovation is transforming the space sector, enabling the production of lightweight, customizable satellite components and structures. The technology’s applications in satellite-based services are vast, including communication, Earth observation, navigation, internet access, telecommunications, broadcasting services, and military operations. 3D printers and printer technology are at the heart of this transformation, utilizing advanced printing techniques and materials from material suppliers tailored for space applications. These materials include high-strength composites, alloys, and polymers, ensuring durability and functionality in the harsh space environment. The space industry is embracing this technology, with satellite constellations being developed using 3D printed components. The benefits of 3D printing in satellite manufacturing extend to space exploration, enabling the creation of advanced printing technology for in-space manufacturing and reducing the need for extensive ground-based infrastructure. Overall, 3D printing is driving innovation and cost savings in the satellite market, paving the way for a new era of space applications.

Market Research Overview

The 3D printing technology is revolutionizing the small satellite market by enabling the manufacturing of satellite components with reduced budgets and lead times. This technology is being increasingly adopted for the production of Nano and Microsatellites and Small Satellites due to its potential to produce lightweight and complex structures. 3D printing is being used to create various satellite components such as antennas, brackets, shields, housing, propulsion systems, and more. The space industry is leveraging advanced printing technology to produce satellite constellations for various applications including communication, Earth observation, navigation, internet access, telecommunications, broadcasting services, military operations, and space exploration. The use of 3D printing reduces waste, streamlines production, and allows for customization of satellite components. Material suppliers and printer technology manufacturers are also investing in this space to provide suitable materials and equipment for satellite manufacturing. The space industry, satellite manufacturers, and space agencies are embracing this technology to overcome budget constraints and produce high-quality satellite components for various space applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationAerospace And DefenseScientific ResearchProductPower SystemFrameworkAntennaGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

PASHA Holding forges global connections at COP29

Published

16 minutes ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pasha-holding-forges-global-connections-at-cop29-302314735.html

SOURCE PASHA Holding

Technology

Global Times: China vows to promote steady growth of foreign trade

Published

1 hour ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Officials from five Chinese departments including the Ministry of Commerce (MOFCOM), the Ministry of Foreign Affairs and the People’s Bank of China vowed to promote the steady growth of foreign trade at a press conference held on Friday in a move experts said is part of a package of policy measures to inject impetus and confidence into stabilizing the economy and help realize its annual economic targets.

Meanwhile, at the same press conference, the vice commerce minister highlighted China’s capacity in dealing with external shocks in the first explicit, publicly known response by a senior commerce official to the impact of the US’ potential 60 percent tariffs on Chinese imports. He stressed tariffs will only lead to high costs for consumers, and a stable, healthy and sustainable development of China-US economic and trade relations will benefit peoples of both countries and the world.

The press conference came after MOFCOM, together with the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People’s Bank of China and the General Administration of Customs rolled out nine measures to support foreign trade, involving support and guidance in insurance, financing, cross-border trade settlement, expanding scope on imports and exports, optimization of trade structure, visa facilitation and transportation.

Analysts noted that the latest move will further enhance the confidence of Chinese foreign trade enterprises, thereby injecting a stable and strong impetus to economic development, helping the country navigate the complexities of the global market.

Policy support

During the press conference, Chinese Vice Commerce Minister Wang Shouwen noted that the policy is aimed at responding to changes in the international trade situation and promoting solutions to practical difficulties faced by foreign trade enterprises in financing and maritime transport.

The raft of policy measures aimed at promoting the steady growth of foreign trade was deliberated and adopted by a State Council executive meeting on November 8.

The Ministry of Commerce on Thursday unveiled the policy measures in a notice. Among the nine specific measures, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles.

Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources, said the notice.

The overall situation of China’s foreign trade is relatively optimistic, but at the same time we should also see that uncertainties continue to accumulate. Maintaining stable growth in foreign trade and sustained improvement in competitiveness cannot be separated from policy support, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

“The timely joint efforts by five Chinese departments enhanced the confidence and expectations of Chinese foreign trade enterprises, and the measures will effectively help address problems of current foreign trade and future uncertainties,” Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Stable growth in foreign trade can provide more impetus for the domestic economy. The nine measures are part of a package of policy measures to inject growth momentum and confidence into stabilizing the economy, which will help realize the country’s annual economic targets, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Friday.

“Consumption, investment, exports and market sentiment all improved in October, and this trend is highly likely to continue in the last two months of the year, as the confidence of enterprises and consumers has been shored up thanks to the support policies,” Wang Peng told the Global Times.

Resilient against external shocks

At the press conference on Friday, Wang Shouwen also stressed that China has the capacity in dealing with external shocks largely owing to its resilient and vibrant economy that has great potential in a response to a question on the impact of the US’ potential 60 percent tariffs on Chinese imports.

China is building a “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other. We are capable of resolving and withstanding the impact of external shocks, the official told reporters.

Wang Shouwen noted that history has also shown that the imposition of tariffs on China by a country does not solve the problem of its own trade deficit, on the contrary, it pushes up the prices of the country’s imports from China as well as from other countries.

This is because the tariffs are ultimately paid for by the consumers and the end-users of the importing country, which inevitably leads to an increase in the prices paid by consumers and an increase in the costs to the users, which also leads to inflation, the vice commerce minister further elaborated.

The vice commerce minister said that China and the US are the two largest economies in the world, and have strong complementarities. We believe that if China and the US can maintain a stable, healthy and sustainable development trend in their economic and trade relations, it will be beneficial to both the Chinese people and the American people, as well as the people of all countries in the world, and this is also what the international community expects, he said.

China is willing to engage in dialogue with the US on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, in a bid to expand areas of cooperation, manage differences, and promote the stability of the bilateral trade and economic and trade relationship, Wang Shouwen said, noting that China will also firmly safeguard its own sovereignty, security and development interests.

Chinese companies have advantages in ordering, transportation, warehousing and other export-related areas that are difficult for other countries to replace, due to their complete supply chain and high production efficiency, Li said.

“Moreover, the country’s economic resilience provides enough market size to address some of the external risks. In particular, China has continued to promote new dynamics in foreign trade and new quality productive forces, which will cultivate new international competitive advantages,” Li noted.

“Years of China-US trade and investment have made the two sides interdependent. In addition to providing US consumers with cost-effective products, China’s exports of its intermediate products have become embedded in the US supply chain and have become part of the competitiveness of many US industries,” Li said, noting that the US needs to maintain rationality in its economic and trade policy toward China.

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SOURCE Global Times

Technology

ZICC: Closer China- Honduras Ties

Published

1 hour ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Renato Florentino, vice president of Honduras, accepted an exclusive interview with ZICC in Wuzhen during the 2024 World Internet Conference Wuzhen Summit. He said that China’s advancements in transportation, communication, and computing impressed him a lot. “We hope to continue to promote the cooperation between Honduras and China and maintain close cooperative relations,” he said.

SOURCE ZICC