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The on-orbit satellite servicing market is expected to grow at a CAGR of 11.5% from USD 2.4 billion in 2023 to USD 5.1 billion by 2030. The market is driven by factors such as the increasing demand for more cost-efficient satellite services. Robotic servicing systems have become essential for operations in both lower Earth orbit (LEO) and geostationary orbit (GEO). These systems excel at tasks like satellite capture, refueling, repair, upgrades, relocation, and more.

Robotic servicing systems have an advantage in their ability to tackle challenging or inaccessible tasks, such as repairs on the outer surfaces of satellites exposed to harsh space conditions. They can also work continuously without rest or sleep, making them ideal for demanding and prolonged tasks. Companies like SpaceLogistics and Maxar Technologies are actively developing robotic servicing capabilities by advancing technologies like robotic arms, capture mechanisms, and refueling systems to enhance safety, efficiency, and effectiveness.

Commercial on-orbit satellite servicing offers the potential to extend the operational lifetime of satellites, reducing the need for costly replacements and enabling operators to upgrade and modify existing satellites to keep up with advancements and market demands.

North America is expected to account for the largest share in the on-orbit satellite servicing market due to the increasing number of satellites in orbit, particularly in the commercial sector. The US is a major player in this market, with companies offering innovative solutions for repairing, refueling, maintaining, and upgrading satellites in orbit. Space Logistics LLC is a leading company in the US market, providing life-extension services for satellites through its Mission Extension Vehicle (MEV) program.

The on-orbit satellite servicing market is dominated by companies like Maxar Technologies, Astroscale Holdings Inc., SpaceLogistics LLC, Airbus SE, and Thales Alenia Space. These companies are actively involved in the development of satellite servicing technologies.

The market study covers different segments of the on-orbit satellite servicing market, including service, orbit, type, end user, and region. It includes a competitive analysis of key players, their company profiles, product and business offerings, recent developments, and market strategies.

The post Increasing Use of Dedicated Satellite Servicing Mission Extension Vehicles (MEVs) Driving Global On-Orbit Satellite Servicing Market appeared first on satProviders.