Industry Background:
The developments and growth of the aerospace industry are driving the growth of the market. Satellite insurance emerged when a European Vega rocket was unsuccessful two minutes after the launch in French Guiana, annihilating a United Arab Emirates military observation satellite, thus the incident is probably the biggest space insurance loss in the industry. Lloyd’s of London launched the foremost satellite insurance policy in 1965. It was intended to incur the cost of physical damages on pre-launch. Satellites are expensive and cost billions of dollars to make a satellite project, which includes various steps such as planning, manufacturing, testing, and launch stage thus, the insurance firms consider the idea of providing satellite insurance. The space insurance industry generates around USD 750 to USD 800 million a year. After several rocket failures in 1998 and 2001, in recent years space insurers have seen their profits rise and have lowered premium rates. In 2010, out of the almost 1 000 operational satellites in orbit, about 175 commercial satellites are insured for a total value of some USD 170 billion. Approximately 36 commercial launches carrying 23 GEO satellites and 25 LEO satellites could be insured each year through 2013. Five operators have nearly 50% of the in-orbit fleet, and 48 operators split the remainder.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Global Aerospace (United States), AIG (United States), Allianz (Germany), USAIG (United States), Hallmark Financial Services (United States), Marsh Inc (United Kingdom), Chinalife (China), Travers Aviation (United States), Malayan Insurance (Philippines) and AXA (France) |
This growth is primarily driven by The rising demand for miniaturized satellites boosts the demand for satellite insurance and The increase in the number of satellite launches.
Globally, a noticeable market trend is evident The demand for satellite-based services such as climate monitoring and reconnaissance is growing in many regions
The Property & Casualty Insurance sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Global Aerospace (United States), AIG (United States), Allianz (Germany), USAIG (United States), Hallmark Financial Services (United States), Marsh Inc (United Kingdom), Chinalife (China), Travers Aviation (United States), Malayan Insurance (Philippines) and AXA (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
The demand for satellite-based services such as climate monitoring and reconnaissance is growing in many regions and The incorporation of advanced technology with the small low-cost satellites
Market Growth Drivers:
The rising demand for miniaturized satellites boosts the demand for satellite insurance and The increase in the number of satellite launches
Challenges:
The chances of damage to the components during transportation to the launch site are high
Restraints:
The high insurance cost of satellite in-orbit and The high risk during the manufacturing stage impedes the market as the components are fragile and of complex nature
Opportunities:
The surge in demand for EO satellites, The satellites are going through continuous technological advancements due to the faster and simple construction and design requirements and Incorporation of machine learning (ML) intelligence on satellite improve spacecraft reliability, provides efficient communications, computing capabilities, and improve coordination, thus fuels the market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Satellite Insurance Market
- Analysis about New Entrants in Satellite Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Satellite Insurance Study Sheds Light on
The Satellite Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Satellite Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Satellite Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.