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Space-based Laser Communication Market to Grow at a CAGR of 26.98% Between 2021-2031
The increasing number of satellite constellations for applications such as communication, technology development, Earth observation and remote sensing, and research and space exploration are expected to be the major driving factors for the market.
By: BIS Research
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The space-based laser communication companies have witnessed the demand from the growing commercial industry. Space-based laser communication finds opportunity in applications such as communication and earth observation that incur a lot of time and money. The market is mature in countries such as the U.S., China, and Japan, and is gaining popularity in countries such as India, Russia, the U.K., France, and Germany.
North America accounted for the highest share of 75.32% in the market in 2020, owing to a significant number of companies based in the region. Europe held a share of 17.05% in 2020 and is expected to witness the highest growth during the forecast period 2021-2031, driven by space activities in the U.K., Russia, Germany, and France. Increased spending by government space organizations, such as the Japan Aerospace Exploration Agency (JAXA), China Academy of Launch Vehicle Technology (CALT), National Aeronautics and Space Administration (NASA), European Space Agency (ESA), and Indian Space Research Organization (ISRO), in different space applications, is expected to drive huge growth in the global space-based laser communication market during the forecast period.
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Some of the key players in the global space-based laser communication market include Tesat Spacecom, BridgeComm, SpaceX, General Atomics, Hensoldt, Space Micro, and Thales Alenia Space. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.