Market Overview:
The global satellite insurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for satellite-based services, rising number of launches of satellites, and growing awareness about the benefits of satellite insurance among end users. Based on type, the global satellite insurance market is segmented into ground risk and satellite risk. Ground risk segment dominates the global satellite insurance market with a share of more than 85%. This can be attributed to increased adoption of ground risk policies by commercial and government organizations across the globe due to high susceptibility of satellites to damages while in orbit or during launch or re-entry phases. However, with technological advancements in manufacturing processes and materials used for satellites construction, the shareof this segment is projectedto decline overthe forecast period.
Product Definition:
Satellite insurance is a type of property insurance that covers losses or damage to satellites. Satellite insurance is important because it can help protect businesses from the high costs associated with replacing or repairing a satellite.
Ground risk:
Ground risk is the insurance term used to express the potential losses that an insurer may have to pay out due to third-party claims. The main factors driving market growth include increasing satellite launch, growing space tourism and increasing investments in space infrastructure. However, high premium rates and low acceptance levels are expected to restrain market growth over the forecast period.
Satellite risk:
Satellite risk is the insurance term used to express the risks that are inherent in space travel. It includes perils such as explosion, fire, impact damage and theft. The satellite industry has grown at a tremendous rate over the last few decades owing to technological advancements and innovations in communication services. However, with this growth has come increased security risks for spacecraft operators which have led to higher losses than those experienced with traditional modes of transportation.
Application Insights:
The business segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The growing need for risk management solutions among businesses has led to an increased demand for satellite insurance policies. The government segment is estimated to be the fastest-growing application over the forecast period owing to a rise in defense activities across countries, which require protection of assets and infrastructure from orbital debris.
The military application segment was valued at USD 391 million in 2017 due largely to increasing spending on space programs by various countries, including China, India, Japan and Russia. These programs are aimed at developing capabilities that ensure military dominance on land, at sea and in air as well as providing security against ballistic missile attacks from a nuclear-armed state or terrorist groups.
Regional Analysis:
Asia Pacific regional market accounted for the highest share in 2017. The growth is attributed to the rising number of space-related activities in countries, such as India and China. For instance, according to a white paper on space technology published by NASA, in 2016 China launched more than any other country and spent over USD X million on its space program which includes satellite launches. Furthermore, increasing demand for satellites from various sectors including telecom operators and internet service providers has led to an increase in insurance requirements across this region.
The European regional market also held a significant share owing to growing interest among policyholders towards risks associated with orbiting assets such as satellites or debris floating around the earth’s orbit that can cause damage or loss of life if it collides with critical infrastructure below earth’s surface etc., Increasingly stringent regulatory norms pertaining to insurance are expected to drive industry growth over this region during the forecast period.
Growth Factors:
- Increasing demand for satellite-based services by end-users such as government and commercial organizations
- Proliferation of small satellites and CubeSats that are low in cost and easier to deploy
- Growing number of space debris threats and the need for insurance coverage against such threats
- Increased awareness about the benefits of satellite insurance among businesses and other end users
- Development of new risk assessment models that can help identify potential losses from satellite failures
Scope Of The Report
Report Attributes
Report Details
Report Title
Satellite Insurance Market Research Report
By Type
Ground risk, Satellite risk
By Application
Business, Government, Military, Others
By Companies
Global Aerospace, AIG, Allianz, USAIG, Hallmark Financial Services, Marsh Inc, Chinalife, Travers Aviation, Malayan Insurance, AXA, ING Group, Aon, Precious Payload, PICC, Hiscox
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
134
Number of Tables & Figures
94
Customization Available
Yes, the report can be customized as per your need.
Global Satellite Insurance Market Report Segments:
The global Satellite Insurance market is segmented on the basis of:
Types
Ground risk, Satellite risk
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Business, Government, Military, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Global Aerospace
- AIG
- Allianz
- USAIG
- Hallmark Financial Services
- Marsh Inc
- Chinalife
- Travers Aviation
- Malayan Insurance
- AXA
- ING Group
- Aon
- Precious Payload
- PICC
- Hiscox
Highlights of The Satellite Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Ground risk
- Satellite risk
- By Application:
- Business
- Government
- Military
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Satellite Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Satellite insurance is a type of insurance that provides coverage for property and casualty losses that may occur as a result of damage or destruction to satellites. This type of coverage can be important for businesses and individuals who operate or own satellites, as it can help protect them from financial losses if their satellite is damaged or destroyed.
Some of the key players operating in the satellite insurance market are Global Aerospace, AIG, Allianz, USAIG, Hallmark Financial Services, Marsh Inc, Chinalife, Travers Aviation, Malayan Insurance, AXA, ING Group, Aon, Precious Payload, PICC, Hiscox.
The satellite insurance market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Satellite Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Satellite Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Satellite Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Satellite Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Satellite Insurance Market Size & Forecast, 2020-2028
4.5.1 Satellite Insurance Market Size and Y-o-Y Growth
4.5.2 Satellite Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Ground risk
5.2.2 Satellite risk
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Business
6.2.2 Government
6.2.3 Military
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Satellite Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Satellite Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Ground risk
9.6.2 Satellite risk
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Business
9.10.2 Government
9.10.3 Military
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Ground risk
10.6.2 Satellite risk
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Business
10.10.2 Government
10.10.3 Military
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Ground risk
11.6.2 Satellite risk
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Business
11.10.2 Government
11.10.3 Military
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Ground risk
12.6.2 Satellite risk
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Business
12.10.2 Government
12.10.3 Military
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Ground risk
13.6.2 Satellite risk
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Business
13.10.2 Government
13.10.3 Military
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Satellite Insurance Market: Competitive Dashboard
14.2 Global Satellite Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Global Aerospace
14.3.2 AIG
14.3.3 Allianz
14.3.4 USAIG
14.3.5 Hallmark Financial Services
14.3.6 Marsh Inc
14.3.7 Chinalife
14.3.8 Travers Aviation
14.3.9 Malayan Insurance
14.3.10 AXA
14.3.11 ING Group
14.3.12 Aon
14.3.13 Precious Payload
14.3.14 PICC
14.3.15 Hiscox
