Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- The global space launch services market size was valued at USD 8.07 billion in 2022 and is expected to reach USD 9.15 billion in 2023 and is projected to touch USD 20.54 billion by 2030, recording a CAGR of 12.2% during the forecast period of 2023-2030.
Space launch services help launch cargo, satellites, humans, and other payloads into the earth’s orbit or in deep space to conduct exploration activities. The market has many public and private companies that provide these services at varying costs. There is a considerable rise in the number of modernization contracts between the National Aeronautics and Space Administration (NASA) and other key organizations companies to modernize rockets and their components.
3D-printed rocket engines and other modifications in launch vehicles are a few examples of such agreements. The market is predicted to showcase consistent growth due to the introduction of emerging economies in the Asia Pacific region such as South Korea, Japan, and India. The space market in the Middle East is also estimated to grow at a steady rate due to the development of new spaceports to promote space launches in the region.
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Fortune Business Insights™ displays this information in a report titled, "Space Launch Services Market, 2023-2030."
List of Key Players Profiled in the Space Launch Services Market Report:
- Antrix Corporation Limited (India)
- ArianeGroup SAS (France)
- Lockheed Martin Corporation (U.S.)
- China Great Wall Industry Corporation (China)
- United Launch Alliance (U.S.)
- Space Exploration Technologies Corp. (Space X) (U.S.)
- Mitsubishi Heavy Industries, LTD. (Japan)
- Northrop Grumman Systems Corporation (U.S.)
- Spaceflight Industries (U.S.)
- Roscosmos (Russia)
- NASA (U.S.)
- Jaxa (Japan)
- CNSA (China)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 12.2% |
| 2030 Value Projection | USD 20.54 billion |
| Market Size in 2023 | USD 9.15 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 180 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Space Launch Services Market Growth Drivers | Rising Number of Public and Private Space Missions to Boost Market Growth |
| Rising Focus on Adoption of Innovative Launch Vehicles to Boost Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931
COVID-19 Impact:
COVID-19 Hindered Supply Chain Networks and Decreased Demand for Space Launch Solutions
The COVID-19 pandemic had an adverse effect on the space industry, especially on areas, such as manned spacecraft, satellite launches, and launch & post-launch services. Some prominent players decreased their activity, which significantly changed the market landscape for new launches.
In 2022, a shortage of microchips and other electronic components prompted the operators of the Defense Advanced Research Projects Agency's Blackjack mission to cancel the launch. This mission intended to test a new military communications network in low earth orbit. In the first quarter of 2020, major companies, such as Rocket Labs halted shipments. Similarly, the United Launch Alliance (ULA) proposed delaying the launch until 2022. These factors slowed the global space launch services market growth.
Segments:
LEO Segment to Hold Dominant Market Share Owing to Extensive Research in Low Earth Orbit
Based on orbit type, the market is divided into LEO, MEO, GEO, and others. The LEO segment might capture a dominant market share during the forecast timeframe. This growth can be attributed to the rising frequency of spaceflights to transport cargo to the International Orbital Station (ISS) and the launch of small satellites in space. These factors are expected to boost the LEO segment growth.
Small Lift Launch Vehicles to be Widely Used due to Rising Number of Small Satellite Constellations
By launch vehicle, the market is segmented into small lift launch vehicle, medium lift launch vehicle, and heavy lift launch vehicle. The small lift launch vehicle segment held a dominant position in the market in 2022. These vehicles are being widely used due to increasing number of small satellites mission.
Growing Need for Small Communication Satellites and Surveillance Systems to Bolster Deployment of Satellites
In terms of payload, the market covers satellite, human spacecraft, cargo, and testing probes. The satellite segment captured a large market share in 2022 and is expected to register the highest CAGR during the forecast timeframe. This is primarily due to the high global demand for earth observation and communication satellites.
Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Report Coverage:
The research report offers a detailed study of the market. It also looks into various key aspects, such as R&D capabilities and optimization of the production process. The market research report also provides valuable insights into the market trends and highlights key industry developments. Apart from the above-mentioned factors, the report also focuses on other factors contributing to the global market growth.
Drivers and Restraints:
Rising Public and Private Space Missions to Boost Market Growth
Many space launch services industry verticals are increasing their investments in space research. Government agencies across the globe are also taking initiatives to make heavy investments in R&D to create efficient and advanced technologies for space applications. For example, Space Capital LP, a U.S.-based venture capital company that invests in space-based technologies, added USD 7.2 billion to its 3% share of the total global venture capital flows during the first quarter of 2022. Such developments have boosted the number of satellites launches across the world for different purposes. As per a report published by the Satellite Industry Association (SIA), in 2021, 44% more satellites were launched as compared to 2020. These aspects will increase the global space launch market share.
Abandoned launcher stages, mission-related junk, non-functioning spaceships, and fragmented debris are some of the classic examples of orbital debris. The traveling speed of this debris can touch 17,500 miles per hour, which is fast enough for small particles to damage spacecraft and satellites. Rising volumes of space debris in deep space can threaten the functioning of all spacecraft, including the International Space Station. These factors are expected to hinder the market growth.
Regional Insights:
North America to Dominate due to Rising Adoption of Private Launch Services
North America dominates the space launch services market share and was valued at USD 3.53 billion in 2022. The regional market is growing rapidly due to the rising adoption of private launch services for commercial applications. Blue Origin and SpaceX are some of the key private players in North America operating in the market.
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Detailed Table of Content:
- Introduction
- Research Scope
- Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Dynamics
- Drivers
- Restraints
- Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Value Chain/Supply Chain Analysis
- Impact of COVID-19 on Space Launch Services Market
- Global Space Launch Services Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Analysis, Insights and Forecast – By Orbit Type
- LEO
- MEO
- GEO
- Others
- Analysis, Insights and Forecast – By Launch Vehicle
- Small Lift Launch Vehicle
- Medium Lift Launch Vehicle
- Heavy Lift Launch Vehicle
- Analysis, Insights and Forecast – By Payload
- Satellite
- Cargo
- Human Spacecraft
- Testing Probes
- Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
TOC Continued…!
Competitive Landscape:
Growth in Joint Ventures by Key Players to Boost Market Growth
The global market growth is being positively impacted by the presence of top space launch services players such as Antrix Corporation Limited, Ariane Group, United Launch Alliance, SpaceX, and Ros Cosmos. The per-kg launch cost is a crucial aspect in this market to help companies gain a competitive advantage. Other factors, such as technological innovations and partnerships, will help firms reduce their overall cost and acquire more ride-share missions.
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Key Industry Development:
July 2022 – Virgin Orbit signed a deal to perform a launch operation in Brazil. The company aimed to launch its Launcher One system, a two-stage orbital launch vehicle from the Alcantara launch center.
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