Pune, Aug. 04, 2023 (GLOBE NEWSWIRE) -- “Based on the SNS Insider report, the Space Launch Services Market achieved a valuation of USD 17.8 billion in 2022, with projections indicating it will surge to USD 54.60 billion by 2030, experiencing a robust compound annual growth rate (CAGR) of 15.04% throughout the forecast period from 2023 to 2030.”
Market Overview
Space launch services are critical components of the space exploration ecosystem, enabling the transportation of satellites, scientific payloads, crewed missions, and other spacecraft from Earth's surface to various orbits or destinations in space. These services play a pivotal role in unlocking the mysteries of the universe, fostering global communication, enhancing scientific research, and facilitating space tourism.
Market Analysis
The space launch services market is experiencing a period of unprecedented growth, driven by advancements in space technology, the rising demand for small satellites, commercial space exploration, government initiatives, new space nations, and the emergence of space tourism. As these growth drivers continue to shape the industry, space launch services will play an increasingly critical role in propelling humanity into the next era of space exploration and discovery. Embracing innovation, collaboration, and sustainable practices will be key to harnessing the full potential of this exciting market.
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Major Players Included in this Report are:
- China Aerospace Science and Technology Corporation
- Safran SA
- Space Exploration Technologies Corp. (Spacex)
- Starsem
- Airbus S.A.S
- Antrix Corporation Limited
- Northrop Grumman Corporation
- Rocket Lab USA
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries
Impact of Recession on Space Launch Services Market Growth
The space launch services market, like any industry, faces unique challenges during times of economic recession. Declining demand for non-essential missions, budget cuts, limited funding, pricing pressures, and technological delays are among the key impacts. Nevertheless, government support, stimulus packages, increased collaboration, and market consolidation present opportunities for the industry to weather the storm and emerge stronger.
Impact of Russia-Ukraine War On Space Launch Services Market Growth
The Russia-Ukraine War has far-reaching consequences, and the space launch services market is not immune to its effects. The conflict's disruptions to supply chains, satellite launches, and international space cooperation present challenges to the industry. However, amidst the uncertainties, there may also be opportunities for non-Russian launch providers to step up and meet the increased demand for satellite launches. As the geopolitical situation evolves, the space industry will need to adapt, innovate, and find new avenues for collaboration to continue its exploration of the cosmos.
Space Launch Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 17.8 Billion |
| Market Size by 2030 | US$ 54.60 Billion |
| CAGR | CAGR of 15.04% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Space Launch Services Market: Key Segmentation | • By Launch Platform (Land, Air, and Sea) • By Service Type (Pre-Launch and Post-Launch) • By Launch Vehicle (Small [Less than 300 ton] and Heavy [Above 300 ton]) • By End-User (Government & Military and Commercial) • By Payload (Satellite, Human Spaceflight, Cargo, Testing Probes, and Stratollite) |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Regional Developments
The space launch services market is undergoing dynamic changes across different regions, each presenting its unique opportunities and challenges. North America's established space infrastructure, Europe's focus on sustainable technologies, Asia-Pacific's rapid growth and international collaborations, and the emerging space industry in the Middle East and Africa all contribute to the global space landscape. As the industry continues to evolve, innovation, government support, and collaboration among nations will play critical roles in shaping the future of space launch services.
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Key Takeaway from Space Launch Services Market Study
- The Satellite Segment plays a pivotal role in the market as it involves the design, manufacturing, and deployment of satellites for various applications. Satellites have become integral to our modern way of life, enabling communication, Earth observation, weather forecasting, navigation, and scientific research.
- The Post-Launch Segment has emerged as a crucial component of the market, encompassing activities after the successful deployment of satellites into orbit. This segment includes services like in-orbit satellite maneuvering, satellite servicing, on-orbit maintenance, and end-of-life disposal.
Recent Developments Related to the Space Launch Services Market
- In a landmark announcement that has sent ripples of excitement through the aerospace industry, space startups Phantom Space and Quub have signed a groundbreaking multiple-launch agreement aimed at revolutionizing space exploration.
- In a groundbreaking partnership, Rocket Lab, the space launch company, has joined forces with Synspective, a pioneering Earth observation technology firm, to accelerate the deployment of the revolutionary Synspective Constellation.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Space Launch Services Market, by Launch Platform
9. Space Launch Services Market, by Service Type
10. Space Launch Services Market, by Launch Vehicle
11. Space Launch Services Market, by End-User
12. Space Launch Services Market, by Payload
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
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