New Castle, Delaware, US, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Space Launch Services Market by Payload (Satellite, Human Spaceflight, Cargo, Testing Probes and Stratollites), by Land Platform (Land, Air and Sea), by Service Type (Pre Launch and Post Launch), Launch Vehicle (Small launch vehicle and Heavy Launch Vehicle), End user (Government & Military and Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global space launch services market was valued at $13.9 billion in 2022, and is projected to reach $47.3 billion by 2032, registering a CAGR of 13.4% from 2023 to 2032.
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The space launch services industry encompasses the commercialization of sending payloads into space, such as satellites, spacecraft, scientific instruments, and others. Private companies are developing unique launch vehicles and services that provide cost-effective and dependable options for delivering payloads to diverse orbits and destinations. On the basis of the mission’s purpose, space launch services can offer several orbital configurations, like GEO (geostationary orbit), LEO (Low Earth Orbit), MEO (Medium Earth Orbit), and many more.
Prime determinants of growth
The global space launch services Market is driven by factors such as a rise in demands for electric vehicles, increasing trend for electrification across the automotive industry, and government regulations for vehicle safety systems. However, High investment cost, and High infrastructure requirement are hampering the growth of the Space launch services Market. On the contrary, rise in demand for high efficiency electronic components, rise in advancements in autonomous driving technologies, and rise in demands for connected cars is expected to offer remunerative opportunities for the expansion of the space launch services market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $13.9 billion |
| Market Size in 2032 | $47.3 billion |
| CAGR | 13.4% |
| No. of Pages in Report | 328 |
| Segments Covered | Payload, Launch Platform, Service Type, Launch Vehicle, End User and Region |
| Drivers | Increase in government investment in space exploration activities Increase in demand for commercial Non-Geostationary Satellite Orbit (NGSO) Space Launches Increase in satellite launches across the globe |
| Opportunities | Focus on price reduction for space launch services through product innovation Space tourism |
| Restraints | High initial investment associated with space launch services Interoperability issues |
Impact of COVID-19 pandemic
- The global impact of the COVID-19 pandemic on governments and communities was enormous.
- COVID-19 impacted 56 NASA programs and projects in FY 2020 as of October 2020, according to information supplied by project authorities to Office of the Chief Financial Officer (OCFO) of NASA, 30 of which satisfied the criteria for a significant program or project.
- 52 of the 56 impacted programs and projects were delayed continuing incurring costs in FY 2021, with 35 of them stretched into FY 2022 and possibly beyond at a total financial impact of around $3 billion, while the rest were to be suspended or delayed.
- The cancellation and impediments caused by the pandemic resulted in financial losses for the space launch industry and its associated services.
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The land segment to maintain its leadership status throughout the forecast period
Based on launch platform, the land segment held the highest market share in 2022, accounting for nearly four-fifths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. Land-based launches consist of a launch pad, a rocket or spacecraft, and a range of support infrastructure. The land-based launch is preferred the most, as it provides a stable and controlled environment for the launch vehicle. Land-based launch systems are capable of launching large payloads into orbit, making them well-suited for a wide range of missions. However, the sea segment would cite the fastest CAGR of 14.0% during the forecast period.
The pre-launch segment to maintain its leadership status throughout the forecast period
Based on service type, the pre-launch segment held the highest market share in 2022, accounting for more than three-fifths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is estimated to cite the fastest CAGR of 14.1% during the forecast time period. Pre-launch services might include a wide range of tasks depending on the type of launch site, the mission, and the hardware employed. These services may include spacecraft integration, launch site preparation, launch vehicle and spacecraft testing and checkout, pre-launch processing, and launch operations support.
The heavy launch vehicle segment to maintain its leadership status throughout the forecast period
Based on launch vehicle, the heavy launch vehicle segment held the highest market share in 2022, accounting for nearly three-fourths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. Heavy launch vehicles are required to meet the increase in demand for larger and more complex spacecraft. Interplanetary missions require larger and more sophisticated aircraft, and these missions require the launch of heavy payloads which are expected to be accomplished only by heavy lift launch vehicles. However, the small launch segment would cite the fastest CAGR of 15.3% from 2023 to 2032.
The government and military segment to maintain its leadership status throughout the forecast period
Based on end user, the heavy launch vehicle segment held the highest market share in 2022, accounting for more than half of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The space launch services are used by the government and military for various purposes such as for scientific research, for instance, the launch of the Hubble space telescope, which helps scientists to study the universe. Moreover, there are communication satellites that help the government and military to communicate in the occurrence of critical situations or contact its personnel in some remote areas. Governments & militaries use space satellites for surveillance and intelligence gathering. The development of the technology and its implementation, such as the launch of James Webb, helps the space launch service market to fulfill the goals of scientific study and space exploration, and national security. However, the commercial segment would cite the fastest CAGR of 13.8% from 2023 to 2032.
North America garnered the major share in 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The North American space launch market has been rapidly evolving, with increase in competition as new players have entered the market and established companies competing for the market share. Moreover, there are companies introducing space tourism for people. Blue Origin and SpaceX have developed spacecraft that can be used for commercial spaceflight. However, the Asia-Pacific region would cite the fastest CAGR of 14.9% during the forecast period.
Leading Market Players: -
- Airbus
- Antrix Corporation limited
- China Aerospace Science and Technology Corporation
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries, LTD
- Northrop Grumman Corporation
- Rocket Lab USA
- SAFRAN SA
- SPACEX
- Starsem
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The report provides a detailed analysis of these key players of the global space launch services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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