New York US, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Space Launch Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Space Launch Services Market Information by Service Type, End-Use, and Region - Forecast till 2030”, the market will reach 44,243.66 billion by 2030, advancing at a rate of 13.43% between 2020 and 2030.
Market Scope
Space launch services cover every activity that is performed by the space launch specialist co-ops. These activities are largely associated with satellites that seamlessly integrate all services and components to ensure a smoother launching phase.
The market covers different phases such as development, requesting, stacking, transformation, launch, and incorporation of payload.
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| Report Attribute | Details |
| 2030 Market Size | USD 44,243.66 Million |
| CAGR | 13.43% (2021-2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers |
|
Market Competitive Landscape:
The important vendors in the space launch services industry are
- Antrix Corporation Limited (India)
- Arianespace (France)
- China Great Wall Industry Corporation (China)
- Eurockot Launch Services (Germany)
- International Launch Services Inc. (US)
- Isc Kosmotras (Russia)
- Mitsubishi Heavy Industries (Japan)
- Orbital ATK (US)
- SpaceX (US)
- US Spaceflight Industries Inc. (US)
Market USP Covered:
Market Drivers:
The space launch services market comprises a series of activities that are conducted by the space launch service providers. The major events include conversion, ordering, stacking, construction, integration of payload, assembly, and launch. With the mounting number of private launch service providers in the global market, the launch costs have plummeted while new and innovative technologies are emerging at a fast pace. These developments are projected to have a striking impact on the global market over the following years.
The dramatic rise in the number of testing probes and satellite launches would further act in favor of the global market. Additionally, the surging government spending along with the large-scale private funds would translate into significant gains for the global market. Collective efforts to bring down the total costs of the launch services would prove to be a huge opportunity for the players in the space launch services industry.
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The pre-launch services space is the largest segment in the worldwide market for space launch services. The pre-launch services are offered by the players looking for better opportunities and competitive advantage in the market. The rapid growth of this segment can be credited to the heightened interest in pre-launch services, for instance, dispatch coordination and procurement, coordination and reconciliation, following and telemetry support, and the executive's administrations. As players continue to leverage these opportunities, the global market is bound to enjoy significant demand in the years to come.
Market Restraints:
Substantial initial costs of launch services can be a major market restraint. Moreover, the interoperability problems generally faced by vendors could be a discouraging factor as well. Other than this, the shortage of skilled workforce and the reluctance to embrace new technologies can also hamper industry growth.
On the contrary, the surging efforts to bring down the costs of launching new services can present lucrative opportunities to the players active in the space launch services industry.
COVID 19 Analysis
The COVID-19 outbreak’s notable impact has led to various repercussions on the health status of people across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. These factors will most likely be unfavorable for the space launch services industry in the forthcoming years.
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Market Segmentation
By Service Type
Major service types, covered in the research study, include post-launch and pre-launch. The pre-launch services include the initial design to the stages of testing and building the spacecraft as well as its launch vehicle before lifting off the Earth. It requires meticulous planning and attention to detail as well as a lot of years to ensure everything is right for an on-time, successful launch.
By End-User
The end-users of space launch services are military & government as well as commercial. The commercial segment would witness better growth than its counterpart in the years to come, given the notable surge in space exploration activities carried out by private companies worldwide. The Military & government segment, on the other hand, will be dominating the space launch services industry, on account of the sizeable investments by these end-users in space exploration across the globe.
Regional Insights
Europe, Asia Pacific, North America, and the rest of the world are the primary markets for 5G in North America stands as the biggest gainer in the space launch services market and would remain the top performer all through the appraisal period. Thanks to the large-scale investments by the massive pool of space agencies as well as the private firms for developing advanced satellites, the region’s position in the global market would remain unparalleled during the review timeframe.
Europe has bagged the second position in the global market, as a result of the surging number of space exploration activities in the UK, Russia, France, and Germany. Not to mention, major service companies like Eurockot Launch Services, Isc Kosmotras, and LSPs Arianespace present in the region would further bolster the European market’s growth in the ensuing years.
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Asia Pacific could potentially experience the fastest growth from 2020 to 2027, in view of the rising spending on the development of advanced satellites for communications, surveillance, navigation, and earth observation in India, China and several other South Asian countries. Significant players like China Great Wall Industry Corporation, Mitsubishi Heavy Industries, and Antrix Corporation Limited based in the region also add to the market’s strength.
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