NEWARK, Del, March 22, 2024 (GLOBE NEWSWIRE) -- The satellite launch vehicle market is expected to be valued at US$ 20.9 billion in 2024. The market is projected to progress at a CAGR of 13.9% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 76.8 billion.
The satellite launch vehicle is experiencing a surge in demand due to the increasing need for satellite applications, which are now used for various purposes, including communication, navigation, remote sensing, and scientific research.
Advancements in satellite technology have led to the need for launch vehicles that can handle heavier payloads and deliver them to a wider range of orbits. As a result, governments around the world are investing heavily in space exploration and research, driving the demand for launch vehicles.
With the entry of new players into the market, launch providers are competing to differentiate themselves by offering lower prices, better performance, and more reliable services. Additionally, there is a growing demand for reusable launch vehicles, which can significantly reduce the cost of launching satellites into space, making it more accessible to a wider range of customers which leads to a surge in research and development in this area.
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Key Takeaways from the Satellite Launch Vehicle Market
- The satellite launch vehicle market is estimated to register a CAGR of 13.9% with a valuation of US$ 76.8 billion by 2034.
- The small (<350,000 kg) segment is expected to dominate the market, accounting for a 13.7% market share in 2024.
- With a 13.5% market share, the <500 kg segment is expected to drive the market in 2024
"The Satellite Launch Vehicle Market exhibits robust growth prospects, driven by burgeoning demand for satellite deployment across various sectors including communication, navigation, and earth observation. Key players in the industry are strategizing investments in technological advancements and enhancing launch capabilities to capitalize on this burgeoning market opportunity." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
The market is highly competitive with participation from both government and private sectors. The market is marked by intense competition, technological advancements, and a focus on innovation. The privately-owned segment of the market comprises a diverse range of players, such as start-ups, and established aerospace companies from different industries. These companies are engaged in the development and launch of satellites for commercial and scientific purposes, including Earth observation, remote sensing, and communication.
Leading Key Players:
- SpaceX
- Arianespace
- United Launch Alliance
- Roscosmos
- Blue Origin
- China Aerospace Science and Technology Corporation
- Mitsubishi Heavy Industries
- Indian Space Research Organisation
- Eurockot Launch Services
- Virgin Orbit
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Recent Developments in the Satellite Launch Vehicle Market:
In 2023, Amazon announced that it partnered with SpaceX, a private American aerospace manufacturer, to facilitate the deployment of Project Kuiper. The project aims to launch a constellation of low Earth orbit satellites that will provide high-speed, low-latency broadband internet to communities worldwide that remain unserved or underserved. Amazon has secured three launches with SpaceX to support the implementation of this plan.
Satellite Launch Vehicle Market Segmentation:
By Vehicle:
- Small (<350,000 Kg)
- Medium to Heavy (> 350,000 Kg)
By Payload:
- <500 Kg
- 500-2,500 Kg
- 2,500 Kg
By Orbit:
- Low Earth Orbit (LEO)
- Medium Earth Orbit (MEO)
- Geostationary Orbit (GEO)
By Launch:
- Single-Use/Expendable
- Reusable
By Stage:
- Single Stage
- Two Stage
- Three Stage
By SubSystem:
- Structure
- Guidance, Navigation & Control System
- Propulsion System
- Telemetry, Tracking & Command System
- Electrical Power System
- Separation System
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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