The small launch vehicle market size was valued at USD 1.55 billion in 2023 and is expected to be worth USD 1.85 billion in 2024. The market is projected to reach USD 4.29 billion by 2032, recording a CAGR of 11.12% during the forecast period.
Small Launch Vehicles (SLVs) are a type of vehicle created to transport payloads of nearly 2,000 kg in the Low Earth Orbit (LEO). These vehicles are categorized on the basis of their payload capacity. The SLV category of vehicles are used for smaller payloads, which makes them suitable for launching smaller satellites. SLVs are considered a more affordable option as compared to the heavy lift rockets. This factor is expected to bolster their adoption, thereby positively impacting the market’s growth.
The COVID-19 pandemic had a major impact on the market’s development due to a major shortage in the availability of raw materials caused by severe supply chain disruptions. This resulted in delays in the production and launch of small launch vehicles, thereby slowing the market’s progress.
Fortune Business Insights™ displays this information in a report titled, "Small Launch Vehicle Market, 2024-2032."
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/small-launch-vehicle-slv-market-108232
Segmentation:
Liquid Segment Gained Significant Traction Owing to Improvements in Liquid Propulsion Systems
Based on propulsion, the small launch vehicle market is segmented into solid, liquid, and hybrid. The liquid segment dominated the global market in 2023 as market players have made significant improvements in liquid propulsion systems and technologies, such as the use of alternative fuels and creation of reusable engines.
Widespread Applications of 500-1,000 Kg Payload Capacity Will Fuel Their Adoption
Based on capacity, the market is segmented into up to 100 kg, 100-500 kg, 500-1,000 kg and 1,000-2,000 kg. The 500-1,000 kg segment is predicted to dominate the global small launch vehicle market share as this payload capacity is suitable for several applications, such as communication, Earth observation, and scientific research.
Land-based Launch Platforms Become Popular Due to Their Significant Benefits
Based on launch platform, the market is segmented into land, air, and sea. The land segment has captured the largest market share as this type of launch platform offers major benefits, such as ease of operation and higher cost-effectiveness as compared to air and sea platforms.
Rising Reliance On Small Satellites for Earth Observation Activities to Help Government Segment Dominate Market
Based on end user, the market is divided into government, commercial, and military. The government segment is projected to dominate the global market as governments across the world are extensively using small satellites to conduct a wide variety of activities. These include earth observation, disaster response, and environmental monitoring.
With respect to region, the market covers North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading capacities, launch platforms, end users, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints: Small Launch Vehicle Market
Increasing Use of COTS Components in Launch Vehicles to Fuel Market Growth
An increasing number of small launch vehicle market players are using Commercial-off-the-Shelf (COTS) components as they play a key role in decreasing costs in the design and production of small satellites. These parts are more affordable to produce as compared to other parts. Moreover, COTS components are readily available, which accelerates the creation and launch of small launch vehicles. These advantages are expected to boost the use of COTS parts in SLVs.
However, the costs associated with the creation and operation of these vehicles can hamper their adoption.
Regional Insights:
Asia Pacific Dominates Global Market Owing to Rising Investments in SLVs by Space Agencies
Asia Pacific is holding the largest share of the global small launch vehicle market as reputed space agencies, such as the Indian Space Research Organization (ISRO) and the China National Space Administration (CNSA) are increasing their investments in small launch vehicles. These investments will play a key role in improving the capabilities of these vehicles to make them better prepared for complex space missions.
North America captured a major market share in 2023 due to the high demand for SLVs to deploy small satellites in the Low Earth Orbit (LEO).
Competitive Landscape:
Key Market Players to Focus On Improving Their Production Capabilities to Meet Demand for Small Satellites
Some of the top companies driving the small launch vehicle market growth are focusing on enhancing their production capabilities to cater to the rising demand for small satellites. Moreover, as the market experiences evolution, these manufacturers will increase their focus on reliability, cost-effectiveness, and technological innovations to produce advanced small launch vehicles.
Notable Industry Development:
June 2024 – ISROs signed a deal with the Australian Space Vehicle Corporation for its latest rocket, the Small Satellite Launch Vehicle (SSLV), to launch a 450 kg satellite into the Low Earth Orbit (LEO). This contract was signed between ISRO’s commercial arm, NSIL, and the Australian company during the Indian Space Forum in New Delhi. The Optimus spacecraft, which is due for launch in 2026, is the biggest spacecraft designed and produced by Australia. The agreement is part of a broader contract between the governments of India and Australia.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Rocket Labs (U.S.)
SpaceX (U.S.)
Skyrora (U.K.)
Relativity Space (U.S.)
Blue Origin (U.S.)
United Launch Alliance (U.S.)
Isar Aerospace (Germany)
Astra (U.S.)
Firefly Aerospace (U.S.)
Indian Space Research Organization (ISRO) (India)
Gilmour Space Technologies (Australia)
Galactic Energy (China)