According to a report titled "Space Launch Services Market, 2024-2029" by Fortune Business Insights™, the global space launch services market witnessed substantial growth, with a value of USD 12.42 billion in 2021, soaring to USD 31.90 billion in 2022. Projections suggest a continued upward trajectory, reaching USD 38.34 billion by 2029, with an impressive compound annual growth rate (CAGR) of 12.25% throughout the forecast period. This growth is attributed to the increasing adoption of 3D printing technology in the space sector, coupled with rapid advancements in the modernization of 3D printed rocket engines, which are driving market expansion.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931
List of Key Players Profiled in the Report
Antrix Corporation Limited (India)
ArianeGroup SAS (France)
Lockheed Martin Corporation (U.S.)
China Great Wall Industry Corporation (China)
United Launch Alliance (ULA) (U.S.)
Space International Services (U.S.)
Space Exploration Technologies Corp. (Space X) (U.S.)
Mitsubishi Heavy Industries, LTD. (Japan)
Northrop Grumman Systems Corporation (U.S.)
Eurockot Launch Service Provider (Germany)
Blue Origin Enterprises, L.P. (U.S.)
Spaceflight Industries (U.S.)
Segmentation
By payload, the market is segmented into satellite, stratollite, cargo, human spacecraft, and testing probes. As per orbit type, it is classified into GEO, beyond GEO, LEO, and MEO. Based on launch platform, it is categorized into land, air, and sea. As per vehicle type, it is bifurcated into medium-to-heavy lift launch vehicle and small lift launch vehicle. By end-user, it is divided into commercial and military & government. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Driving Factors
Growing Space Programs to Enhance Industry Progress
Space launch services comprise a range of services designed to launch rockets that form satellites into space. Growing space programs are likely to enhance the demand for the product. Further, increasing research and development costs will foster the demand for such services. Moreover, rising partnerships and joint ventures are expected to enhance the demand for the services. In addition, strong demand for re-usable vehicles is expected to drive the space launch services market growth.
However, rising space debris is expected to hinder the market progress in the coming years.
Regional Insights:
North America:
North America is poised to maintain its dominance in the space launch services market share, primarily driven by substantial budget allocations by governments. In 2021, the market size in North America reached USD 4.84 billion, with significant growth anticipated in the coming years. The presence of major players like SpaceX, Lockheed Martin, Blue Origin, and United Launch Alliance further fuels industry growth. These companies, renowned for their technological prowess and innovative solutions, contribute to the advancement of space launch capabilities in the region.
Asia Pacific:
The Asia Pacific region exhibits robust demand for surveillance, communication, and telecommunication satellites, which is expected to drive the adoption of space launch services. This increasing demand, coupled with advancements in space technology and infrastructure development, bodes well for industry progress in the region. As governments and private enterprises continue to invest in space exploration and satellite deployment, the Asia Pacific space launch services market is poised for significant growth in the coming years.
Europe:
In Europe, rising demand for advanced technology and satellite-based applications is expected to bolster the adoption of space launch services. Moreover, the European Space Agency's increasing contracts and collaborations with industry players are anticipated to further enhance market growth. With a focus on innovation and sustainability, European companies are well-positioned to capitalize on emerging opportunities in the space launch services market.
Competitive Landscape:
Prominent Players Enhancing Brand Image through Space Launches:
Prominent companies in the space launch services market actively participate in space missions to bolster their brand image and demonstrate their capabilities. For instance, Lockheed Martin developed the Advanced Extremely High Frequency (AEHF-6) satellite, which was successfully launched from Cape Canaveral Air Force Station, Florida, U.S., aboard the United Launch Alliance Atlas V 551 in June 2020. Such initiatives not only showcase technical expertise but also strengthen market presence and customer trust.
Strategic Initiatives to Enhance Market Position:
In addition to participation in space launches, companies leverage strategic initiatives such as partnerships, mergers, acquisitions, and expansions to enhance their market position. These endeavors enable companies to access new markets, expand service offerings, and leverage complementary capabilities. By fostering collaboration and innovation, industry players aim to stay ahead in the competitive landscape and capitalize on emerging opportunities in the dynamic space launch services market.
Key Industry Development
July 2020- China Great Wall Industry Corporation launched APSTAR-6D Communications that uses LM-3B launch vehicles. It is the 12th communications satellite delivered by China Great Wall Industry Corporation (CGWIC).