The global space launch services market experienced significant growth, reaching a value of USD 12.42 billion in 2021 and soaring to USD 31.90 billion in 2022, as per a report titled "Space Launch Services Market, 2024-2029" by Fortune Business Insights™. Projections indicate a continued upward trend, with the market expected to reach USD 38.34 billion by 2029, boasting a remarkable compound annual growth rate (CAGR) of 12.25% throughout the forecast period. This growth is attributed to the rising adoption of 3D printing technology within the space sector, alongside rapid advancements in the modernization of 3D printed rocket engines, driving expansion in the market.
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.
Orbit type: Classified into GEO, beyond GEO, LEO, and MEO.
Launch platform: Categorized into land, air, and sea.
Vehicle type: Bifurcated into medium-to-heavy lift launch vehicle and small lift launch vehicle.
End-user: Divided into commercial and military & government.
Geographical regions: Clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report offers 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 encompass a range of services tailored to launch rockets carrying satellites into space. The expansion of space programs is anticipated to boost demand for these services. Moreover, increasing research and development expenditures will fuel demand for such services. Additionally, the rise in partnerships and joint ventures is expected to augment demand for these services. Furthermore, the robust demand for reusable vehicles is forecasted to propel growth in the space launch services market.
However, rising space debris poses a potential hindrance to market progress in the upcoming 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).