The global space launch services market size was valued at USD 8.07 billion in 2022 and is anticipated to grow from USD 9.15 billion in 2023 to USD 20.54 billion by 2030, exhibiting a CAGR of 12.2% during the forecast period.

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 (U.S.)

·         Space Exploration Technologies Corp. (SpaceX) (U.S.)

·         Mitsubishi Heavy Industries, LTD. (Japan)

·         Northrop Grumman Systems Corporation (U.S.)

·         Spaceflight Industries (U.S.)

·         Roscosmos (Russia)

·         NASA (U.S.)

Segmentation: Space Launch Services Market

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.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931

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

Allocation of Budgets by Governments to Foster Market Progress in North America

North America is projected to dominate the space launch services market share due to the allocation of budgets by governments. The market size in 2021 stood at USD 4.84 billion in 2021 and is expected to grow considerably in the coming years. Further, the presence of major players such as SpaceX, Lockheed Martin, Blue Origin, and United Launch Alliance is expected to propel the industry growth.

In Asia Pacific, robust demand for surveillance, satellites, communication, and telecommunication may boost space launch services adoption. These factors may propel the industry progress in the coming years.

In Europe, the rising demand for advanced technology is expected to boost space launch services adoption. Moreover, the rising contracts by the European space agency are expected to enhance the industry progress.

Competitive Landscape

Prominent Players Participate in Space Launches to Enhance Brand Image

The prominent companies operating in the market participate in space launches to enhance their brand image. For example, Lockheed developed the Advanced Extremely High Frequency (AEHF-6) satellite and launched it from Cape Canaveral Air Force Station, Florida, U.S. The satellite detached from the United Launch Alliance Atlas V 551 in June 2020. This development may enable the company to enhance its sales and bolster its brand image. Further, the adoption of partnerships, mergers, acquisitions, and expansions is expected to enhance the market position.