The space launch services market reached a valuation of USD 8.07 billion in 2022 and is forecasted to expand from USD 9.15 billion in 2023 to USD 20.54 billion by 2030, showcasing a notable CAGR of 12.2% throughout the projected period. These services encompass the facilitation of satellite, cargo, human, and other payload launches into Earth's orbit or beyond for space exploration purposes.
The global Space Launch Services Market is poised for substantial growth, according to a comprehensive research report released today. The report provides in-depth insights into the market's segmentation, key players, key market insights, latest trends, and driving factors.
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Segmentation: Space Launch Services Market
The Space Launch Services Market analysis reveals a meticulous segmentation based on various parameters, including launch platform type, payload type, end-user, and region. This detailed breakdown offers stakeholders a nuanced understanding of the diverse components within the market.
Key Players: Space Launch Services Market
Prominent players in the Space Launch Services Market are identified, bringing into focus the competitive landscape. The report profiles these key players, providing a comprehensive analysis of their market strategies, recent developments, and key financial metrics. This section aims to guide industry stakeholders in making informed decisions and fostering strategic partnerships.
· 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.)
· Jaxa (Japan)
· CNSA (China)
Key Market Insights: Space Launch Services Market
The report encapsulates key market insights, shedding light on current market dynamics and future prospects. It delves into market trends, technological advancements, regulatory landscapes, and investment opportunities, offering stakeholders a panoramic view of the Space Launch Services Market.
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.
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).