Space Launch Services Market Market Size
:
Space Launch Services Market size was USD 10.84 billion in 2021 and projected to grow from USD 14.2 billion in 2023 to USD 48.1 billion by 2032, exhibiting a CAGR of 14.5% during the forecast period.
Space launch services are the services provided for the launch of rockets for exploring the universe and even for relieve a satellite into the earth's orbit. The market for space launch services include operations like infrastructure launch, integration of payload, and assembly launch. The count of improvement contracts between NASA and various significant corporations to remodel the vehicle initiation and equipment has grown. Space launch services aid in providing benefits to ensure useful and safe activities for launch of devices and offers prime works like construction, ordering, stacking conversion, launch, assembly, and payload coordination of space-based vehicles.
Market Highlights
Space Launch Services Market is expected to project a CAGR of 14.5% during the forecast period, 2022-2032
Space Launch Services Market is expected to reach USD 48.1 billion, growing at a CAGR of 14.5% during forecast period owing to the increasing importance of space launch services market which is the main component of space economy. The increasing demand for the satellite launching for purpose of scientific research, navigation, communication and Earth observation are expected to boost the growth of the market.
Space Launch Services Market Segmentation:
Satellite Segment is expected to grow with high CAGR during the forecast period
Space Launch Services Market is classified based on the Payload into Satellite, Human Spacecraft, Cargo, Stratollite and Testing Probes. Satellite segment is expected to dominate the market in the forecast period owing to the increasing demand for satellites for different areas like scientific research, navigation, communication and Earth observation which created growth opportunity for the market. The demand for high-resolution is driving the progress of new remote sensing technologies and boosting the growth of the segment in the market.
Air segment is expected to grow with high CAGR during the forecast period
Space Launch Services Market is classified based on the Launch Platform into Sea, Land and Air. Air segment is expected to dominate the market in the forecast period owing to the potential to launch from different locations even from the remote areas thereby reducing the cost of launch and to boost the flexibility. Air launch systems provide good control over launch trajectory, which is benefitted for few payload types. Few market players who introduced air launch systems are Virgin Orbit, Orbital Sciences Corporation etc.
Market Dynamics:
Growth Drivers
Rising Space Programs is Expected to Boost the Growth of the Market
Space exploration programs have attained major attention recently, and many countries have dominated in the launch vehicle industry by depicting their capability in space. The widening of space and R&D initiatives have resulted in driving the growth of Space Launch Services market. The increasing collaborations among space institutions to unite investment and technology are boosting the growth for space missions, thereby creating demand for Space Launch Services market. The expansion of space exploration missions is also expected to increase government spending and space budget.
Increased Interest Towards Satellites is Expected to Boost the Growth of the Market
The expansion in the satellite arrangement is expected to drive the growth of the Space Launch Services Market. Small satellites are helpful for military and business activities like surveillance and interchanges and the evolution and set up of these satellites have extended in the past couple of years due to the enhanced use of satellites for reconnaissance and interchanges by business and military and is expected to drive the growth of Space Launch Services market. Investment by private firms may also drive the growth Space Launch Services Market.
Restraint
Rising Debris in Space May Restrain the Growth of the Market
Any Man-made item in earth’s orbit which no longer does a needed function is called orbital trash. Human-made orbital debris and Natural meteoroids are involved in space debris. Non-functional spacecrafts are also a type of debris. The increasing number of space debris is expected to restrain the growth of the market.
Recent Developments:
- In June 2020, Advanced Extremely High Frequency (AEHF-6) satellite Cape Canaveral Air Force Station was launched in Florida by Lockheed Martin.
- In August 2021, NASA had given SpaceX for its first trip to Jupiter's icy moon Europa.
Space Launch Services Market
Key Players Covered:
- Antrix Corporation Limited
- United Launch Alliance
- Spaceflight Industries
- ArianeGroup SAS
- Lockheed Martin Corporation
- Space Exploration Technologies Corp.
- Blue Origin Enterprises, L.P.
- Northrop Grumman Systems Corporation
- China Great Wall Industry Corporation
- Mitsubishi Heavy Industries, LTD.
- Other Prominent Players
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Space Launch Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and owing to the budget sanction by governments in this region for space survey activities and growing space missions. The presence of key market players in this region like Blue Origin, United Launch Alliance, etc. boost the growth of the Space Launch Services market. Asia Pacific region is expected to drive the growth of the Space Launch Services market in the forecast period. The increasing demand for space launches for communication satellites, telecommunication, etc. in countries of this region is expected to boost the market growth.
Impact of Covid-19 on Space Launch Services Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. The planned launch of satellites in this period was also reduced. Due to a shortfall of microchips and other electronic components, the space launch services market had a downfall during the pandemic period.
Space Launch Services Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Space Launch Services Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 14.5% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Orbit Type |
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Service Type |
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Payload |
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Vehicle Type |
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Launch Platform |
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End-User |
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By Region |
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Frequently Asked Questions (FAQ):
Space Launch Services Market size was estimated at USD 10.84 billion in 2021 and is expected to reach USD 48.1 billion in 2032.
Space launch services are the services provided for the launch of rockets for exploring the universe and even for relieve a satellite into the earth's orbit. The market for space launch services include many operations like launch of infrastructure, payload integration, and assembly launch.
Satellite and Air segment accounted for the largest Space Launch Services market share.
Key players: Antrix Corporation Limited, United Launch Alliance, Spaceflight Industries, ArianeGroup SAS, Lockheed Martin Corporation, Space Exploration Technologies Corp., Blue Origin Enterprises, L.P., Northrop Grumman Systems Corporation, China Great Wall Industry Corporation, Mitsubishi Heavy Industries, LTD. and Other Prominent Players are the key players in the Space Launch Services Market.
Increasing Space Programs and Increased Interest Towards Satellites are the factors driving the Space Launch Services market.
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