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Global space launch services market size reached USD 6.59 billion in 2021 and is expected to register a revenue CAGR of 14.6% during the forecast period, according to latest analysis by Emergen Research. The space launch services market is an integral part of the global aerospace industry. The market comprises various types of launch vehicles that are used to launch satellites, space probes, and other payloads into space. The market is highly competitive and is characterized by a few dominant players, including SpaceX, United Launch Alliance, and Arianespace. In this article, we will provide an overview of the space launch services market, discuss its drivers and restraints, growth factors, and provide some statistics from government organizations.
The space launch services market is expected to grow at a significant rate over the next decade. The increasing demand for satellite-based communication, earth observation, and navigation services is driving the growth of the market. In addition, the growing number of government-funded space exploration programs is also contributing to the growth of the market. The market is segmented based on launch vehicle type, payload weight, and end-user.
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The increasing demand for satellite-based communication, earth observation, and navigation services is one of the major drivers of the space launch services market. Satellites are used extensively for communication, navigation, and remote sensing applications, among others. With the growing need for high-speed internet connectivity, there is a significant increase in the number of satellites being launched into space. This, in turn, is driving the growth of the space launch services market.
Another major driver of the market is the growing number of government-funded space exploration programs. Countries such as the US, China, India, and Russia are investing heavily in their space programs, which is driving the demand for space launch services. For instance, NASA’s Artemis program, which aims to land the first woman and the next man on the moon by 2024, is expected to boost the demand for space launch services.
One of the major restraints of the space launch services market is the high cost of launching payloads into space. Launching payloads into space is a complex and expensive process, which requires significant investment in infrastructure, technology, and skilled personnel. The high cost of space launch services is a major challenge for both commercial and government customers.
One of the major growth factors of the space launch services market is the increasing demand for small satellites. Small satellites are becoming increasingly popular due to their low cost, rapid development, and shorter launch lead times. The growing demand for small satellites is driving the demand for smaller and more affordable launch vehicles.
Space Launch Services Market Segmentation :
Based on payload, which includes small satellite, nanosatellite, microsatellite, minisatellite, medium satellite, large satellite, and human spacecraft. The market revenue for each type of payload is measured in billions of US dollars and is projected from 2019 to 2030.
Based on segmentation is services, which includes pre-launch services, management services, integration and logistics, tracking, data and telemetry support, insurance, post-launch services, launch and early operations phase, re-supply missions, and stabilization. The market revenue for each service is also projected from 2019 to 2030.
Based on orbit, which includes low earth orbit (LEO), medium earth orbit (MEO), geosynchronous orbit, and polar orbit. The market revenue for each type of orbit is also measured in billions of US dollars and is projected from 2019 to 2030.
Based on application, which includes commercial, government, and military. The market revenue for each application is also projected from 2019 to 2030.
Based on platform, which includes land, sea, and air. The market revenue for each platform is also projected from 2019 to 2030.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report :
· Small satellite segment revenue is expected to register a substantially rapid CAGR during the forecast period due to rapid compound annual growth rate (CAGR) during the forecast period. This can be attributed to various factors such as the increasing demand for small satellites for various applications, including communication, earth observation, scientific research, and remote sensing.Moreover, the development of advanced technologies such as miniaturization, modularization, and standardization has made it easier and more cost-effective to build and launch small satellites.
· Low Earth Orbit (LEO) segment is expected to register a significantly robust revenue growth rate over the forecast period due to the increasing investments by governments and private organizations in space exploration programs aimed at exploring the potential of LEO-based satellites for various applications are expected to drive the growth of the LEO segment. The rise of new space companies and startups in the market, along with the increasing demand for space tourism, is also expected to create more opportunities for the LEO segment.
· North America is expected to register a more robust revenue growth rate over the forecast period among other regional markets due to the presence of major players in the market, along with the increasing investments by the government and private organizations in space exploration programs.Moreover, the increasing demand for satellite-based communication, earth observation, and remote sensing systems in the region is expected to drive the growth of the space launch services market. The rise of new space companies and startups in the region, along with the increasing focus on developing innovative solutions for various applications, is also expected to create more opportunities for the market.
· Some major companies in the global market report include Space Exploration Technologies Corporation, Spaceflight Industries, Inc., International Launch Services, Inc., Blue Origin, LLC, Eurockot Launch Services GmbH, Mitsubishi Heavy Industries Ltd., Arianespace S.A., China Great Wall Industry Corporation., Antrix Corporation Limited., and International Space Company Kosmotras
· In November 2021, Spaceflight Industries, Inc. launched 13 customer payloads into two separate orbits for the first time. After being launched by SpaceX’s Falcon 9 rocket, Orbital Transfer Vehicles (OTV) will first place four microsatellites and five CubeSats in Sun Synchronous Orbit (SSO), and then travel 500 kilometers to deploy remaining four CubeSats in a different orbit.
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