The new report by Expert Market Research titled, ‘Global Space Launch Services Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global space launch services market, assessing the market based on its segments like payloads, launch platform, service type, launch vehicle, end user and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 12.59 billion
- Forecast CAGR (2023-2028): 15.33%
- Forecast Market Size (2026): USD 29.64 billion
The expansion of the space launch services market is being driven by a rise in the number of satellite and testing probe launches. Furthermore, greater government and private investment have a substantial influence on market growth. Efforts to minimise the cost of launch services, on the other hand, present a profitable potential for market players in the space launch services business.
The expansion of the Space Launch Services Market is attributed to an increase in the number of small satellites in orbit. Small satellites are used for a variety of military and commercial uses, including surveillance and communications. The increasing use of satellites for reconnaissance and rising demand for commercial satellites is expected to provide the necessary boost to the market over the next several years. This is expected to pique interest in space launch services in the foreseeable future.
Space Launch Services Industry Definition and Major Segments
Companies that specialise in launching spacecrafts also provide space launch services. These operations entails a number of steps, including ordering, conversion, building, stacking and assembly, payload integration, and launch of the spacecraft. Spacecraft are mostly used by the military and government entities for space research and satellite launch. Recent trends in space tourism, on the other hand, have piqued interest in space launch services.
The pay loads in the space launch services market include satellite, human spacecraft, cargo, testing probes, and stratollite. Among these, the satellite segment is further divided based on type into small satellite (less than 1000 kg) and large satellite (above 1000 kg). The various launch platforms include land, air, and sea. The major service types in the market are pre-launch and post-launch. The significant end uses comprise of small launch vehicle and heavy launch vehicle. The major end users in the market include government and military and commercial.
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Space Launch Services Market Trends
The increasing capital investment on satellite launching to provide radio wave communication and GPS navigating facilities can be ascribed to the increase in growth. Meanwhile, there is a surge in demand for human spacecraft for space exploration, which is expected to help the market develop in the future years. During the projected period, these factors are likely to contribute to overall market growth.
In the projected term, increased government capital expenditures to support space programmes in various nations are expected to boost market expansion. This is due to the growth of military activities and the development of digital satellite connection infrastructure. Furthermore, the growing interest in space exploration among private companies and the growing trend of space tourism is expected to boost business growth.
Key Market Players
The major players in the market are Airbus SE, Antrix Corporation Limited, Space Exploration Technologies Corp. (SpaceX), Lockheed Martin Corporation, and The Boeing Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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