The global space launch services market was worth USD 9.9 billion in 2019 and is poised to expand with a CAGR of 15.7% over 2022-2030, thereby amassing a valuation of USD 49.14 billion by end of the assessment timeframe.
What Are The Growth Determinants And Restraints Of This Marketplace?
The booming aeronautics sectors, rise in the number of satellite probe launches along with increasing R&D investments in the field are primarily augmenting the outlook of this industry sphere. Alongside, integration of advanced technologies in the sector is adding momentum to the market development.
Furthermore, growing government investments and private funds along with rapid economic progressions across the major economies are creating lucrative opportunities for the industry sphere to prosper.
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Also, increasing efforts of market players to decrease the cost of launch services is stimulating the dynamics of this market vertical. Besides, surging partnership deals between international space institutions in adding traction to the overall industry growth.
Moreover, rise in the number of space exploration programmes is paving a way for the progression of this business sphere.
On the contrary, dearth of skilled professionals, interoperability issues faced by related enterprises, along with the lack of adequate infrastructure across emerging economies are limiting the remuneration scope of the global space launch services market.
Segmental Assessment Of The Industry
Based on payload, the business sphere is split into satellite, human spacecraft, cargo, testing probes, and stratollite. The satellite segment is expected to grow at a considerable rate over 2022-2030 owing to the growing deployment of satellites to obtain crucial information about the earth.
By orbit type, the market is bifurcated into GEO, beyond GEO, LEO, and MEO. The GEO segment presently leads the industry in terms of volume share ascribing to the escalating demand for observatory and laboratory based space research activities.
Based on vehicle type, the industry is divided into medium-to-heavy-lift launch vehicle and small lift launch vehicle. The medium-to-heavy-lift launch vehicle segment is anticipated to generate significant returns over the forecast period attributing to the rising adoption of reusable launch satellites across the globe.
In terms of launch platform, the industry vertical is fragmented into land, air, and sea. The land segment is slated to amass notable gains over the stipulated timeline. This is credited to the efficacy and affordability of ground based launch facilities.
On the basis of end user, the worldwide space launch services industry is classified into commercial and military & government. The commercial segment is likely to account for a high market share owing to the surging number of satellite launches for earth monitoring, navigation, and communication.
Expounding the geographical ambit of the industry
The major regions influencing the expansion trajectory of the market are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is projected to capture a substantial revenue share over 2022-2030. This is attributable to the growing space research activities, rising government funding in the field, and widespread economic growth in the region.
Insights to the competitive hierarchy of the marketplace
The prominent players characterizing the competitive terrain of the global space launch services market are Arianespace (France), Boeing (US), Lockheed Martin (US), Mitsubishi Heavy Industries (Japan), EUROCKOT (Germany), ILS International (US), Antrix Corporation (India), Orbital ATK (US), Space Exploration Technologies (US), Space International Services (Russia), Spaceflight (US), Starsem (France), China Great Wall Industry Corporation (China), and United Launch Alliance (US).
Notably, in June 2020, Lockheed Martin announced that launch of its Advanced Extremely High Frequency (AEHF-6) satellite.
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