The Space Launch Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Space Launch Services Global Market Report 2024, The space launch services market size has grown rapidly in recent years. It will grow from $15.23 billion in 2023 to $17.5 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to satellite deployment demands, global telecommunications expansion, national security and defense, commercial space industry growth, space tourism development, market competition and cost reduction..
The space launch services market size is expected to see rapid growth in the next few years. It will grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to mars exploration and beyond, lunar exploration initiatives, reusable launch vehicle adoption, global climate monitoring, national space policies and investments, space resource exploration.. Major trends in the forecast period include growing commercial space activities, increase in small satellite launches, diversification of launch vehicles, integration of advanced technologies, rapid launch and on-demand services, public-private partnerships..
The increase in satellite launches across the globe is expected to propel the growth of the space launch services market going forward. Satellite launch refers to the transportation of spacecraft from earth’s surface to earth’s atmosphere or into orbits around the earth by using a carrier rocket that can carry a payload of spacecraft. The space launch service is used to improve the capabilities of satellites launched in earth orbits to carry out successful space missions by providing pre-launch and post-launch services such as management services, integration, and logistics, tracking data, telemetry support, cargo services, and others. For instance, according to the Index of Objects Launched into Outer Space, maintained by the United Nations Office for Outer Space Affairs (UNOOSA), there are 8261 individual satellites orbiting the Earth, an increase of 11.84% compared to April 2021. Therefore, the increase in satellite launches across the globe is driving the growth of the space launch services market.
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The space launch services market covered in this report is segmented –
1) By Service Type: Pre-Launch Services, Post-Launch Services
2) By Orbit: Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit, Beyond Geosynchronous Orbit
3) By Payload: Satellite, Human Spacecraft, Cargo, Testing Probes, Stratollite
4) By Launch Platform: Land, Air, Sea
5) By End Use: Commercial, Military And Government
Technological advancement is the key trend that is gaining popularity in the space launch services market. Major companies are focused on product innovations based on new technologies that could provide better solutions and strengthen their position in the market. For instance, in October 2021, SpinLaunch, a US-based company operating in spaceflight technology development, introduced its Orbital Launch System (OLS), which uses kinetic energy, an energy that a body has because of its mass and speed, known as kinetic energy, to launch a payload into low earth orbit, also known as the suborbital accelerator technology demonstrator. The suborbital accelerator technology uses electric power to spin a small payload that consists of a centrifuge in a vacuum chamber into a chamber with no air resistance or heating of the payload. This enables it to pick up high speeds to propel payloads into the stratosphere by using kinetic energy as compared to traditionally used chemical propulsion.
The space launch services market report table of contents includes:
1. Executive Summary
- Space Launch Services Market Characteristics
- Space Launch Services Market Trends And Strategies
- Space Launch Services Market – Macro Economic Scenario
- Global Space Launch Services Market Size and Growth
. - Global Space Launch Services Market Competitive Benchmarking
- Global Space Launch Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Space Launch Services Market
- Space Launch Services Market Future Outlook and Potential Analysis
- Appendix
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