PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1629143
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1629143
The global satellite launch vehicle (SLV) market is projected to grow from $6,901.8 million in 2024 to $8,517.9 million by 2030, registering a compound annual growth rate (CAGR) of 3.6%. This growth is driven by increasing satellite launches for communication, earth observation, weather forecasting, and defense applications. The rising adoption of reusable launch vehicles (RLVs) to reduce costs and improve operational efficiency is further propelling market expansion. Additionally, advancements in technology and growing investments in commercial space ventures are key contributors to the market's development.
Key Insights
The demand for communication satellites, including those supporting 5G networks, is significantly boosting the need for satellite launch vehicles.
Earth observation and remote sensing applications are driving satellite launches, aiding in environmental monitoring and resource management.
The defense sector's increasing reliance on satellites for surveillance and reconnaissance is contributing to the demand for reliable launch vehicles.
Reusable launch vehicles (RLVs) are revolutionizing the industry by reducing launch costs and improving the sustainability of space missions.
Technological advancements, such as the integration of artificial intelligence (AI) and machine learning, are enhancing SLV manufacturing processes and mission efficiency.
The development of small satellite launch vehicles is catering to the growing demand for small satellite deployments, optimizing costs and operational resources.
Government investments in space exploration and satellite deployment initiatives are positively impacting the SLV market.
The emergence of private companies in the commercial space sector is increasing demand for satellite launch services.
The expansion of global navigation satellite systems (GNSS) constellations is driving the need for efficient and frequent satellite launches.
The potential rise of space tourism is anticipated to influence the development of SLVs, as reliable systems will be essential for human spaceflight missions.