PUBLISHER: The Business Research Company | PRODUCT CODE: 1425838
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425838
Space Launch Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on space launch services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for space launch services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The space launch services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Space launch services encompass a range of offerings provided by organizations to facilitate successful space missions, tailored to meet the specific needs of the mission. These services are crucial for enhancing satellite capabilities and ensuring the accomplishment of space missions.
The primary categories within space launch services include pre-launch services and post-launch services. Pre-launch services involve activities spanning from the initial spacecraft design to its readiness for liftoff from Earth. The orbits targeted for these missions include low Earth orbit (LEO), medium Earth orbit (MEO), geosynchronous orbit (GEO), and orbits beyond geosynchronous orbit. Payloads transported by these services may consist of satellites, human spacecraft, cargo, testing probes, and stratollites. Launch platforms employed for these missions can be land-based, air-based, or sea-based. The end users of these services encompass commercial entities, military sectors, and government agencies.
The space launch services market research report is one of a series of new reports from The Business Research Company that provides space launch services market statistics, including space launch services industry global market size, regional shares, competitors with a space launch services market share, detailed space launch services market segments, market trends and opportunities, and any further data you may need to thrive in the space launch services industry. This space launch services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The space launch services market size has grown rapidly in recent years. It will grow from $15.23 billion in 2023 to $17.50 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed during the historical period in space launch services can be attributed to several factors, including increased demands for satellite deployment, the expansion of global telecommunications networks, the emphasis on national security and defense applications, the growth of the commercial space industry, advancements in space tourism initiatives, market competition driving innovation, and efforts to reduce costs associated with space missions. These factors collectively contributed to the expansion and development of the space launch services sector.
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 anticipated growth in the forecast period is expected to be driven by several factors, including ongoing Mars exploration initiatives and endeavors aimed at lunar exploration, the adoption of reusable launch vehicles for space missions, the increased focus on global climate monitoring from space, national policies and investments in space exploration, and efforts directed towards exploring space resources. Key trends projected for this period encompass the expansion of commercial space activities, a rise in the number of small satellite launches, diversification of launch vehicles to cater to varying mission requirements, integration of advanced and innovative technologies in space missions, the development of rapid launch capabilities and on-demand services, as well as the growth of public-private partnerships shaping the landscape of space exploration and missions. These trends are expected to significantly impact and shape the space launch services industry in the upcoming forecast period.
The anticipated surge in satellite launches worldwide is poised to drive the growth of the space launch services market in the foreseeable future. Satellite launch involves transporting spacecraft from Earth's surface into Earth's atmosphere or orbits using carrier rockets capable of carrying spacecraft payloads. Space launch services play a crucial role in enhancing satellite capabilities by providing pre-launch and post-launch services such as management, integration, logistics, tracking data, telemetry support, and cargo services. According to the Index of Objects Launched into Outer Space by the United Nations Office for Outer Space Affairs (UNOOSA), the number of individual satellites orbiting Earth has reached 8,261, reflecting an 11.84% increase compared to April 2021. This substantial rise in global satellite launches is a driving force behind the growth of the space launch services market.
The increase in Small Satellite Deployment is anticipated to be a significant driver of growth in the space launch services market. Small satellite deployment involves launching and placing small satellites, such as CubeSats and nanosatellites, into orbit around Earth. The prominence of small satellites has reshaped the landscape of space launch exploration. According to BryceTech, an analytics and engineering firm based in the US, Smallsats accounted for 94% of spacecraft launched in 2021, representing 43% of the total upmass. This shift towards smaller satellites is a key factor propelling the growth of the space launch services market.
Technological advancement emerges as a prominent trend gaining traction in the space launch services market. Major companies are actively focusing on product innovations driven by new technologies to provide superior solutions and strengthen their market positions. A notable example is SpinLaunch, a US-based company in spaceflight technology development, which introduced its Orbital Launch System (OLS) in October 2021. The OLS utilizes kinetic energy, derived from the mass and speed of a body, to launch payloads into low Earth orbit. This innovative suborbital accelerator technology demonstrator employs electric power to spin a small payload, consisting of a centrifuge in a vacuum chamber, enabling it to achieve high speeds and propel payloads into the stratosphere using kinetic energy as an alternative to traditional chemical propulsion.
Prominent players in the space launch services sector are strategically introducing innovative products, with a particular focus on telecommunications satellites, to maintain their market leadership. Telecommunications satellites are purpose-built spacecraft designed to facilitate communication services by transmitting and receiving signals between ground stations and other satellites. A case in point is Arianespace, a French-based launch services company, which, in August 2021, achieved the successful launch of two telecommunications satellites for Brazil and South Korea. The rocket's upper stage deployed the Star One D2 satellite 30 minutes after liftoff, followed by the Eutelsat Quantum satellite six minutes later, both placed into geostationary transfer orbits. This strategic move underscores the commitment of major companies to diversify their product offerings and enhance their presence in the space launch services market.
In April 2021, Voyager Space Holdings, Inc., a prominent US-based aviation and aerospace company, made a strategic acquisition by purchasing The Launch Company for an undisclosed amount. This acquisition is positioned to fortify Voyager Space Holdings, Inc.'s product portfolio within space launch services, providing a competitive edge in the dynamic space exploration industry. The Launch Company, a US-based aerospace firm specializing in space launch services, brings additional expertise and capabilities to further enhance Voyager Space Holdings, Inc.'s market position and overall offerings. This strategic move aligns with the industry trend of major players seeking to strengthen their market presence through acquisitions and expansions.
Major companies operating in the space launch services market report are Antrix Corporation Limited, Airbus SE, Arianespace SA, Blue Origin LLC, China Aerospace Science and Technology Corporation, China Great Wall Industry Corporation, Eurockot Launch Services GmbH, International Launch Services Inc., International Space Company Kosmotras, Lockheed Martin Corporation, Mitsubishi Heavy Industries Limited, Northrop Grumman Innovation Systems Inc., Rocket Lab USA Inc., Safran SA, Space Exploration Technologies Corporation, Space International Services Inc., Spaceflight Industries Inc., Starsem SA, The Boeing Company, United Launch Services LLC, Firefly Aerospace Inc., Gilmour Space Technologies Pty Ltd., iSpace Inc., Indian Space Research Organisation, Landspace Corp. Ltd., OneSpace Inc., Payload Aerospace S.L., Relativity Space, Roscosmos State Corporation, Sierra Nevada Corporation, Vector Space Systems Inc., Virgin Galactic Holdings Inc., Virgin Orbit LLC
North America was the largest region in the space launch services market in 2023. The regions covered in the space launch services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the space launch services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The space launch services market includes revenues earned by entities by providing mission management, launching services, environmental testing, in-space logistics services, and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.