Space Launch Services Market Share, Growth & Forecast [2031]

Report Description

The Global Space Launch Services Market size was valued at USD 47.3 Million in 2022 and is expected to surpass USD 347.37 Million by 2031, expanding at a CAGR of 24.8% during the forecast period, 2023 – 2031. Space launch services provide several benefits that primarily ensure effective and safe activities for launching devices or equipment such as satellite to space. It offers various key functions such as ordering, construction, conversion, stacking and assembly, launch, and payload integration of space-based vehicles.

Space launch services include a variety of activities such as launch infrastructure, payload integration, and launch assembly. Involvement of private launch service providers in the aerospace industry has resulted in lowering launch costs and the introduction of new technology, piloting in a new era in the sector.

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Market Trends, Drivers, Restraints, and Opportunities:

• Rapid technical advancement in space technologies and the development of planetary satellite carriers and novel interplanetary is a prominent trend driving the expansion of the market.

• Growing interest in and attempts to launch satellites and probes for various scientific reasons including explorations is a major factor pushing the expansion of the market.

• Increasing use of small satellites for internet connectivity along with growing commercial and government investment are substantially rising the demand for advanced space launch services.

• High initial costs involved with launch services as well as emerging issues relating to the heat, weight, and vertical landing of space vehicles are major challenges that can hinder the market expansion.

• Shortage of skilled labor and a lack of adaptability to new technology is expected to hamper the market growth.

• The introduction of commercial space travel is estimated to provide lucrative growth opportunities for space launch service providers in the near future.

Scope of Space Launch Services Market Report

The report on the global space launch services market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Space Launch Services Market Segment Insights

Pre-launch Services segment is projected to hold significant market share

Based on service types, the space launch services market is bifurcated into pre-launch services and post-launch services. The pre-launch services segment is further categorized into integration & logistics, insurance, launch acquisition & coordination, management services, and tracking data & telemetry support. The post-launch segment is classified as stabilization, launch & early operations phase, resupply missions, and others. The pre-launch services segment is projected to hold significant market share owing to the growing interest among governments of major economies across the globe to launch satellites in the space.

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Satellites segment is anticipated to account for a substantial share

On the basis of payloads, the market is segmented into cargo, human spacecraft, satellites, stratollite, and testing probes. The satellites segment is further divided into small satellite, medium satellite, and large satellite. Furthermore, the small satellite segment is sub-segmented into nano-satellite, micro-satellite, and mini-satellite. The satellites segment is anticipated to account for a substantial share due to the growing global demand for a variety of satellites for various scientific exploration and military activities. These satellites are designed to monitor the Earth's surface in order to collect important data for mineral prospecting, mapping, resource management, and land-use planning, among other things. The increasing demand for Earth communication satellites and observation is expected to boost the segment growth.

LEO segment to expand at a robust pace in the coming years

In terms of orbits, the space launch services market is fragmented into beyond GEO, GEO, MEO, and LEO. The LEO segment is expected to expand at a robust pace in the coming years owing to wide adoption of the majority of space-related operations, which are aimed at Low Earth Orbit (LEO). The deployment of tiny satellites into space as well as increasing number of spaceflights to carry supplies to the International Space Station (ISS), are important drivers driving the expansion of the LEO segment.

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Land segment to register a substantial growth rate during the forecast period

Based on launch platforms, the market is segregated into air, land, and sea. The land segment is anticipated to register a substantial growth rate during the forecast period owing to the rising number of satellite launches from ground-based locations. When compared to other platforms, the land platform is more technologically advanced and cost-effective. Moreover, the existing advanced infrastructure advancements primarily influence the ease of operational performance of space launch services.

Medium-to-Heavy Lift Launch Vehicles segment to expand at a healthy growth rate

On the basis of vehicle types, the space launch services market is bifurcated into medium-to-heavy lift launch vehicles and small lift launch vehicles. The medium-to-heavy lift launch vehicles segment is projected to expand at a healthy growth rate in the near future due to the increased use of recyclable launch vehicles in commercial space programs. Moreover, the advent of satellite communication technology and its wide adoption among major nations presents another key driver of the segment growth.

Commercial segment is anticipated to account for a substantial share

In terms of end-users, the market is bifurcated into commercial and military & government. The commercial segment is further classified as private companies and satellite service providers. The military & government segment is categorized as space agencies and defense organizations. The commercial segment is anticipated to account for a substantial share of the market in the coming years due to the increasing private-sector support. Moreover, the rapid introduction of advanced tools and equipment such as communication satellites used for effective performance of the Internet and radio services is a key factor fueling the segment expansion.

North America is expected to dominate the market

In terms of regions, the space launch services market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period due to the growing need for launch services for human spacecraft, satellites, and space probes in the region. Furthermore, an increase in the number of space flights to the ISS, rising military budgets, and high investment in space travel missions are expected to boost the market expansion in the region.

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