According to a recent report published by Allied Market Research, titled, “Carrier Rocket Market by Payload Type, Payload Carrying Capacity, Range and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global carrier rocket market was valued at $9,243.2 Million in 2020, and is projected to reach $25,429.9 Million by 2030, registering a CAGR of 11.9% from 2021 to 2030.
In terms of revenue, North America leads the market, followed by Asia-Pacific, Europe, and LAMEA. Rise in adoption of launch service in telecommunication, defense, and space exploration, and other industries have bolstered the growth of carrier rocket market in North America. U.S. dominated the carrier rocket market share in 2020 and is expected to grow at a significant rate during the forecast period. Carrier rocket are increasingly being used to expedite deployment of telecommunication services in major North American economies.
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Carrier rockets are being used by defense organizations to deploy spy satellites to track and monitor enemy and terrorist activities worldwide. By payload type, the carrier rocket market is categorized into cargo, satellite, and others. The satellite segment accounted for the highest revenue in 2020, owing to the increase in demand for high-speed internet connectivity globally and rise in deployment of satellites by telecommunication companies to increase their reach. Increased demand in defence, homeland security, and other industries for real-time monitoring services that augments national security has promoted the growth of the satellite segment.
By end user, the carrier rocket market is segmented into government and commercial. In 2020, the commercial segment dominated the end users segment, owing to rise in popularity of space exploration and payload deployment among the commercial space organizations. The adoption of carrier rocket by government organizations to fully exploit the potential of the advanced space technology has promoted the growth of the government carrier rocket market.
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Factors such as increase in demand for small satellites for earth observation services and increasing number of space expeditions accelerate the growth of the carrier rocket market. However, high cost involved in the development of carrier rocket and high complexity and requirement of periodic maintenance of rockets are the factors, which hamper the growth of the carrier rocket market. Conversely, escalating demand for reusable rockets and development of hybrid rocket fuel are expected to provide lucrative opportunities for the expansion of the growth of the carrier rocket market.
Covid-19 Impact Analysis
The COVID impact on the carrier rocker market is unpredictable and it is expected to remain stunted till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to sudden decrease in demand for carrier rockets across the world.
Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues for the carrier rocket industry globally.
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Key Findings Of The Study
By payload type, the satellite segment is expected to register a significant growth during the forecast period.
By payload carrying capacity, the above 8 tons segment is anticipated to exhibit significant growth in the near future.
By range, the LEO segment is anticipated to exhibit significant growth in the near future
By end user, the commercial segment is anticipated to exhibit significant growth in the near future
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the carrier rocket market include Antrix Corporation Limited, Arianespace, Cubecab, IHI Corporation, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Rocket Lab USA and SpaceX.
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