According to the report published by Allied Market Research, the global space launch services market generated $9.88 billion in 2019 and is estimated to reach $32.41 billion by 2027, registering a CAGR of 15.7% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
The surge in investments made by private companies and governments to encourage research activities in space and growing demand for non-geostationary satellite orbit (NGSO) for commercial space launches drives the growth of the global space launch services market. However, high initial investment associated with space launch services hinders the market growth. On the other hand, the development of suborbital vehicles for space tourism creates new opportunities for the market player in the coming years.
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Covid-19 scenario:
Several major market players involved in the manufacturing of space launch vehicle components have halted their production due to a shortage of raw material amid lockdown due to the COVID-19 pandemic.
Various global space-related events such as CABSAT, satellite 2020, SMi small satellites conference, sea air space, and many others, have either been rescheduled or canceled due to the COVID-19 pandemic. For example, AIxSPACE and space tech expo events that were planned to be held in Montreal and California have been rescheduled to November 2020 and July 2020 respectively.
The report offers detailed segmentation of the global space launch services market based on payload, launch platform, service type, launch vehicle, end-user, and region.
Based on payload, the satellite segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, strotallite segment is estimated to portray the highest CAGR of 70.5% during the forecast period.
Based on the launch platform, the land segment accounted for the largest share in 2019, holding more than 90% of the total share, and is expected to maintain the largest share throughout the forecast period. However, the sea segment is expected to register the highest CAGR of 16.9% from 2020 to 2027.
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Based on the region, the U.S. contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is also expected to grow at the highest CAGR of 17.2% from 2020 to 2027. The research also analyzes Russia, China, India, and others.
Leading market players analyzed in the research include Mitsubishi Heavy Industries, Antrix Corporation Ltd., AIRBUS S.A.S (Arianespace), Space Exploration Technologies Corp (SpaceX), The Boeing Company (United Launch Alliance), Safran (Arianespace), State Space Corporation ROSCOSMOS, Lockheed Martin Corp. (United Launch Alliance), S7 Space (Sea Launch), and Rocket Lab USA.
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