Global Space Launch Services Market Size to Reach USD 25.65 Billion in 2032 | Emergen Research

Rising government expenditure in space programs and increasing participation of private companies in space exploration are key factors driving market revenue growth

Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — Global space launch services market size reached USD 6.59 billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising government expenditure in space programs and increasing participation of private companies in space exploration and initiatives are some major factors expected to drive market revenue growth.

Drivers:

Rising government expenditure and public-private initiatives in space programs and space exploration are among the primary factors driving revenue growth of the market. Moreover, governments of various countries are making significant budgetary allocations for space programs, which has led to a space race among developed countries. Various governments are also deploying satellites for military purposes such as intelligence gathering, navigation, surveillance and reconnaissance, and military communications in order to boost defense and preparedness for potential war or conflict.

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Restraints:

International space laws and constraints and lack of measures for disposal of space debris are some key factors expected to hamper market revenue growth to a major extent. International space prohibits ownership of any celestial body in space, which has restricted investment avenues from private businesses that are looking for prospects to invest in space missions for commercial purposes. Moreover, Lower Earth Orbit (LEO) is scattered with space debris from previous missions, which can cause accidents or other complications and issues.

Growth Projections:

Global space launch services market is expected to register a revenue CAGR of 14.6% over the forecast period and revenue is projected to increase from USD 6.59 billion in 2021 to USD 19.53 billion in 2030. Rising government expenditure in space programs and increasing participation of private companies in space exploration is driving market growth and the trend is projected to continue between 2022 and 2030.

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Scope of Research

Major Companies and Competitive Landscape

The global space launch services market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Key players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing and testing new space technologies. Some major companies in the global space launch services market report include:

• Space Exploration Technologies Corporation
• Spaceflight Industries, Inc.
• International Launch Services, Inc.
• Blue Origin, LLC
• Eurockot Launch Services GmbH
• Mitsubishi Heavy Industries Ltd.
• Arianespace S.A.
• China Great Wall Industry Corporation.
• Antrix Corporation Limited
• International Space Company Kosmotras

Strategic Development

• In November 2021, Space Exploration Technologies Corporation (SpaceX) launched a Double Asteroid Redirection Test (DART) on a Falcon 9 rocket from Vandenberg Space Force Base in California that will hit a small asteroid in an attempt to deflect it from its path. Also, this is a first-of-its-kind planetary defense mission for NASA
• In October 2021, China Great Wall Industry Corporation launched satellite Chinese Hα Solar Explorer (CHASE), along with eight secondary satellites in a Long March-2D (LM-2D) Launch Vehicle from the Taiyuan Satellite Launch Center (TSLC), which will complement the observations made by on-orbit solar spacecraft

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COVID-19 Impact Analysis:

COVID-19 pandemic has significantly impacted the manufacturing of rockets and satellites and launching services, thereby limiting growth of the global space launch services market. Lengthy lockdowns had significantly disrupted supply chains and delayed launches and development of satellites, lunar rovers, and others. However, the global market recovered, and services were resumed since mid-2021. This has led to scaling up of manufacturing and development of systems and requirements for upcoming missions.

Current Trends and Innovations:

Increasing geopolitical conflict has led to modernization of defense capabilities. Developed countries are working towards developing satellites that can be used to boost defense capabilities and improve communication networks, which has led to increasing pace of the space race. In addition, companies in the market are working on improving current space technologies in order to reduce overall costs of space missions and to enable better possibility of manned space programs. Similarly, major market players are investing significantly in research and development to enable rapid progress in space tourism.

Geographical Outlook:

Europe is expected to register a steady revenue growth rate during the forecast period. Key factors contributing to steady revenue growth rate are rising government investment in research and development of new space technologies, increasing technology transfer from the U.S., and increasing number of public-private partnerships. 

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Emergen Research has segmented global space launch services market on the basis of payload, services, orbit, application, platform, and region:

• Payload Outlook (Revenue, USD Billion; 2019–2030)
  • Small Satellite
    1. Nanosatellite
    2. Microsatellite
    3. Minisatellite
  • Medium Satellite
  • Large Satellite
  • Human Spacecraft

• Services Outlook (Revenue, USD Billion; 2019–2030)
  • Pre-launch Services
    1. Management Services
    2. Integration & Logistics
    3. Tracking, Data & Telemetry Support
    4. Insurance
  • Post-launch Services
    1. Launch and Early Operations Phase
    2. Re-supply Missions
    3. Stabilization

• Orbit Outlook (Revenue, USD Billion; 2019–2030)
  • Low Earth Orbit (LEO)
  • Medium Earth Orbit (MEO)
  • Geosynchronous Orbit
  • Polar Orbit

• Application Outlook (Revenue, USD Billion; 2019–2030)
  • Commercial
  • Government
  • Military

• Platform Outlook (Revenue, USD Billion; 2019–2030)
  • Land
  • Sea
  • Air

• Regional Outlook (Revenue, USD Billion; 2019–2030)
  • North America
    1. S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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