Space Launch Services Market Size, Revenue, Demand, Segment and Forecast by 2030
Space Launch Services Market Size is projected to reach 44,243.66 million by 2030, developing at a CAGR of 13.43% from 2020 to 2030 owing to the rising launch of indigenous satellites by countries. The uptick in space exploration missions as well as development of nano- and microsatellites for various applications can drive the market demand. Some of the applications include weather monitoring, agricultural monitoring, and national defense.
Space launch services are special services used in launching rockets for successful deployment of spacecraft which can orbit the Earth. Market Research Future (MRFR) has compiled the global space launch services market size with an inclination of the resources invested in space programs, competition among launch service providers, and development of space rides by companies for the period between 2020 to 2030 (forecast period).
Market Scope
Introduction of space tourism as a new venture for the tourism sector can provide ample scope for the global space launch services market. Development of expendable satellite designs as well as efforts to cut down ticket prices can drive the market growth.
However, the launch of satellites which are increasing the volume of space debris combined with strict regulations for space launch services can restrain market growth.
Competitive Outlook
Arianespace, Antrix Corporation Limited, International Launch Services Inc., China Great Wall Industry Corporation, Orbital ATK, SpaceX, Mitsubishi Heavy Industries, US Spaceflight Industries, Inc., Eurockot Launch Services, and Isc Kosmotras are key players of the global space launch services market.
Regional Analysis
The global space launch services market research encompasses pertinent trends and opportunities across regions of North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
North America is projected to capture the lion’s share of the global space launch services market due to heavy investments by space agencies and private firms. Venture capital firms and incubation startups with an interest in space exploration are likely to give the market a much-needed impetus. Recently, Canadian startup Creative Destruction Lab has created a space track for its lone space traveler and for creating novel innovations in the space sector.
Europe is the second-largest region due to the notable rise in space exploration activities. Furthermore, public-private partnerships between private companies and government space agencies can fuel innovation in products and services.
The global space launch services market in APAC is likely to exhibit an agile CAGR during the forecast period due to development of numerous satellites for research and monitoring.
Segmentation
The global space launch services market has been segmented by service type and end-use.
Based on service type, the global space launch services market has been segmented into pre-launch and post-launch services. The pre-launch services segment accounted for a large market demand in 2020 and may register a strong CAGR till 2030. Services of tracking and telemetry support, integration and logistics, launch acquisition and coordination, and management services can facilitate segment growth. On the other hand, post-launch services can generate significant revenues by investing in facilities which can monitor and stabilize satellites and ensure their safe orbit around planets.
By end-use, it is categorized into military & government and commercial. The military & government segment had dominated the global space launch services market due to need for services for research purposes. On the other hand, the commercial segment can register a prominent growth rate during the forecast period due to increasing interest in space exploration missions and space ride hailing services.
Industry Update
The Polar Satellite Launch Vehicle (PSLV), the brainchild of the Indian Space Research Organization, has launched a reconnaissance satellite along with nine commercial satellites on December 2019.
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