At 12.2% CAGR, Global Satellite Launch Vehicle Market Envisaged to Reach USD 46,708.29 Million By 2032: Polaris Market Research
Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global satellite launch vehicle market size/share was valued at USD 15,210.00 Million in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 12.2% and is projected to touch USD 46,708.29 Million By 2032. LEO segment holds the largest revenue shares of the market and likely to continue its dominance over the forecast period. Some of the top market leaders are ABL Space Systems, Arianespace, Astra Space, Inc., Blue Origin, China Aerospace Science and Technology Corporation (CASC), Firefly Aerospace Inc and others.
New York, NY, Sept. 26, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Satellite Launch Vehicle Market Share, Size, Trends, Industry Analysis Report, By Orbit (GEO, MEO, LEO, SSO); By Payload (0-150 kg, 150-1000 kg, Above 1000 kg); By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
“As per the latest research analysis, the global satellite launch vehicle market size/share will be valued at roughly USD 15,210.00 Million in 2022, and its revenue is projected to reach about USD 46,708.29 Million By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 12.2% between 2023 and 2032.”
Satellite Launch Vehicle Market: Report Overview
Satellite launch vehicles are designed to place satellites in their targeted orbits. A rocket-powered launch carts a spacecraft above Earth’s atmosphere into orbit around Earth or to some other destination in outer space. Unmanned space probes, crewed spacecraft, and satellites have all been launched using launch vehicles. Satellites are currently launched into orbit using large launch vehicles. These vehicles are capable of transporting payloads weighing thousands of kilograms, necessitating a large velocity change to reach orbit.
Moreover, the need for commercial and satellite networks and security application services has increased. As a result, there have been more satellite launches for various purposes, including scientific study, earth observation, military surveillance, communication, and navigation. This has expanded the demand for the satellite launch vehicle market.
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- Includes Updated List of tables & figures.
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Some of the Top Market Leaders Are:
- ABL Space Systems
- Astra Space, Inc.
- Blue Origin
- China Aerospace Science and Technology Corporation (CASC)
- Firefly Aerospace Inc.
- Interorbital Systems
- Mitsubishi Heavy Industries
- Northrop Grumman Corporation
- Rocket Lab USA, Inc.
- United Launch Alliance, LLC
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Satellite Launch Vehicle Market: Report Scope
|Revenue Forecast in 2032||USD 46,708.29 Million|
|Market size value in 2023||USD 16,545.71 Million|
|Expected CAGR Growth||12.2% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Top Market Players||ABL Space Systems, Arianespace, Astra Space, Inc., Blue Origin, China Aerospace Science and Technology Corporation (CASC), Firefly Aerospace Inc., Interorbital Systems, Mitsubishi Heavy Industries, Northrop Grumman Corporation, Rocket Lab USA, Inc., SpaceX, United Launch Alliance, LLC|
|Segments Covered||By Orbit, By Payload, By End-Use, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Prominent Growth Driving Factors
- Increased demand for satellite-based services: As more private and public space missions and satellite-based services become popular, the market for satellite launch vehicles is expanding quickly. The environment of the business is changing as a result, opening up new options for satellite launch vehicle (SLV) launches.
- Rising need for SLV launches: One of the primary drivers behind the growth is increasing demand for weather monitoring, broadcasting, and satellite-based services, including communication, Earth observation, scientific research, and navigation. More satellites are required as dependence on satellite connectivity for worldwide coverage, data transmission, and communication increases, which fuels demand for SLV launches.
- Space activities commercialization: The satellite launch vehicle market growth has been further fueled by the commercialization of space operations. Small satellites may now afford to use space due to the growing popularity of small satellite launch vehicles and ride-sharing services, which also encourage innovation across many industries. This has caused the launch services sector to grow and change quickly.
Top Findings of the Report
- The increased need for satellite launches for a variety of applications, including navigation, Earth observation, scientific research, and communication, has caused the satellite launch vehicle (SLV) market to become an increasingly significant part of the greater space economy.
- The satellite launch vehicle market segmentation is primarily based on payload, orbit, region, and application.
- North America dominated the market with the largest revenue share in 2022.
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Top Trends Influencing the Market
- Advanced technologies: Small satellite constellations are in greater demand from the government, military, academia, business, and end users, which has led SLV makers to create increasingly sophisticated technology.
- Appearance of private space companies: The emergence of private space organizations like Blue Origin, SpaceX, and Rocket Lab, which are revolutionizing the industry with new launch vehicles and affordable solutions, has also had an impact on the satellite launch vehicle market demand. These businesses are developing reusable rocket technology to lower launch expenses and boost launch frequency, opening up space to more people.
The LEO Sector Holds the Largest Revenue Share
Low Earth Orbit (LEO) is an orbit that is normally between a few hundred and 2,000 kilometers above the surface of the Earth. LEO satellites typically finish their orbital journey around the planet in a matter of hours. It is frequently used for satellite operations such as scientific research, communication, Earth observation, and satellite constellations. Due to the adaptability and benefits that this orbit offers, sending satellites into LEO is a prevalent demand in the satellite launch vehicle market.
Moreover, satellites that operate in low earth orbit (LEO) provide quicker communications and low-latency networking and are simple to deploy. Also, both public and private institutions are spending money on LEO satellite deployment.
The Communication Sector is Anticipated to Grow Fastest
The placement of communication satellites into orbit depends heavily on satellite launch vehicles. These platforms are made to transport satellites into the proper orbits, where they may offer a range of communication services like television transmission, telecommunication, and internet connectivity. Geostationary transfer orbit (GTO), medium earth orbit (MEO), low earth orbit (LEO), and small satellite launch vehicle (SLV) are a few of the SLV types that are used to launch communication satellites. Radio networking, television, telemedicine, telecommunications, and tele-education are some of the major uses of communication satellites.
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North America: The satellite launch vehicle market in North America has been experiencing major growth due to the region’s dominant key player in the industry with the involvement of government agencies like commercial space companies and NASA, such as United Launch Alliance (ULA), SpaceX, and Blue Origin. Furthermore, well-established infrastructure, technological advancements, and high government spending in the space sector collectively accelerate the market in this region.
Asia Pacific: Due to the growing need for satellites across numerous industries, including broadcasting, telecommunications, navigation, earth observation, and scientific research, the satellite business in the Asia Pacific area is expanding significantly. The fast economic expansion seen in most Asian countries has fueled this desire, creating a substantial market for satellite launches.
Browse the Detail Report “Satellite Launch Vehicle Market Share, Size, Trends, Industry Analysis Report, By Orbit (GEO, MEO, LEO, SSO); By Payload (0-150 kg, 150-1000 kg, Above 1000 kg); By End-Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/satellite-launch-vehicle-market
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- India launched NVS-01, a second-generation navigation satellite, into geosynchronous transfer orbit in May 2023. The Geosynchronous Satellite Launch Vehicle (GSLV) was used to launch the NVS-01 satellite, which is a component of the NavIC navigation system used in India.
- The last GLONASS-M navigation satellite was successfully deployed into orbit by Russia in November 2022. A group of satellites known as GLONASS-M are part of the GLONASS constellation, which is used in Russia as an alternative to the Global Positioning System (GPS). Users can access global location, velocity, and timing data from the GLONASS-M satellites from anywhere in the world.
The Report Answers Questions Such As
- What is the current and expected satellite launch vehicle market size during the forecast period?
- Why is the demand for satellite launch vehicles growing?
- What aspects are driving the market growth?
- Who are the prominent players in the industry?
- Which segment holds the largest satellite launch vehicle market share?
- What are the upcoming market trends and opportunities?
- Which region is dominating the market?
Polaris Market Research has segmented the satellite launch vehicle market report based on orbit, payload, end-use, and region:
By Orbit Outlook
By Payload Outlook
- 0-150 kg
- 150-1000 kg
- Above 1000 kg
By Application Outlook
- Earth Observation and Science
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, ROE)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, ROAPAC)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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