Satellite Launch Vehicle Market
Satellite Launch Vehicle Market Size was valued at USD 17.2 billion in 2022. The Satellite Launch Vehicle market industry is projected to grow from USD19.456 billion in 2023 to USD 40.766 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.12% during the forecast period (2023 - 2030).
The increasing deployment of satellites for remote sensing applications, communication, navigation, and others are projected to drive the global Satellite Launch Vehicle Market 2022. The growing number of satellites launches for R&D and space research are likely to actuate the demand for satellite launch vehicles, which can develop the market. Further, the technical development in satellites is likely to reduce the overall cost, which is predicted to enhance the satellite demand along with market strength.
On the contrary, the rules restricting the exchange of knowledge and technologies owing to security reasons can restrain market growth. However, the increased government investments, along with aforementioned factors are projected to combat obstructing causes and can boost market growth.
Market Segmentation
The segment analysis of the global satellite launch vehicle market is done by the number of payloads, orbit, application, and launch activity.
The number of payloads-based segments of the global satellite launch vehicle market are primary only, 2 to 5, and 6 to 10. The primary only segment is expected to value USD 1,557.0 million by 2025.
The orbit-based segments of the global satellite launch vehicle market are Medium Earth Orbit (MEO), Sun-Synchronous Orbit (SSO), Low Earth Orbit (LEO), and Geosynchronous Orbit (GEO). Among all, the GEO segment is projected to dominate the market during the forecast period.
The application- based segments of the global satellite launch vehicle market are navigation, research & development, communication, scientific, earth observation, meteorology, and remote sensing. The communication segment is likely to dominate the market during the review period.
The launch activity-based segments of the global satellite launch vehicle market are non-commercial and commercial.
Key Players
The renowned Satellite Launch Vehicle Market Players are Kelly Space & Technology, Inc. (US), Arca Space Corporation (US), Boeing (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Blue Origin (US), Indian Space Research Organization (India), Space Exploration Technologies Corporation (US), Mitsubishi Heavy Industries, Ltd (Japan), Virgin Orbit (US), Bristol Airspace (UK), Eurockot Launch Services GmbH (Germany), E-Prime Aerospace (US), and Scaled Composites LLC (US).
Regional Analysis
Based on the region, the global Satellite Launch Vehicle Market is segmented into Europe, North America, Asia-Pacific, and the Middle East and Africa.
As per the analysis, the global market is estimated to be led by North America during the forecast period owing to the presence of advanced economies. Further, the presence of key players is projected to strengthen the regional market during the assessment period.
Europe is likely to secure the second position during the review period owing to the extensive R&D and favorable initiatives being taken by the government. Further, the growing aerospace and defense industry in France is estimated to boost the regional market additionally.
The APAC region is estimated to be a lucrative market during the forecast period. The regional market is estimated to procure USD 845.8 million, expanding at a CAGR of 2,15% by 2025. The presence of developing countries such as India, China, and Japan are projected to play an important role during the review period.
The MEA region is likely to show slow growth during the forecast period owing to the lack of resources. However, the Middle East countries can play a role in expanding the regional market owing to the presence of stable economies.
Key Developments
In December 2022, Lockheed Martin Corporation inaugurated its new office in Chile, Latin America. The development of the new office enabled the company to offer enhanced services to its customers in Latin America.
In October 2019, Boeing invested in Accion Systems Inc., an electric satellite propulsion technology provider. The investment enabled the company to strengthen its satellite launch vehicle product portfolio.
Satellite Launch Vehicle Market Research Report Information by Orbit (Sun-Synchronous Orbit, Medium Earth Orbit, Low Earth Orbit, Geosynchronous Orbit, Number of Payloads, Launch Activity), By Application (Research & Development, Navigation, Communication, Scientific, Meteorology, Earth Observation, Remote Sensing) And by Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030.
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