Boeing - Satellite Launch Vehicle Market Trends & Forecast To 2024 | Key companies are Lockheed Martin, ARCA Space, Blue Origin, Eurockot, ISRO, Northrop Grumman, Mitsubishi Heavy Industries

Satellite Launch Vehicle Market size is estimated to exceed USD 2.4 billion by 2024; according to a new research report by Global Market Insights, Inc.

Primary payload held the major share accounting for over 61% of the overall market in 2017. Increasing satellite launches for specific missions in scientific research, observation and tactical intelligence will fuel segment growth. Moreover, the development of new launch sites and initiatives by the emerging nations to expand their space programs will positively influence the business growth.

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Growing high speed internet connectivity demands in conjunction with the requirement to gain tactical intelligence over the neighboring nations can be achieved through space missions. This in turn has led to increased frequency of launches every year for applications in defense, scientific research, and communication, which in turn will fuel the global satellite launch vehicles market.

Operator states are highly focused on the protectionism of local producers, specifically in the Europe and the U.S. Moreover, China and the U.S. that hold substantial positioning in the global industry have limited participation in the commercial sector, is expected to present considerable challenge to the satellite launch vehicle market share. However, these nations are expected to increase the number of the commercial launches over the coming years, to strengthen their presence in the commercial launches sector.

Satellite Launch Vehicle Market, By Orbit

• Geosynchronous Orbit (GEO)
• Medium Earth Orbit (MEO)
• Low Earth Orbit (LEO)
• Sun-Synchronous Orbit (SSO)

Satellite Launch Vehicle Market, By Number Of Payloads

• Primary Only
• 2 to 5
• 6 to 10

Satellite Launch Vehicle Market, By Launch Activity

• Commercial
• Non-commercial

Satellite Launch Vehicle Market, By Application

• Navigation
• Scientific
• Earth Observation
• R&D
• Communication
• Meteorology
• Remote Sensing

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GEO orbit dominated the market revenue accounting for over USD 1.3 billion in 2017. It does not require reorientation after the launch and follow a specified path and distance from earth. These are extensively used in homeland security, environmental data and intensive observation data analysis. It offers low-cost communication, reliable transmission and low maintenance as compared to other satellites.

Non-commercial sector led the market share owing to its extensive usage in military, scientific and government operations. The rising utilization of remote sensing applications for navigation, communication and intelligence gathering by scientific and military organizations are the key factors driving the segment growth.

Communications were the largest application for satellite launching vehicles contributing over 40% volume share in 2017. Increasing focus by the communication sector to improve data bandwidth and high-speed connectivity are the major factors driving the business growth. Furthermore, the rising utilization of IoT, smart devices, and wireless technology will necessitate the launch of satellites for communication-based applications.

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Increasing number of payloads to accommodate large number of satellites in singular missions to reduce the overall cost is expected to drive the 6 to 10 number of payloads segment through the forecast period. However, owing to significant number of mission critical applications, and probability of large capital losses in the event of mission failure, primary payload segment is expected to retain its dominance through the forecast period.

Some of the major satellite launch vehicle market participants include ARCA Space, Blue Origin, Boeing Space and Communications, Bristol Spaceplanes, E Prime Aerospace, Eurockot, Indian Space Research Organisation (ISRO), Kelly Space & Technology, Lockheed Martin, Mitsubishi Heavy Industries, Northrop Grumman Corporation, Scaled Composites LLC, SpaceX, and Virgin Galactic.

The above information has been provided on a regional and country basis for the following:

• North America
• U.S.
• Europe
• France
• Russia
• Asia Pacific
• China
• India
• Rest of the World

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Email: sales@gminsights.com
Web: www.gminsights.com

This release was published on openPR.