Satellite Launch Vehicle Market Growth & Forecast To 2024 with Companies are Boeing, Lockheed Martin, SpaceX, Blue Origin, Northrop Grumman

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. Commercial satellite launch vehicle market segment is expected to witness highest growth over the forecast timeframe. Navigation, earth observation data for oil & mineral exploration, biomass measurement, providing access to critical information small economies, and communication will provide strong growth prospects through the forecast timeframe. High competition between Russia and European Union to uphold dominance in the commercial segment will drive the segment 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. For instance, in 2017, over 50 missions were successfully deployed for mission critical applications specifically focused on scientific research, earth observation, and communication applications across the globe.

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 Application

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

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International Launch Services (ILS) is an American Russian joint venture that was formed as private spaceflight partnership among Khrunichev, Lockheed Martin (LM), and Energia. ILS exclusively owns rights for global civil & commercial sales, and mission management of Angara, and Proton Breeze M. Growing emphasis on international co-operation for providing launch services for commercial applications and small economies is expected to drive the overall satellite launch vehicle market size.

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.

Based on orbits, GEO satellite launch vehicle segment is expected to retain its industrial dominance through the forecast period. It can be attributed to the substantial application in communication and earth observation among its primary payload applications.

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Increased launch frequency owing to substantial number of follow on missions to provide efficient communication will present strong growth prospects over the next 6 years. Communication application segment is expected to account for over 40% of the global satellite launch vehicle market revenue share by 2024.

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.

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.
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This release was published on openPR.