Global Satellite Launch Vehicle Market 2018 Revenue by Industry players – Boeing, Lockheed Martin, Northrop Grumman, Blue Origin, SpaceX, Virgin Galactic

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. 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.

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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.

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

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.

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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.

Asia Pacific accounted for over 37% of the market share in 2017. Increasing focus on establishing indigenous space research programs and integration of modern communicative technologies in critical fields such as military, science and government services will drive the regional growth.

Increasing frequency of satellite launches for scientific, R&D, navigation and communication applications will drive the industry share. The technological revolution in satellite design, and launch will reduce the overall costs, thereby fueling the satellite launch vehicle market size from 2018 to 2024.

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Growing success of piggyback launches and development of small satellites capable of performing critical missions will offer substantial opportunities over the forecast timeline. It enables the low-cost launches and rideshare which in turn will favor the commercial and non-commercial sectors.

Prominent players in the satellite launch vehicle market include Boeing Space & Communication, E Prime Aerospace, Lockheed Martin, SpaceX, Virgin Galactic, ISRO, Mitsubishi Heavy Industries, ARCA Space, Kelly Space & Technology and Blue Origin. Joint ventures, partnerships and long-term agreements with Government and private organizations for launch and testing are the key strategies adopted by these players to strengthen their market presence.

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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