Commercial Satellite Launch Service Market for LEO segment is set to pose a CAGR of over 3% from 2018 to 2024 | Key Company Chain Profiled Lockheed Martin, United Launch Alliance, NASA, Boeing, Orbital ATK, SpaceX, Airbus

Commercial Satellite Launch Service Market size is estimated to surpass USD 7 billion by 2024. Increasing usage of communication data-based services and GPS systems is driving the commercial satellite launch service market size over the forecast period. These services are adopted by various sectors such as Automotive, Electronics, Military, IT, among others. Increasing number of vehicles integrated with built-in navigation units will contribute majorly for launching additional satellites. Additionally, Oil & Gas companies across the globe uses vehicle tracking systems for their official vehicles and tankers to locate their vehicles and maintain transparency.

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North America was worth more than USD 2 billion in 2017 and is anticipated to dominate the commercial satellite launch service market share. This can be credited to robust infrastructure available in the region for developing new space programs by organizations such as NASA and SpaceX. Increasing number of navigation and communication satellites for locating destinations and data usage is significantly contributing towards regional growth of the commercial satellite launch service market.

LEO is likely to exhibit over 3% CAGR in the commercial satellite launch service market from 2018 to 2024. This growth can be credited to low initial launch cost as compared to other orbits, less time to deploy and compact size commercial satellite. LEOs are a positive step towards providing connectivity to remote areas.

Commercial Satellite Launch Service Market by Orbit

• LEO
• MEO
• GEO
• HEO

Commercial Satellite Launch Service Market by Size

• Large
• Medium
• Small
• Micro

Commercial Satellite Launch Service Market by Application

• Navigational
• Communication
• Reconnaissance
• Weather Forecasting
• Remote Sensing

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The micro segment of the commercial satellite launch service market share is expected to pose a CAGR of more than 6% over the forecast period. This growth can be attributed to the continuous developments improving reliability and affordability of the launch vehicles.

Reconnaissance commercial satellite launch service market size is expected to hold around 36% of the revenue share by 2024. Introduction of new farming techniques such as precision farming, utilizing the satellite imagery for improving farming will play a key role for the industry growth. Geographical Information System (GIS) tools and online web resources with the help of UAVs for farmers are spurring the segment growth.

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Airbus S.A.S., Arianespace S.A., Axelspace Corporation, Boeing, Lockheed Martin Corporation, Orbital ATK, Space Exploration Technologies are few industry participants in commercial satellite launch service market. Joint ventures and partnerships are among the prominent strategies implemented by the competitors to enhance their industry share. For instance, in 2018, United Launch Alliance acquired Atlas 5 division of Lockheed Martin for reducing launch prices and improving business efficiencies.

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