Surging Demand for 5G Network Propels Satellite Launch Vehicle Market

In 2021, the satellite launch vehicle market size stood at $6,202.0 million, and it is expected to acquire $8,517.9 million revenue by 2030, growing with a rate of 3.6% from 2021 to 2030. This is attributed to the rising number of satellites launches for various purposes such as weather forecasting, communication, military, and earth observation purposes. The rising trend of reusable launch vehicles, attributed to cost-cutting, reliability, and instant access to space leads to a market boost.

AI and machine learning are highly utilized in developing SLVs, attributed to the increased efficiency of mission with reduced downtime and paced up physical detection and diagnosis. In addition to this, artificial intelligence helps in easing the test and assembling of the vehicles attributed to the decline in cost and time saving and optimizing the manufacturing process. Moreover, AI facilitates assistance to communication and navigation systems of satellite launch vehicles and thus helps astronomers.

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Low-earth-orbit satellites gave captured an undisputed satellite launch vehicle market share, of 90%, attributed to faster communications with improved data processing in the network with easy installation. Additionally, the huge investments made by private and government organizations to deploy satellites in low earth orbit also expands the market. For example, Starlink named satellite internet constellation developed by SETC is LEO, there are around 3700 satellites revolving in the LEO.

The commercial launch activity category's satellite launch vehicle market share is around 80%, which is attributed to the increasing number of commercial satellite launches. The rising commercial activities, which include satellite navigation, commercial satellite imagery, and satellite television, combined with the reduced cost for launches and decrease in the investments on hardware space, lead to the expansion of the market.

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The growing 5G satellite communication market, which amounted to $2,548.2-million revenue in 2021 and is expected to acquire $33,896.7 million by 2030, is the key contributor to the satellite launch vehicle market boom. This is ascribed to the surging demand for high-speed connectivity with low latency networking. Moreover, 5G fuels the governments' initiatives worldwide for the development of smart cities, it also provides socio-economic benefits by pacing up the digital economy, resulting in market proliferation.

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This release was published on openPR.