Space Launch Services Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

By payload, the satellite segment was the highest revenue contributor to the market, and is estimated to reach $29.9983 billion by 2032, with a CAGR of 13.1%.

Get Free Sample: https://reports.valuates.com/request/sample/ALLI-Auto-1M704/Space_Launch_Services_Market

The Space Launch Service Market is expected to experience a significant growth rate of 13.4% from 2023-2032 owing to increase in Satellite launches Across the Globe -

Space launch service is an industry that offers facility to transport payload including satellites, scientific instruments, and spacecraft from the earth's surface into space. The launch of scientific instruments into space helps scientist to gather data about the weather conditions, earth observation, and also helps to enable other scientific researches. The space launch service helps nations with no expertise in the space associated capabilities. The service helps to construct and develop the space payloads, and also provide professional advisory on pre and post launch of the payload.

The key factors driving the growth of the space launch service market include increase in government investment in space exploration activities, increase in demand for commercial non-geostationary satellite orbit (NGSO) Space Launches and increase in satellite launches across the globe. Moreover, countries are investing in the satellite and payload launches by developing their own space launch missions. For instance, in July 2023, Indian space research organization (ISRO) launched its chandrayaan 3 whose mission is to land on moon and conducts onsite as well as rover operations on the moon. The launch of chandrayaan 3 will attract space agencies with no launch programs towards the ISRO's successful initiatives, and the development of new projects with space agencies will offer new enhancement in space technology. Thus creating more demand for the space launch service market.

The market also offers opportunistic factors to the key players operating in the market to enhance their services, which creates ample opportunities for the growth of the market across the globe. This includes space tourism, which supplements the growth of the market across the globe. Moreover, companies such as Virgin galactic who offers space tourism has reported 400% revenue growth. The company expects $ 6 million per flight seat for the exotic space tourism.

Space tourism is a form of commercial space travel in which individuals with personal interests fly in space for leisure purposes. Blue Origin, Virgin Galactic, and SpaceX are among the companies that provide space tourism services.

These firms use reusable rockets and spacecraft to transport tourists to suborbital or orbital flights, providing them with a brief yet thrilling taste of the space environment. Suborbital flights are typically a few minutes long, but orbital trips are projected to last several days or even weeks. Prices for these trips range from hundreds of thousands to millions of dollars depending on the length and type of journey offered. Space tourism has captured the interest of those looking for new and unique experiences while it is still a relatively new industry.

In an apparent boost for growth in space tourism operations of China, Chinese launch services provider Chinese Academy of Sciences (CAS) Space has struck a collaboration deal with a big state-owned tourist company. CAS Space, a rocket firm located in Beijing, recently struck an agreement with the China Tourism Group, based in Hong Kong, to jointly investigate and grow the market for space tourism.

The statement was made by CAS Space, on its official account on the Chinese social media app WeChat. CAS Space stated in 2021 that it has been a single-stage reusable rocket that would send up to seven passengers on a 10-minute flight above the Kármán line, which is widely recognized as the border between atmosphere of the Earth and outer space. The Space tourism market intends to give opportunities to the common people to experience space flight for work, and fun. It is important to note that the industry is still in its early stages and there are many challenges that need to be addressed, including safety concerns and sustainability issues.

The space launch service market is segmented into by payload, launch platform, service type, launch vehicle, end user, and region. By payload, the market is classified into satellite, human spaceflight, cargo, testing probes, and stratollites. On the basis of launch platform, it is segregated into land, air and sea. Based on service type, it is bifurcated into pre-launch and post-launch. By launch vehicle type, it is segmented into small launch vehicle and heavy launch vehicle. Based on the end user, it is segmented into commercial, and government & army. The study is done across four regions, North America (U.S., and Canada), Europe (UK, Germany, France, Russia, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The study covers the following prominent players, Mitsubishi Heavy Industries, LTD, Northrop Grumman Corporation, Starsem, Rocket lab USA, SAFRAN SA, SpaceX, China Aerospace Science and Technology Corporation, Lockheed Martin Corporation, Airbus, and Antrix Corporation limited. The developments carried out by these companies supplement the growth of the market across the globe. For instance, in July 2023, SpaceX launched Jupiter 3 a commercial communication satellite towards the geostationary orbit (GEO), the satellite will serve customers in U.S. and Mexico. Such launches creates opportunities for the space launch service market across the globe.

Key Market Insights

By launch platform, land as a launch platform dominated the global market, and is estimated to reach $37.5005 billion by 2032, with a CAGR of 13.5%.

By service type, the pre-launch service segment was the highest revenue contributor to the market, with $31.1379 billion in 2032, with a CAGR of 14.1%.

By launch vehicle type, heavy launch vehicle was the highest revenue contributor, with $31.0705 billion in 2032, with a CAGR of 12.5%.

By end user, government & military was the highest revenue contributor, with $24.686 billion in 2032, with a CAGR of 13.0%.

By region, Asia-Pacific was the highest revenue contributor, accounting for $14.2738 billion in 2032, with a CAGR of 14.9% during the forecast period.

Purchase Regional Report: https://reports.valuates.com/request/regional/ALLI-Auto-1M704/Space_Launch_Services_Market

Space Launch Services Market By Payload (Satellite, Human Spaceflight, Cargo, Testing Probes, Stratollites), By Launch Platform (Land, Air, Sea), By Service Type (Pre Launch, Post Launch), By Launch Vehicle (Small launch vehicle, Heavy Launch Vehicle), By End User (Government and Military, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032

View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-1M704/space-launch-services

Email Id:
Please reach us at sales@valuates.com

Address:
Valuates,
4th Floor,
Balaraj's Arcade,
Whitefield Main road,
Bangalore 560066

Valuates offers an extensive collection of market research reports that helps companies to take intelligent strategical decisions based on current and forecasted Market trends.

This release was published on openPR.