Satellite Launch Vehicle Market Projected to reach $29.1 billion by 2027

This report analyzes the satellite launch vehicle market from 2022 to 2027. It discusses various industry and technology trends currently prevailing in the satellite launch vehicle market along with the factors that drive, restrain, and challenge the market growth globally. The satellite launch vehicle market is projected to grow from USD 15.7 billion in 2022 to 29.1 billion by 2027, at a CAGR of 13.1%. Factors such as increasing use of reusable launch vehicles, outsourcing the launch vehicle production, dedicated small satellite launch vehicles are driving the market growth.

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Based on Payload, the > 2,500 segment is expected to lead the satellite launch vehicle market in 2022. Satellite payloads of more than 2,500 kg are generally classified as large satellites. Large satellites have a wet mass (including fuel) above 2,500 kg. These satellites have large satellite buses and solar arrays to allow for more transponders, large antennae, greater processing capacity, and more energy production. Large satellites are commonly launched in geostationary orbit (GEO) and can conduct scientific missions in deep space. They are the most expensive to manufacture, have the largest form factor, and last for about 15 years in space. There has been substantial growth in the number of large satellites launched into space, which has resulted in increased demand for communication subsystems required for these satellites.

In February 2023, SpaceX (US) launched a commercial communications satellite. A Falcon 9 rocket carrying the Amazonas Nexus satellite for the Spanish company Hispasat lifted off from Cape Canaveral Space Force Station in Florida, US. The Falcon 9's first stage came back to Earth for a vertical touchdown 8.5 minutes after liftoff as planned.

Based on Vehicle, the small (< 350,000 Kg) segment is expected to grow at the highest CAGR during the forecast period. A small satellite launch vehicle is a rocket orbital launch vehicle capable of lifting 2,000 kg (4,400 lb.) of payload into Low Earth Orbit (LEO). Due to the enormous demand for communications and imaging services on a global scale, the market for tiny satellites is expanding more rapidly than ever. The flexibility of a dedicated launch on a small launcher is substantially high, and scheduling is simple because it helps modify the satellite.

Based on launch, the single-use/expendable segment is expected to have the highest share in 2022. Single-use launch vehicles are commonly used for satellite launches and other space missions that require a relatively small payload. They are typically smaller and less complex than reusable launch vehicles, which makes them less expensive to manufacture and operate.

There are several types of single-use launch vehicles, including the Delta II and Delta IV rockets manufactured by United Launch Alliance (ULA) (US) and the Ariane 5 rocket manufactured by Arianespace SA (France). These rockets are used by space agencies and private companies around the world for a variety of missions, from scientific research to telecommunications and military surveillance.

Based on region, the Asia Pacific region is estimated to lead the market in 2022. China is the country to lead the market in the region. The satellite launch vehicle market in China has been growing rapidly in recent years, driven by the country's ambitious space program and increasing demand for satellite launches. China has become a major player in the global satellite launch vehicle market, offering competitive prices and reliable launch services.

China's commercial launch industry is dominated by two state-owned companies, China Aerospace Science and Technology Corporation (CASC) and China Aerospace Science and Industry Corporation (CASIC). CASC is responsible for the development and production of the Long March rockets, while CASIC focuses on smaller launch vehicles and satellite systems.

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Companies are deploying different strategies to achieve growth in the satellite launch vehicle market. SpaceX (US), United Launch Alliance, LLC (US), Northrop Grumman Corporation (US), and Blue Origin (US) are focused on North America, while Mitsubishi Heavy Industries (Japan) focuses on the Asia Pacific region. These five companies are all strong in their home regions and are exploring geographic diversification alternatives to grow their businesses. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America and Asia Pacific. These companies have products with wider applications, a larger product footprint, significant market share and, broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.

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