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Reaching for the Stars: The Future of Space Launch Services
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According to The Business Research Company's, The space launch services market size has grown rapidly in recent years. It will grow from $15.23 billion in 2023 to $17.5 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to satellite deployment demands, global telecommunications expansion, national security and defense, commercial space industry growth, space tourism development, market competition and cost reduction.
The space launch services market size is expected to see rapid growth in the next few years. It will grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to mars exploration and beyond, lunar exploration initiatives, reusable launch vehicle adoption, global climate monitoring, national space policies and investments, space resource exploration. Major trends in the forecast period include growing commercial space activities, increase in small satellite launches, diversification of launch vehicles, integration of advanced technologies, rapid launch and on-demand services, public-private partnerships.
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Market Drivers and Trends:
Rise in Small Satellite Deployment is expected to propel the growth of the space launch services market going forward. Small satellite deployment refers to the process of launching and placing small satellites into orbit around Earth. The rise of small satellites, including CubeSats and nanosatellites, has transformed the dynamics of space launch exploration. For instance, according to BryceTech, US-based is an analytics and engineering firm, Smallsats represent 94% of spacecraft launched in 2021, 43% of total upmass. Therefore, the rise in Small Satellite Deployment is driving the growth of the space launch services market.
Technological advancement is the key trend that is gaining popularity in the space launch services market. Major companies are focused on product innovations based on new technologies that could provide better solutions and strengthen their position in the market. For instance, in October 2021, SpinLaunch, a US-based company operating in spaceflight technology development, introduced its Orbital Launch System (OLS), which uses kinetic energy, an energy that a body has because of its mass and speed, known as kinetic energy, to launch a payload into low earth orbit, also known as the suborbital accelerator technology demonstrator. The suborbital accelerator technology uses electric power to spin a small payload that consists of a centrifuge in a vacuum chamber into a chamber with no air resistance or heating of the payload. This enables it to pick up high speeds to propel payloads into the stratosphere by using kinetic energy as compared to traditionally used chemical propulsion.
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Major Key Players of the Market:
Antrix Corporation Limited, Airbus SE, Arianespace SA, Blue Origin LLC, China Aerospace Science and Technology Corporation, China Great Wall Industry Corporation, Eurockot Launch Services GmbH, International Launch Services Inc., International Space Company Kosmotras, Lockheed Martin Corporation, Mitsubishi Heavy Industries Limited, Northrop Grumman Innovation Systems Inc., Rocket Lab USA Inc., Safran SA, Space Exploration Technologies Corporation, Space International Services Inc., Spaceflight Industries Inc., Starsem SA, The Boeing Company, United Launch Services LLC, Firefly Aerospace Inc., Gilmour Space Technologies Pty Ltd., iSpace Inc., Indian Space Research Organisation, Landspace Corp. Ltd., OneSpace Inc., Payload Aerospace S.L., Relativity Space, Roscosmos State Corporation, Sierra Nevada Corporation, Vector Space Systems Inc., Virgin Galactic Holdings Inc., Virgin Orbit LLC
Space Launch Services Market 2024 Key Insights:
• The space launch services market size is expected to see rapid growth in the next few years. It will grow to $29.66 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Surge In Satellite Launches Fuels Growth In The Space Launch Services Market
• Spinlaunch Unveils Innovative Orbital Launch System Powered By Kinetic Energy Technology
• North America was the largest region in the space launch services market in 2023
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