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Launching Success: Commercial Satellite Services in the Space Economy
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According to The Business Research Company's, The commercial satellite launch service market size has grown strongly in recent years. It will grow from $7.2 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased demand for satellite constellations, rise in communication satellite deployments, expanding remote sensing and earth observation activities, emergence of small satellite market, global growth in space economy and commercialization.
The commercial satellite launch service market size is expected to see strong growth in the next few years. It will grow to $10.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to continued expansion of satellite broadband services, surge in demand for on-demand launch services, growth in the space tourism industry, rapid deployment of next-generation satellites, rise of small launch service providers. Major trends in the forecast period include collaboration and partnerships, commercialization of heavy-lift launch vehicles, flexible launch options for ride-share missions, technological advancements in launch vehicles, focus on environmental sustainability.
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Market Drivers and Trends:
Increasing demand for commercial satellites is expected to propel the growth of the commercial satellite launch service market going forward. Commercial satellites are owned, operated, and used by private enterprises or commercial organizations. The commercial satellite launch service is used to improve the capabilities of satellites launched into earth orbit to carry out successful space missions by providing pre-launch and post-launch services such as management services, integration and logistics, cargo services, telemetry support, and others. For instance, according to Arianespace SA, a France-based aerospace company that offers commercial launch services, the company's revenues have surpassed 1.25 billion euros ($1.36 billion), representing a 30% increase over 2020. It has a backlog of 36 releases, with 22 more scheduled for 2021. Furthermore, in September 2021, according to The Conversation, an Australia-based publisher of research-based news and analysis, around 114 launches took place, sending 1,300 satellites into space in the year 2020, and it's expected to rise in the upcoming years. Therefore, the increasing demand for commercial satellites drives the commercial satellite launch service market.
Technological advancement is a key trend gaining popularity in the commercial satellite launch service market. Major companies operating in the commercial satellite launch service market are focused on developing innovative products with advanced technologies to strengthen their position in the market. For instance, in October 2021, SpinLaunch, a US-based spaceflight technology development company, introduced a sub-orbital accelerator, an alternative method of launching spacecraft into orbit. This launching system relies on kinetic energy to get the rocket off the ground, with a vacuum-sealed centrifuge spinning it at multiple times the speed of sound before releasing it with minimum power consumption.
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Major Key Players of the Market:
The Boeing Company, Lockheed Martin Corporation, Mitsubishi Heavy Industries Ltd., Northrop Grumman Space Systems Group, Space Exploration Technologies Corporation, Orbital ATK, Antrix Corporation Limited, National Aeronautics and Space Administration, United Launch Alliance, Relativity Space Inc., Firefly Aerospace, Sea Launch, ABL Space Systems, Rocket Factory Augsburg AG, Exodus Space Corp., Virgin Orbit, OneSpace Solutions Inc., Ariane Group, HyImpulse Technologies GmbH, International Launch Services (ILS), GK Launch Services, LinkSpace, Eurockot Launch Service GmbH, Commercial Space Technologies Ltd.(CST), Virgin Galactic,Stofiel Aerospace, Payload Aerospace S.L., CAS Space, COSMOS International, Indian Space Research Organisation.
Commercial Satellite Launch Service Market 2024 Key Insights:
• The commercial satellite launch service market size is expected to see strong growth in the next few years. It will grow to $10.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• The Surging Demand For Commercial Satellite Launch Services
• The Tech Revolution In Satellite Launch Solutions
• North America was the largest region in the commercial satellite launch service market in 2023
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