Space Launch Services Market Booms with 13.9% CAGR, Projected to Reach $46.1 Billion by 2033

According to a new report published by Allied Market Research, titled, "Space Launch Services Market Size, Share, Competitive Landscape and Trend Analysis Report, by Payload, by Launch Platform, by Service Type, by Launch Vehicle, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032." The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future.

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The capability of transporting payloads such as satellites, cargo, passengers and scientific instruments from the earth's surface into earth's orbit and space for various purposes is called space launch service. The launch of such payloads helps the user to study earth, monitor weather patterns and conditions and collect geospatial data. The space launch service assists organizations and nations that lack expertise and space-related capabilities. It helps organizations and nations to design, and develop infrastructure related to the space launch program. The service also assists in the construction and development of space payloads, as well as providing professional advice on before and after launch of the payload.

The space launch services industry encompasses the commercialization of sending payloads into space, such as satellites, spacecraft, scientific instruments, and others. Private companies are developing unique launch vehicles and services that provide cost-effective and dependable options for delivering payloads to diverse orbits and destinations. On the basis of the mission's purpose, space launch services can offer several orbital configurations, like GEO (geostationary orbit), LEO (Low Earth Orbit), MEO (Medium Earth Orbit), and many more.

Moreover, the space launch services market is witnessing suitable growth in recent years, owing to the increase in contracts and demand for satellite launches across the globe. Moreover, the key manufacturers operating in the industry have been inclined towards developing new and advance technology which will reduce the cost of the overall service and offers space tourism as an activity to any aspiring person. For instance, in June 2023, Virgin Galactic completed its first commercial spaceflight mission. The spaceflight named galactic 01. The spaceflight took a 75 minute suborbital journey and landed successfully. Similarly in September 2021, SpaceX falcon 9 has also delivered a four person crew to the space station as a part of company's space tourism program. Such developments in space tourism program creates opportunities and growth for the space launch service market across the globe.

Increased satellite launches due to rising need for satellite-based services such as broadband internet, navigation, remote sensing, and communication supplements the growth of the market. These services are employed across industries, such as logistics, telecommunications, agriculture, and defense. Moreover, with the advancement in technology and engineering, satellite launch has been made easier and less expensive thus leading to the growth of the market across the globe. With the production of reusable rockets and other space technology has significantly decreased launch costs. Companies alike SpaceX, Blue Origin, and Rocket Lab have developed new launch vehicles and technologies that could lower the cost of satellite launches even further. For instance, on March 1, 2022, NASA successfully launched a third next-generation satellite for the National Oceanic and Atmospheric Administration (NOAA). GOES-T, the latest geostationary operational environmental satellite, was launched from Cape Canaveral Space Force Station on a United Launch Alliance Atlas V rocket.

The space launch service market is segmented on the basis of payload, launch platform, service type, launch vehicle, end user, and region. On the basis of payload, the market is divided into satellite, human spacecraft, cargo, testing probes, and stratollite. On the basis of launch platform, the market has been segmented into land, sea, and air. On the basis of service type, the market is bifurcated into pre-launch and post-launch. Based on launch vehicle, the market is segmented into small launch vehicle and heavy launch vehicle. On the basis of end user, the segment is divided into commercial, government & military. By region, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA.

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Based on service type, the pre-launch segment held the highest market share in 2022, accounting for more than three-fifths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is estimated to cite the fastest CAGR of 14.1% during the forecast time period. Pre-launch services might include a wide range of tasks depending on the type of launch site, the mission, and the hardware employed. These services may include spacecraft integration, launch site preparation, launch vehicle and spacecraft testing and checkout, pre-launch processing, and launch operations support.

Based on launch vehicle, the heavy launch vehicle segment held the highest market share in 2022, accounting for nearly three-fourths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. Heavy launch vehicles are required to meet the increase in demand for larger and more complex spacecraft. Interplanetary missions require larger and more sophisticated aircraft, and these missions require the launch of heavy payloads which are expected to be accomplished only by heavy lift launch vehicles. However, the small launch segment would cite the fastest CAGR of 15.3% from 2023 to 2032.

Based on launch platform, the land segment held the highest market share in 2022, accounting for nearly four-fifths of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. Land-based launches consist of a launch pad, a rocket or spacecraft, and a range of support infrastructure. The land-based launch is preferred the most, as it provides a stable and controlled environment for the launch vehicle. Land-based launch systems are capable of launching large payloads into orbit, making them well-suited for a wide range of missions. However, the sea segment would cite the fastest CAGR of 14.0% during the forecast period.

Based on end user, the heavy launch vehicle segment held the highest market share in 2022, accounting for more than half of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The space launch services are used by the government and military for various purposes such as for scientific research, for instance, the launch of the Hubble space telescope, which helps scientists to study the universe.

Moreover, there are communication satellites that help the government and military to communicate in the occurrence of critical situations or contact its personnel in some remote areas. Governments & militaries use space satellites for surveillance and intelligence gathering. The development of the technology and its implementation, such as the launch of James Webb, helps the space launch service market to fulfill the goals of scientific study and space exploration, and national security. However, the commercial segment would cite the fastest CAGR of 13.8% from 2023 to 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global space launch services market revenue and is estimated to maintain its leadership status throughout the forecast period. The North American space launch market has been rapidly evolving, with increase in competition as new players have entered the market and established companies competing for the market share. Moreover, there are companies introducing space tourism for people. Blue Origin and SpaceX have developed spacecraft that can be used for commercial spaceflight. However, the Asia-Pacific region would cite the fastest CAGR of 14.9% during the forecast period.

Leading Market Players: -

> Airbus
> Antrix Corporation limited
> China Aerospace Science and Technology Corporation
> Lockheed Martin Corporation
> Mitsubishi Heavy Industries, LTD
> Northrop Grumman Corporation
> Rocket Lab USA
> SAFRAN SA
> SPACEX
> Starsem

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the space launch services market analysis from 2022 to 2032 to identify the prevailing space launch services market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the space launch services market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global space launch services market trends, key players, market segments, application areas, and market growth strategies.

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Reasons to Buy This Space Launch Services Market Report:

• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
• Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
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• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
• Create regional and country strategies on the basis of local data and analysis.

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