The reusable Launch Vehicle Market is predicted to grow with a CAGR of 5.1% during 2022 - 2027.
A reusable launch vehicle is a launch device that can send a payload into orbit more than once. The reusable launch vehicles follow a different method than the expendable launch vehicles, in which the vehicle is discarded after each payload is launched. Moreover, the market has been creating and deploying satellites with lower launch costs. In recent years, rapid technological advancements have propelled the global market for reusable launch vehicles. As a result, demand and growth in the global market are being driven by the development of reusable launch vehicles. A reusable launch vehicle (RLV) is a spaceship capable of repeatedly launching a satellite (payload) into orbit. The recovery of any or all of the component stages is included in reusable launch vehicles. Reusable launch vehicles' principal function is to lower the total launch cost. Space Exploration Technologies Corporation (Space X) is currently working on reusable launch vehicles to launch its Space-based internet satellites as well as other earth observation, navigation, and communication satellites. Blue Origin LLC, on the other hand, is involved in the design and development of heavy-lift reusable launch vehicles.
Market Drivers:
Over the last few decades, space exploration program have gotten a lot of attention, and major countries have dominated the global reusable launch vehicle market by exhibiting their space capabilities, which further propels the global reusable launch vehicle market growth in the upcoming years. Moreover, expanding space R&D initiatives have fueled the market's expansion. Additionally, growing partnerships among international space institutions for the integration of technology and investment are boosting the global market for space missions, which is driving the demand for reusable launch vehicles. The increase in space exploration missions could also be due to increased government spending and the space budget. Moreover, capacity expansion of launch vehicle components is expected to drive application and demand for the global reusable launch vehicles market during the forecast period.
Market Restraints:
The issues that are related to heat, weight, and vertical launch of reusable vehicle launch is the primary factor that hinders the global reusable launch vehicle market. The complexity of designing and developing the first stage of reusable launch vehicles is a significant impediment. SpaceX, NASA, United Launch Alliance (ULA), and Blue Origin LLC are among the companies engaged in research and development to develop cost-effective and lightweight propulsion systems for the launch vehicle. Landing on the surface of the earth would be difficult due to the enormous weight of reusable launch vehicles. Heavyweight generates a lot of heat during vertical landing from the earth's atmosphere to the surface because it creates significant friction. For their ideas, lightweight materials like 3D printed components are considered. Various ways for landing the vehicle on the earth's surface are being developed by companies. Rocket Labs recently invented a mechanism to pick up the reusable launch rocket using helicopters before landing on the surface of the planet.
Market Segmentation:
Reusable Launch Vehicle Market By type:
The fully reusable segment is anticipated to register the highest CAGR during the forecast period, due to the preference of operators in the satellite sector for these vehicles over completely reusable launch vehicles is fueling the expansion of this segment. The growth of this market is expected to accelerate during the projection period, as the expenses of launching these vehicles are very low when compared to fully reusable vehicles.
Reusable Launch Vehicle Market By stage:
Multi-stage segment is expected to increase the highest CAGR during the forecast period, owing to an increase in space exploration initiatives and a significant expenditure by the United States government.
Reusable Launch Vehicle Market By Orbit Type:
The Low Earth Orbit segment accounted for the highest share of the reusable launch market, accounting for 62.33 %. Due to the increasing deployment of small satellites and earth observation satellites in orbit, it is also expected to be a quickly developing segment throughout the projected period. In the next six years, SpaceX Star link plans to deploy 12,000 broadband satellites into low-Earth orbit.
Regional Analysis:
Europe region is anticipated to have the highest share of the reusable launch vehicle market over the forecast period. Europe has always been at the forefront of space exploration, and it now boasts the world's second-largest public space budget, with various active satellite R&D programs and production sites spread across multiple European countries. The European Union (EU) expects to spend roughly USD 13.74 billion on space-related activities, with a large portion of that going to the satellite business. Europe currently hosts roughly 33 satellites in orbit, with plans to add another 30 satellites by 2030, presenting significant prospects for RLV manufacturers and operators in the region. Several regional market companies are testing the technology in order to build complex satellite components. The ESA's Future Launchers Preparatory Program includes the Expander-cycle Technology Integrated Demonstrator (ETID) program, which aims to improve the future competitiveness of launchers made in Europe.
North America had the largest regional market share for reusable launch vehicles in the global In 2016. The United States, Mexico, and Canada, as well as other major North American countries, are increasingly involved in a variety of space-related activities and have the highly developed and advanced infrastructure. The demand for reusable satellite launch vehicles is expected to increase significantly in this region, owing to prominent space centers such as SpaceX and NASA increasing their focus on numerous satellites launches missions to fulfill the rising demand for satellites during the forecast period.
The Asia Pacific is expected to grow rapidly in the next years, making it a promising market for reusable launch vehicles. By the end of the projection period, Asia Pacific is predicted to be the most important reusable vehicle market. Rapidly evolving warfare circumstances, together with technology improvements, are some of the primary reasons driving the Asia Pacific market for reusable launch vehicles. In addition, increased defense spending in APAC countries like China and India is boosting the market growth in this region.
Recent Developments:
In December 2020, Arianne Group signed a contract with ESA to develop Themes Reusable stage demonstrator. Following preparatory work by Arianne Works, the innovation accelerator platform formed by the French space agency CNES and Arianne Group, the first contract, worth 33 million Euros, was granted to Arianne Group. With the Prometheus engine powering Themis, Europe will be able to explore technology for future low-cost reusable launchers. The project's purpose is to prove Europe's technological capability in the field of reusability so that, by 2022, ESA member states will be able to determine, based on available technologies, Europe's requirements, and the evolution of the global space market, the range of launchers best suited to Europe's needs around 2030.
The next-generation Neutron rocket from Rocket Lab will include a totally reusable first stage that expands like a flower. The plans for Rocket Lab's biggest rocket ever promise to take reusability to new heights, with a 'Hungry Hippo' nose cone engineered for easy recovery and reuse. Rocket Lab will be able to lower the weight of the rocket thanks to a mix of ultra-light carbon fiber and an enhanced aerodynamic shell, allowing the engines to work more cheaply and with higher margins. Archimedes does not require the significant price and complexity often associated with larger rockets and their propulsion systems, thanks to Neutron's lightweight carbon composite frame.
Market Key Players:
Impact of Covid-19 Reusable Launch Vehicle Market:
The pandemic of COVID-19 has dramatically affected the dynamics of the market for reusable launch vehicles. The effects of the pandemic are already being felt across the globe, and they will have a big impact on the market in 2020 and 2021. National and international transportation has been delayed as a result of the various countries' shutdowns, which has had a substantial influence on the supply chain of reusable launch vehicles across the globe, increasing the supply-demand imbalance. As a result, insufficient raw material supply is likely to slow the production pace of reusable launch vehicles, reducing market growth. However, the situation is anticipated to improve as governments around the world begin to reduce regulations to allow businesses to resume operations.
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