The global space launch services market size is expected to be worth USD 13.23 billion in 2023. It is expected to grow at a CAGR of 15.7% during the forecast period and reach a value of USD 27.43 billion by 2028.
Increasing investments and private funds for R&D activities are some of the driving factors for the growth of the space launch services market. Factors such as the increasing number of satellites and testing probe launches are leveraging the demand of the Space Launch Services market growth. The increasing usage of small satellites for internet connectivity and rising investments by key companies in space exploration activities are ascribed to fueling the growth of the space launch services market across the globe. Increasing efforts to reduce the cost of launch services is additionally to propel the growth of the Space Launch Services market across all the regions.
Resistance to adaptability towards new technology and the high initial cost associated with launch services are some of the major restraints affecting the growth of the market of Space Launch Services' revenue rate. Stringent regulations from the government regulations are one of the major restraints affecting the growth of the market of Space Launch Services. The lack of a skilled workforce is another major restraint that is affecting the growth of the Space Launch Services market.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
15.7% |
Segments Covered |
By payload, launch platform, service type, launch vehicles, End- User and Region |
Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global space launch services market has been segmented and sub-segmented into the following categories.
Space Launch Services Market – By Payload:
Among these segments, the satellite segment holds the major share of the market due to the increasing demand for small satellites, nanosatellites, minisatellites, medium satellites, and large satellites. Furthermore, rising space programs by NASA to develop technologically advanced space launch services are also helping the market to grow further.
Space Launch Services Market – By Launch platform:
Among these segments, the land segment holds the major share of the market with an increase in land-based space launches.
Space Launch Services Market – By Service Type:
Space Launch Services Market – By Launch Vehicles:
Among these segments, the small launch vehicle holds the major share of the market owing to the rapid usage of reusable launch vehicles in commercial space programs.
Space Launch Services Market – By End-User:
Among these segments, the commercial segment holds the major share of the market due to increased funding from the private sector. Furthermore, the commercial segment is one of the fastest-growing segments during the forecast period due to the increase of the launch of communication, satellites which are mainly used for radio and internet services.
Space Launch Services Market – By Region:
The Space Launch Services market is elaborated in various regions all around the world such as North America (US, Mexico, Canada, and rest of North America), Europe region (Italy, UK, France, Germany, Spain and Rest of Europe), Asia Pacific region (Japan, India, China, Australia and rest of Asia Pacific).
Asia Pacific region holds the major share of the market for space launch services owing to the increase in space launches and rising demand for telecommunication and surveillance applications.
The North American region holds the second-largest share of the market for Space Launch Services owing to factors such as increasing space expenditure, especially in some economies such as the United States and Mexico.
Europe region is expected to have the fastest growth rate in the forecast period with the increasing disposable income.
KEY MARKET PLAYERS:
Some of the key market players in the space launch services market are China Aerospace Science and Technology Corporation, Northrop Grumman Corp, Astrobotic, AIRBUS S.A.S (Arianespace), Safran (Arianespace), The Boeing Company (United Launch Alliance), Lockheed Martin Corp. (United Launch Alliance), Antrix Corporation Ltd., Mitsubishi Heavy Industries, Space Exploration Technologies Corp (SpaceX), State Space Corporation ROSCOSMOS, Rocket Lab USA, S7 Space (Sea Launch), Starsem, Firefly Aerospace, Swedish Space Corporation, Maxar Technologies Inc., Vector Launch, Inc., Virgin Galactic and BLUE ORIGIN.
FAQ's
The Space Launch Services Market refers to the commercial activities and services associated with launching payloads into space.
The global space launch services market size is expected to be worth USD 13.23 billion in 2023. It is expected to grow at a CAGR of 15.7% during the forecast period and reach a value of USD 27.43 billion by 2028.
The segments covered in the space launch services market are payload, launch platform, service type, launch vehicles, end users, and Region.
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