Space Launch Services Market Anticipated to Generate US$30 Billion by 2026
Khandwa, India, April 1, 2021-- According to a new report published by Trends Market Research titled, “Space Launch Services Market by Payload, Launch Platform, Service Type, Launch Vehicle, and End-User: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the space launch services market accounted for revenues of US$ 8.9 billion in 2018 and is anticipated to generate US $30 Billion by 2026. The market is projected to experience growth at a CAGR of 17.2% from 2019 to 2026.
The market is associated with the activities carried out by space launch service providers. It consists of a series of events such as ordering, conversion, construction, stacking and assembly, integration of payload, and launch.
The space launch services market is segmented on the basis of payload, launch platform, service type, launch vehicle, end-user, and region. By payload, it is divided into satellite [(further segmented into small (less than 1,000 kg) and large satellite (above 1,000 kg)], human spacecraft, cargo, testing probes, and stratollite. By launch platform, it is categorized into land, air, and sea. By service type, it is bifurcated into pre-launch and post launch services. On the basis of launch vehicle, it is classified into small (less than 300 tons) and heavy (more than 300 tons). The end-user segment is divided into government & military and commercial sectors. Region-wise, it is analyzed across U.S., Russia, Other European Countries, China, India, Japan, New Zealand and Rest of the World.
Key findings of the report include:
• U.S. region is projected to grow at the highest CAGR of approximately 18.5%, in terms of revenue, during the forecast period.
• By end-user, the commercial segment is anticipated to grow with CAGR 15.4%, in terms of revenue, during the forecast period.
• The U.S. and China dominated the market with a revenue share of over 39.2% and 21.3% in 2018.
Based on payload, the small satellites and cargo segment has garnered the highest market share in 2018. Growth opportunities in the satellites segment is higher owing to the commercial uses in communication and earth observation for accurate and relevant data collection.
By launch platform, the highest market share was garnered by land platform followed by sea platform. However, increased R&D activities and developments in sea launch for alternate launch methods through movable launch platforms is expected to grow during the forecast period. The land platform is cost-effective and technologically upgraded compared to other platforms.
The service type segment is bifurcated into pre-launch and post-launch services. Pre-launch services hold a large space launch services market share and will continue the dominance during the forecast period.
The launch vehicle segment is further divided into small vehicles that can lift less than 300 tons and large vehicles that can lift above 300 tons. Heavy launch vehicle holds the larger market share and will continue to dominate the space launch services market owing to its use from early stages and larger presence.
The end-user segment is divided into government & military and commercial. The government & military sector dominates the market, owing to increased investments in exploration activities, especially in probe missions for military applications and human spacecrafts for future deep space exploration programs. The commercial segment is fastest growing segment as the commercialization of various satellites and cargo activities continues. The increased communication and earth observation satellites for accurate & relevant data collection drives the segment growth. U.S. hold the highest market share in the commercial segment and European countries have the second-highest market share, in terms of launch service providers. This is attributed to the presence of earliest launch vehicle family in Russia, owing to early developments in the country.
Region-wise, U.S. is expected to experience high growth, attributed to focus of large presence of manufacturers on business expansion. In-addition, Russia is developing new technology-based launch vehicles and increasing presence of private market players. Moreover, owing to government spending on satellites and space exploration activities to strengthen military, earth observation, and education industry, the space launch services market in China and India.
The space launch services market analysis covers in-depth information of major industry participants. Some of the major players in the market include Antrix Corporation Ltd., Mitsubishi Heavy Industries, Space Exploration Technologies Corp (SPACEX), AIRBUS S.A.S (Arianespace), Safran (Arianespace), The Boeing Company (United Launch Alliance), Lockheed Martin Corp. (United Launch Alliance), State Space Corporation ROSCOSMOS, ISC Kosmotras, S7 Space (Sea Launch), Starsem, China Aerospace Science and Technology Corporation, and Northrop Grumman Corp.
Other players in the value chain of the space launch services market include Astrobotic., Firefly Aerospace, Swedish Space Corporation, Maxar Technologies Inc., Vector Launch, Inc., Virgin Galactic, BLUE ORIGIN, and others.
According to Eswara Prasad, Manager, Aerospace & Defense at Allied Market Research, “The Space launch services market is expected to witness a considerable growth, owing to the increased government spending in countries such as China, Japan, and India to strengthen their military surveillance, earth observation, and education industry combined with increase in private launch service provider entries. In the coming years the U.S., India, and China are anticipated to grow tremendously in the space launch services market”.
For more Information go to: https://www.trendsmarketresearch.com/report/sample/13319
