Asia Pacific Space Launch Services Market Size, Share & COVID-19 Impact Analysis, By Orbit Type (LEO, MEO, GEO, Others), By Launch Vehicle (Small Lift Launch Vehicle, Medium Lift Launch Vehicle, Heavy Lift Launch Vehicle), By Payload (Satellite, Cargo, Human Spacecraft, Testing Probes), and Regional Forecast, 2023-2030

Asia Pacific is the largest region in the global space launch services market and is projected to grow at a CAGR of 12.6% during the forecast period. The global market for space launch services is projected to grow from USD 8.07 billion in 2022 to USD 20.54 billion by 2030.

China, India, and Japan have extensive end-to-end space capabilities and their own complete space infrastructure. These capabilities include advanced space technology, satellite manufacturing, launch vehicles, and spaceports. South Korea, Taiwan, the Philippines, Thailand, Malaysia, Indonesia, Vietnam, Singapore, Australia, and New Zealand are focused on developing and expanding their space capabilities. These developments will proliferate the demand for space launch services across the region.

Our report on the Asia Pacific space launch services market covers the following countries/regions – China, Japan, India, South Korea, and the Rest of Asia Pacific.

LATEST TRENDS

Development of Satellite-based Navigation System and 6G Communication to Offer New Growth Opportunities

The 6G network is expected to meet the extraordinary demands of the global economy due to the constant need for improvement in technologies. 6G technologies may result in the development of new IoT and Artificial Intelligence (AI) services that will be used for social and environmental issues. These developments will have massive impacts on the society. In addition, the convergence of satellite and terrestrial communications is expected to provide an unparalleled user experience as it will offer seamless hyper-connectivity with ultra-fast global communications.

The South Korean government announced a USD 619 million space investment in its 2022 budget. This included constructing spaceports, satellite-based navigation systems, and 6G communications networks. Launching a lunar orbiter and landing an unmanned spacecraft on the moon by 2031 is also part of the country's ambitious space program. Such developments will create new opportunities for the Asia Pacific space launch services market growth.

DRIVING FACTORS

Growing Attempts to Launch Satellites and Testing Probes for Various Space Exploration Programs to Boost Market Growth

In recent times, the number of space launches in the Asia Pacific region has increased significantly. This has given rise to new opportunities to develop advanced technological satellites, testing probes, and rovers for different space exploration programs. Moreover, countries, such as China, India, and South Korea, are developing ambitious projects and are considered leading players in the space industry in the region.

With a budget of about USD 8 billion each year, China built a permanent space station in 2022 named the Tiangong space station and is planning to set up a lunar exploration outpost by 2036. It is also launching numerous small satellites for communication and navigation purposes, which will further expand the Asia Pacific space launch services market share.

RESTRAINING FACTORS 

Frequent Space Launch Failures Affect Credibility of Space Stations, which May Hamper Market Growth

The concern regarding space mission failures in the Asia Pacific region has increased with the rising number of launches. In February 2023, Japan's space agency Jaxa cancelled the first launch of its new flagship H3 series rocket after two auxiliary engines mounted on the spacecraft's side failed to start. It was equipped with an observation satellite and experimental infrared sensor. For the first time in 30 years, the country's first medium-sized rocket failed to take off.

In August 2022, India launched its newest rocket, the Small Satellite Launch Vehicle (SSLV), but it failed. The launch took place from the Satish Dhawan Space Center in Sriharikota. This launch vehicle carried two satellites, the Earth Observation Satellite (EOS-02) and AzaadiSAT. EOS-2 is a high spatial resolution optical remote sensing satellite. Such incidences can create credibility issues for space stations in the region, thereby hampering the market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, CNSA, Antrix Corporation Limited, and JAXA are the key players in the Asia Pacific market. In January 2023, Long March 2C rocket took off from the Xichang Satellite Launch Center in southwestern China's Sichuan province and sent the APSTAR-6E communications satellite into orbit, providing high-quality communications services to users in Southeast Asia.

In February 2023, the Indian Space Research Organization (ISRO)'s new rocket, SSLV-D2, successfully put three satellites into orbit shortly after launch from Sriharikota. SSLV-D2 placed EOS-07, Janus-1, and AzaadiSAT-2 in their intended orbits.

LIST OF KEY COMPANIES PROFILED:

• Antrix Corporation Limited (India)


• Indian Space Research Organisation (ISRO) (India)


• Thaicom Public Company Limited (Thailand)


• China Great Wall Industry Corporation (China)


• Hindustan Aeronautics Limited (India)


• CAS Space (China)


• Arianespace (China)


• Mitsubishi Heavy Industries, LTD. (Japan)


• Space Pioneer (China)


• Axelspace Corporation (Japan)


• KT Sat Co., Ltd (South Korea)


• Intellian Technologies, Inc (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: South Korea is preparing a domestic rocket program as part of its ambitious effort to be a major part of the world's space economy following the implosion of its partnership with Russia.


• December 2022: China launched Yaogan-36 remote sensing satellite via Long March-2D carrier rocket. The launch took place from Xichang Satellite Launch Center in southwest China's Sichuan Province. The successful flight marked the 50th space launch mission carried out by the Long March rocket family this year, according to China Aerospace Science and Technology Corp (CASC).


• November 2022: India successfully launched its first privately developed rocket, the Vikram-S. Developed by space startup Skyroot, the 545-kg rocket was launched from the Indian Space Agency's launch site near Chennai and reached a maximum altitude of 89.5 kilometers. The rocket is said to reach Mach 5 (five times the speed of sound) and carry a payload of 83 kg to an altitude of 100 km.

REPORT COVERAGE

The Asia Pacific space launch services market research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific space launch services market size & growth rate. Along with the market forecast, the report also provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of price analysis, regulatory scenario by key countries, pipeline analysis, new product launches, prominent industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation