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Reusable Launch Vehicle Market To Be Worth USD 5.41 Billion By 2030; Increased Space Exploration Activities To Drive Market Growth

March 29, 2023 | Aerospace & Defense

The global reusable launch vehicle market size was valued at USD 1.61 billion in 2022. The market is projected to grow from USD 1.94 billion in 2023 to USD 5.41 billion by 2030, exhibiting a CAGR of 15.77%. “Reusable Launch Vehicle Market Size, Share & COVID-19 Impact Analysis, By Orbit Type (Low Earth Orbit (LEO), Geosynchronous Transfer Orbit (GTO), and Others), By Payload (Upto 5,000 kg, 5,000 kg to 10,000 kg, and Over 10,000 kg), and Regional Forecast, 2023-2030”


Reusable Launch Vehicles (RLVs) are systems for launching satellites into orbit that enable partial or complete stage recovery following satellite delivery. The main objective of an RLV is to reduce the price of single-stage and multi-stage satellite launches by recovering used vital systems and components. RLV is currently being designed and developed by SpaceX to launch its Starlink internet satellites as well as other communication, navigation, and earth observation satellites. Furthermore, Blue Origin LLC develops and designs heavy-lift RLVs. By the end of 2022, the reusable launch vehicles with two and three stages will be commercially available.


Market Experienced Negative Growth Due to Cancellation of Launches


The COVID-19 pandemic had a significant impact on the market. The pandemic had a global impact and had an impact on the market in 2020 and 2021. Many rocket launches have been postponed until 2021 or 2022. Small and medium-sized businesses have suffered from disruptions in the financial markets and supply chain.


Additionally, COVID-19 had an effect on the space industry, resulting in the suspension or postponement of satellite launches. Satellite and launch vehicle production structures are being redesigned by large corporations such as SpaceX, ISRO, and other space agencies. Under COVID-19, businesses are putting safety regulations into practice to protect their employees.


Companies Concentrate on Producing Eco-friendly Products to Protect Environment


For small satellites, Orbex a U.K.-based rocket company launched an eco-friendly rocket prototype. Developed in Europe the Prime Reusable rocket launcher is the first micro launcher. Orbex declared that within a few months, they are gearing up for their rocket’s maiden flight.


Rising Interest in Space Exploration Activities Will Drive Market Growth


The global market is dominated by China, India, Russia, and the U.S. Space exploration programs have received attention from these countries as they have showcased their capabilities in this sector. International space institutions are developing partnerships to integrate technology and investments to increase the global market for space missions, which is expected to further grow the market share for reusable launch vehicles. The higher growth in space explorations could be the result of increased government spending.


However, Russia’s invasion of Europe gave rise to a space war, which may hamper reusable launch vehicle market growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/reusable-launch-vehicle-market-106803

Competitive Landscape


Businesses are Focusing on Developing Advanced Technology to Strengthen their Position


Major players are concentrating on creating high-tech, economical, reusable launch vehicle technologies to increase market share. Many OEMs are creating cutting-edge hardware and software tools to streamline the procedure. Companies are also always looking to collaborate with leading businesses in both developed and developing nations.


Key Industry Development:



  • In September 2021- SpaceX was given a contract worth USD 152.5 million to launch satellites that will monitor volcanic eruptions and wildfires. SpaceX launched the satellites into orbit from Launch Complex 39A at Kennedy Space Center in Florida, using Falcon Heavy rockets.


List of Key Players Profiled in the Report



  • ArianeGroup (France)

  • Blue Origin LLC (U.S.)

  • Lockheed Martin Corporation (U.S.)

  • National Aeronautics and Space Administration (NASA) (U.S.)

  • Rocket Labs USA (U.S.)

  • Space Exploration Technologies Corp. (SpaceX) (U.S.)

  • The Boeing Company (U.S.)

  • The Spaceship Company (U.S.)

  • United Launch Alliance (ULA) (U. S.)

  • European Space Agency (France)

  • Indian Space Research Organisation (India)

  • Israel Space Agency (Israel)

  • Italian Space Agency (Italy) 


Further Report Findings



  • In 2022, North America dominated the market share, with a value of USD 0.98 billion. The government's funding allocation for space exploration operations and the rise in the number of different space missions are the causes of the increased market share. NASA was given USD 23 million by the U.S. Congress for a variety of space missions and operations in the 2021 fiscal year. Furthermore, the market is fueled by the presence of major players such as Moog Inc. (U.S), Ball Corporation (U.S.), Busek Co. Inc. (U.S.), Cobham Limited (U.S.), Blue Origin (U.S.), and SpaceX (U.S.).

  • Asia Pacific is expected to grow significantly during the forecast period. The region’s growing space industry, its increased missions from South Korea, China, India, and others along with its growing economy is a major factor contributing to the region’s growth.

  • Europe is anticipated to grow at a significant rate during the projected period 2023-2030. Growing demand for cutting edge-technologies and an increase in contracts with the European Space Agency (ESA) is the reason for the region’s growth.

  • In the rest of the world, government investments and demand for enhanced space technology will progress the reusable launch vehicle market.


Table of Segmentation

















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 15.77% from 2023-2030



Unit



Value (USD Billion)



Segmentation



By Orbit Type



  • Low Earth Orbit (LEO)

  • Geosynchronous Transfer Orbit (GTO)

  • Others



By Payload



  • Upto 5,000 kg

  • 5,000 to 10,000 kg

  • Over 10,000 kg



By Geography


 



By Geography



  • North America (Orbit Type, Payload Weight, and Country)

    • U.S. (By Orbit Type)

    • Canada (By Type)



  • Europe (Orbit Type, Payload Weight, and Country)

    • U.K. (By Orbit Type)

    • Germany (By Orbit Type)

    • France (By Orbit Type)

    • Italy (By Orbit Type)

    • Rest of Europe (By Orbit Type)



  • Asia Pacific (Orbit Type, Payload Weight, and Country)

    • China (By Orbit Type)

    • India (By Orbit Type)

    • Japan (By Orbit Type)

    • South Korea (By Orbit Type)

    • Rest of Asia Pacific (By Orbit Type)



  • Rest of the World (Orbit Type, Payload Weight, and Sub-region)

    • Latin America (By Orbit Type)

    • Middle East and Africa (By Orbit Type)




Global Reusable Launch Vehicle Market
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  • 2019-2021
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