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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.
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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:
List of Key Players Profiled in the Report
Further Report Findings
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
|
By Payload
| |
By Geography
| By Geography
|