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The global space launch services market size is expected to exhibit strong growth by reaching USD 31.90 billion in 2029. Fortune Business Insights™ in its report titled “Space Launch Services Market Size, Share & COVID-19 Impact Analysis, By Orbit Type (GEO, Beyond GEO, LEO, and MEO), By Payload (Satellite, Stratollite, Cargo, Human Spacecraft, and Testing Probes), By End-User (Commercial and Military & Government), By Vehicle Type (Medium-to-Heavy Lift Launch Vehicle and Small Lift Launch Vehicle), By Launch Platform (Land, Air, and Sea), and Regional Forecast, 2022-2029”, observes that the market size in 2021 stood at USD 12.67 billion in 2021 and touched USD 14.21 billion in 2022. The market is expected to exhibit a strong CAGR of 12.25% during 2022-2029. Rising adoption of 3D printing in the space sector and rapid modernization of 3D printed rocket engines will foster the market growth.
ArianeGroup SAS Entered into a Contract to Bolster Brand Image
ArianeGroup SAS entered into a contract with Maxar Technologies and Northrop Grumman in August 2020. The company announced its Flight VA253 through Ariane 5 launcher through this contract. The launch schedule was planned for 15 August 2020. This development may allow the company to enhance its brand image globally.
Restrictions on Manufacturing to Hamper Industry Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to restrictions on manufacturing. The alarming spike in COVID-19 patients led to the imposition of stringent lockdown norms. This factor is expected to disrupt supply chains globally. Moreover, transport restrictions may lead to shortages in raw materials, thereby impeding the adoption of space launch services. Furthermore, the global semiconductor shortage may disrupt spacecraft production, which, in turn, affects the overall industry. However, the resumption of activities may enable companies to resume production and elevate their market position.
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Rising Space Programs to Bolster Market Progress
Space launch services launch rockets that form satellites into space. Rising space programs may enhance services demand. Further, rising research and development costs may foster services’ adoption. Moreover, increasing partnerships and joint ventures may enhance the services’ demand. In addition, robust demand for re-usable vehicles may drive the space launch services market growth.
Major Companies Engage in Space Launches to Bolster Brand Image
The prominent companies operating in the market participate in space launch projects to improve their brand image. For example, Lockheed developed its Advanced Extremely High Frequency (AEHF-6) satellite for launch from Cape Canaveral Air Force Station, Florida, U.S. the satellite detached from the United Launch Alliance Atlas V 551 in June 2020. This factor may allow companies to bolster their sales and enhance brand image. Furthermore, the adoption of expansions, acquisitions, mergers, and partnerships may enhance market position.
Key Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Report Scope & Segmentation
Value (USD billion)
Payload, Orbit Type, Launch Platform, Vehicle Type, End-User, and Geography
By Orbit Type
By Launch Platform
By Vehicle Type