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The global space launch services market size is projected to reach USD 26.16 billion by the end of 2027. The massive investments in space research programs are consequential to increasing breakthrough concepts in the past few years. The presence of several large scale companies will contribute to market growth. According to a report published by Fortune Business Insights, titled “Space Launch Services Market Size, Share & COVID-19 Impact Analysis, By Payload (Satellite, Stratollite, Cargo, Human Spacecraft, and Testing Probes), By Orbit Type (GEO, Beyond GEO, LEO, and MEO), By Launch Platform (Land, Air, and Sea), By Vehicle Type (Medium-to-Heavy Lift Launch Vehicle and Small Lift Launch Vehicle), By End User (Commercial and Military & Government), and Regional Forecast, 2020-2027” the market was worth USD 12.67 billion and will exhibit a CAGR of 13.35% during the forecast period, 2020-2027.
Space launch programs are used to model and initiate space programs with the aim of seamless integration of the launch phase. These programs include integration of payload to rocket launches, infrastructure development, and launch assemblies. The massive investments in space launch services are consequential to the increasing s[ace activities across the world. The presence of several large scale companies across the world will emerge in favor of growth of the overall market in the coming years. The rising demand for space launch services can be attributable to the increasing application and awareness regarding space satellites by large scale organizations such as NASA and ISRO. The presence of several large scale companies will subsequently contribute to the growth of the market in the foreseeable future.
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China Great Wall Industry Introduces APSTAR 6D Communication Satellite
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. The rising demand for space launch programs has encouraged companies to invest more in the research and development of efficient programs. The rising investments in product R&D have subsequently yielded exceptional products and a few of these have been highlighted in the report. In July 2020, China Great Wall Industry Corporation announced the launch of a new communication satellite through the integration of the LM-3B launch vehicle. The company introduced APSTAR-6D, the 12th satellite in the series of in-orbit products launched by the company. Increasing number of such product innovations will have a huge impact on the growth of the overall market in the coming years.
Increasing Use of Small Satellites will Aid Market Growth
The rising integration of advanced concepts such as AI and the internet of things has opened the doors for rapid market growth. The use of satellites for space research programs and the low cost of the product has emerged in favor of the companies operating in the market. The increasing integration of technologically advanced concepts in the design of small satellites will also contribute to the growth of the market in the coming years.
ArianeGroup SAS is Among the Leading Companies across the Globe
The report discusses a few of the leading companies across the globe and discusses their impact on the growth of the overall market. It discusses the strategies adopted by leading companies and how these companies are cooping with the barriers that have been witnessed in the past few years; most recent of which is the coronavirus outbreak. Ariane Group SAS is among the leading companies that have made itself heard across the globe through its range of innovative products.
List of the Key Companies Profiled:
The global space launch services market is segmented on the basis of:
Value (USD Billion)
By Orbit Type
By Launch Platform
By Vehicle Type