Space Launch Services Market to Exhibit a CAGR of 10.6% over 2024 to 2032; Growing Satellite Constellation Projects to Fuel Industry Expansion

The global space launch services market size stood at USD 4.28 billion in 2023. The market value is slated to rise from USD 4.91 billion in 2024 to USD 10.98 billion by 2032 at a CAGR of 10.6% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Space Launch Services Market Size, Share & Industry Analysis, By Orbit Type (LEO, GEO, and Others), By Launch Vehicle (Small Lift Launch Vehicle, Medium Lift Launch Vehicle, and Heavy Lift Launch Vehicle), By Payload (Satellite, Cargo, Human Spacecraft, and Testing Probes), By End User (Civil & Military and Commercial), and Regional Forecast, 2024-2032”.

The space launch services are witnessing a new trend with several startups emphasizing on the development of 3D printed launch vehicles. Earlier dominated by public enterprises, the market has recorded the participation of private players who are keen to deliver their offerings for various space-based activities.

The COVID-19 pandemic resulted in a delay in the launch of various satellite projects. This was mainly due to disruptions in the supply chain, which put a halt on shipments, impacting the delivery of various space launch services.

iRocket was Awarded a TACFI Contract to Demonstrate Reusable Rocket Engine

In June 2023, iRocket (Innovative Rocket Technologies), secured a contract from the U.S. Space force. The USD 1.8 million agreement was aimed at demonstrating a reusable rocket engine to be deployed in small launch vehicles. The contract was a TACFI (Tactical Funding Increase) agreement that was awarded by AFWERX, a U.S. Air Force tech-accelerator.

Product Demand to Rise with Increasing Launch of Satellite Constellations

The growing endeavor of companies to launch satellite constellations for the provision of SATCOM services is expected to drive product demand in the coming years. The constellations are also in the limelight for deploying IoT and M2M services. A few of the companies planning such launches comprise Hanwha Systems, Hughes, Amazon, and others. Considering these factors, the rising launch of satellite constellations is poised to propel space launch services market growth.

However, the product adoption could be restrained on account of the threats associated with orbital debris, including abandoned launcher stages and mission-related junk, among others.

Companies Deploy Advanced Technologies to Optimize Costs

Industry players are adopting advanced technologies for the development of their offerings. These advancements are being incorporated for securing more rideshare missions and the reduction of overall costs. Roscosmos and Ariane Group are some of the pivotal companies providing space launch services.

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https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931

Key Players Profiled in the Report

• Antrix Corporation Limited (India)
• ArianeGroup SAS (France)
• Rocket Lab (U.S.)
• United Launch Alliance (U.S.)
• Space Exploration Technologies Corp. (SpaceX) (U.S.)
• Mitsubishi Heavy Industries, LTD. (Japan)
• Northrop Grumman Systems Corporation (U.S.)
• Roscosmos (Russia)
• NASA (U.S.)
• Jaxa (Japan)
• CNSA (China)
• China Aerospace Science and Technology Corporation (China)   

Key Industry Development

• January 2023 – The National Space Policy Office of Japan and the U.S. Space Force inked an agreement involving two optical sensor payloads. Under the deal, the payloads would be carried on Japan’s QZSS (Quasi-Zenith Satellite System). The sensors were developed under a 2019 U.S. Air Force contract by the Massachusetts Institute of Technology Lincoln Laboratory.

Further Report Findings

• The North America market size touched USD 1.80 billion in 2023. The regional market bagged a leading position in the global market in the same year considering the presence of key private players.
• The escalated demand for advanced satellites in Europe is slated to favor the industry expansion in this region. Owing to this demand, the Europe space launch services market share is poised to grow at a significant rate over the analysis period.
• On the basis of launch vehicle, the market for space launch services is divided into heavy lift launch vehicles, small lift launch vehicles, and medium lift launch vehicles. The small lift launch vehicle segment is set to surge at the fastest pace impelled by the feasibility of costs associated with these vehicles.

Table of Segmentation