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The US reusable launch vehicle market size is projected to reach USD 1,634.9 million by the end of 2027. The presence of several large scale space organizations will bode well for the growth of the market. According to a report published by Fortune Business Insights, titled “The U.S. Reusable Launch Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Partially Reusable, Fully Reusable), By Stage (Single Stage and Multi Multi-Stage), By Orbit Type (Low Earth Orbit (LEO), and Geosynchronous Transfer Orbit (GTO)), and Country Forecast, 2020-2027,” the market was worth USD 482.4 million in 2019 and will exhibit a CAGR of 14.77% during the forecast period 2020-2027.
A reusable launch vehicle (RLV) is a type of vehicle that is used to launch a satellite into space. The RLV returns back to the Earth and can recover either a few or all of the components in the launch system. The presence of numerous large-scale organizations including SpaceX and NASA that are focusing on reusable products for launching satellites will create several growth opportunities for the companies operating in the US. The rising demand for reusable launch vehicles will also encourage companies outside of the United States, given that a majority of the components are manufactured outside of the country. The increasing investments in the research and development of efficient RLV will bode well for the growth of the market in the coming years. Additionally, the presence of several large scale space organizations will encourage start-ups in this region.
Space Exploration Announces Large Scale Contract with the US Airforce
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the regional markets. Accounting to the increasing demand for energy-saving systems and low-cost products, companies are looking to maximize the use of reusable launch vehicles across the country. With most companies now focusing on RLVs, there have been numerous company mergers and collaborations in the past few years. In August 2020, Space Exploration Technologies Corp. announced that it has received a contract from the US Airforce. During the length of this contract, the company will develop the Falcon heavy launch system. The company announced that the contract is worth USD 316 million. The amount of money invested by the US Airforce is indicative of the potential held by RLVs in the United States.
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Blue Origin LLC Among the Leading Companies Focused on Modern RLVs
The report highlights a few of the major companies operating in the US and discusses the strategies adopted by these companies in the competitive market. Blue Origin LLC is among the leading companies to have introduced innovative RLVs in the past few years. The company recently announced that it will be designing and developing heavy-lift RLVs. The company plans to commercialize the product by the end of 2022.
Increasing Demand for Low-cost RLVs will Create Several Growth Opportunities
For several years, cost effectivity has been the biggest issue for space satellite manufacturers. With political barriers and limited budgets, it has become increasingly difficult for companies to operate seamlessly. RLVs significantly reduce the total cost during the launch period. The increasing demand for low cost reusable satellites will subsequently create several growth opportunities for the companies operating in this region as well as across the globe.
List of companies profiled in the report:
The global US reusable launch vehicle market is segmented on the basis of:
Value (USD Million)
By Orbit Type