Global Space Launch Services market growth 2024, Forecast To 2033
4 Mar, 2024
The space launch services market size has experienced rapid growth, surging from$15.23 billion in 2023 to$17.5 billion in 2024, with a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period is attributed to satellite deployment demands, global telecommunications expansion, national security, commercial space industry growth, space tourism development, and market competition for cost reduction. Expected to see rapid growth in the next few years, the market is projected to reach$29.66 billion in 2028, boasting a compound annual growth rate (CAGR) of 14.1%. Major trends in the forecast period include increasing commercial space activities, small satellite launches, diversification of launch vehicles, integration of advanced technologies, rapid launch, on-demand services, and public-private partnerships.
Global Space Launch Services Market Key Driver
The increase in satellite launches across the globe is expected to propel the growth of the space launch services market going forward. Satellite launch refers to the transportation of spacecraft from earth's surface to earth’s atmosphere or into orbits around the earth by using a carrier rocket that can carry a payload of spacecraft. The space launch service is used to improve the capabilities of satellites launched in earth orbits to carry out successful space missions by providing pre-launch and post-launch services such as management services, integration, and logistics, tracking data, telemetry support, cargo services, and others. For instance, according to the Index of Objects Launched into Outer Space, maintained by the United Nations Office for Outer Space Affairs (UNOOSA), there are 8261 individual satellites orbiting the Earth, an increase of 11.84% compared to April 2021. Therefore, the increase in satellite launches across the globe is driving the growth of the space launch services market. The space launch services market is poised for substantial growth, reaching $X billion by 2023 and projected to achieve $Y billion by 2028.
Get A Free Sample Of The Global Space Launch Services Market ReportGlobal Space Launch Services Market Segments
The global space launch services market covered in this report is segmented –
1) By Service Type: Pre-Launch Services, Post-Launch Services
2) By Orbit: Low Earth Orbit, Medium Earth Orbit, Geosynchronous Orbit, Beyond Geosynchronous Orbit
3) By Payload: Satellite, Human Spacecraft, Cargo, Testing Probes, Stratollite
4) By Launch Platform: Land, Air, Sea
5) By End Use: Commercial, Military And Government
By Geography: The regions covered in the space launch services market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the space launch services market in 2023. The regions covered in the space launch services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Space Launch Services Industry Players
Antrix Corporation Limited, Airbus SE, Arianespace SA, Blue Origin LLC, China Aerospace Science and Technology Corporation, China Great Wall Industry Corporation, Eurockot Launch Services GmbH, International Launch Services Inc., International Space Company Kosmotras, Lockheed Martin Corporation, Mitsubishi Heavy Industries Limited, Northrop Grumman Innovation Systems Inc., Rocket Lab USA Inc., Safran SA, Space Exploration Technologies Corporation, Space International Services Inc., Spaceflight Industries Inc., Starsem SA, The Boeing Company, United Launch Services LLC, Firefly Aerospace Inc., Gilmour Space Technologies Pty Ltd., iSpace Inc., Indian Space Research Organisation, Landspace Corp. Ltd., OneSpace Inc., Payload Aerospace S.L., Relativity Space, Roscosmos State Corporation, Sierra Nevada Corporation, Vector Space Systems Inc., Virgin Galactic Holdings Inc., Virgin Orbit LLC
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Space Launch Services Market Overview
Space launch services refer to various services that are provided by an organization to carry out successful space missions and services to fit mission needs. The space launch services are used to improve the capabilities of satellites to carry out successful space missions.
Space Launch Services Global Market Report 2023 provides data on the global space launch services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The space launch services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.