19.08.2022 13:30

Space Launch Services Market worth $29.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 19, 2022 /PRNewswire/ -- Space Launch Services Market is estimated at USD 16.9 billion in 2022 and is projected to reach USD 29.6 billion by 2027, at a CAGR of 15.1% from 2022 to 2027,according to a new report by MarketsandMarkets™. The growth of space launch services can be attributed to the increasing demand for payload launches from various end users, including commercial and government sectors, military organizations, space agencies, defense organizations, satellite operators, and private companies. SpaceX (US), Arianespace (France), China Aerospace Science and Technology Corporation (China), United Launch  Alliance (US), and Northrop Grumman Corporation (US) are the leading players in the market. The report covers various industry trends and new technological innovations in the space launch services market for the period, 2018-2027.

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Increase demand for space tourism

Private entrepreneurs are revolutionizing the technology-constrained space travel industry, which was once dominated by national space agencies. Exciting scientific breakthroughs are made possible by large sums of money. While most commercial aerospace businesses are focused on research, there is a growing market for transporting non-astronauts to space as flights become more autonomous and no longer require a professional astronaut to control the vehicle. The success of the first tourist spaceflights in 2022 was a major turning point.

Recent efforts have sparked interest and made headlines, resulting in increased investment in private space firms. For example, many special-purpose acquisition companies (SPACs) are eyeing space companies for acquisition based on predicted future revenue, allowing them to go public. The top space tourism companies include Virgin Orbit (US), Blue Origin (US), Arianespace (France), and The Boeing Company (US).

Government investments in space technology

The US government invests in every part of the space launch services ecosystem and is likely to continue investing both upstream and downstream. For many countries, a government investment, generally in R&D and startups, addresses societal challenges and facilitates independence from imports, eventually becoming a global provider of solutions in multiple sectors, including space. Many governments also recognize that they do not have a well-developed venture sector like the one in the US; hence, they provide venture capital (VC) funds.

Single use launch segment projected to lead the market during the forecast period

Based on launch type, space launch services market is segmented into two categories, single use launch and reusable launch. The single use launch segment is projected to lead the category and reach a market value of USD 19,331 million by 2027. The share of single use launches by launch type segment is 56.7% in 2022 and is predicted to grow at 14.6% CAGR.

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North America region accounts for largest market share in space launch services market

North America is the largest market for space launch services. The growing demand for commercial communication and imaging satellites, increasing deployment of small satellites, and rising space exploration missions are key factors expected to drive the space launch services market in North America. This regional market analysis covers US and Canada.

The US is expected to account for the largest share of the North American space launch services market. The growth of this market can be attributed to the high demand for small satellite deployment and advancement in recyclable launch vehicles from NASA and the Department of Defense, and private sectors, such as research organizations and Newspace.

Private players such as SpaceX, The Boeing Company, ILS International (US), Lockheed Martin, Spaceflight, and United Launch Alliance are focusing on space launch services with assistance from dedicated launch service providers.

Key Players

The key players includes SpaceX (US), Arianespace (France), China Aerospace Science and Technology Corporation (China), United Launch  Alliance (US), Northrop Grumman Corporation (US)

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