The global Space Launch Services Market size is projected to reach USD 31.35 billion by 2026, thereby exhibiting a CAGR of 13.73% during the forecast period. This information is published by Fortune Business Insights™ in a recent report, titled, “Global Space Launch Services Market Size, Share & Industry Analysis, By Payload (Satellite, Stratollite, Cargo, Human Spacecraft, and Testing Probes) By Orbit (LEO, MEO, GEO, and Beyond GEO), By Launch Platform (Land, Air, and Sea), By Vehicle Type (Small Lift Launch Vehicle, Medium-to-Heavy Lift Launch Vehicles), By End User (Commercial, and Military & Government) and Regional Forecast, 2019-2026.” However, the market was worth USD 11.36 billion in 2018. The market is set to gain momentum from the rising number of deep space exploration and human spacecraft projects.
Upsurging Deployment of Small Satellites to Drive Growth
SpaceX, a renowned aerospace company, recently announced that it has scheduled the launch of 30 rockets from the period of 2020 to 2021. Such an effort is expected to propel the small-satellite industry. These launches are cost-effective and easier as compared to the previous launches that were conventional. One of the major aspects of launching small satellites is that they can carry out regular missions for the U.S. military, as well as for the International Space Station (ISS). Therefore, the rising deployment of small satellites, such as CubeSat, is anticipated to augment the Space Launch Services Market growth during the forthcoming years.
LEO Segment to Dominate Stoked by Rising Usage in Various Missions
By orbit type, the market is grouped into MEO, GEO, beyond GEO, and LEO. Out of these, the LEO segment is projected to generate the largest Space Launch Services Market share during the forthcoming years. This growth is attributable to the rising demand for laboratory research and observatory space research. Coupled with this, the adoption of LEO in several missions, such as moon mission, Mars mission, and other asteroid missions, would propel this segment. The GEO segment had gained 27.78% market share in 2018.
North America to Lead: Rising Expenditure on R&D Activities Will Favor Growth
In terms of region, the market is fragmented into Europe, North America, Asia Pacific, and the rest of the world. Amongst them, the Space Launch Services Market size of North America was USD 4.04 billion in 2018. The region is set to retain its dominant position throughout the forecast period. This growth is attributable to the rising number of space programs by NASA to develop technologically advanced services. Apart from that, increasing expenditure on research and development activities would contribute to growth in this region.
Asia Pacific, on the other hand, is set to showcase the highest CAGR in the coming years owing to the rising demand for space launch services from emerging countries, namely, India, Japan, and China. Because of this, the budget for space research in these countries is rising persistently. In India, for instance, Kawa Space, based in Mumbai and Devas Multimedia headquartered in Bangalore, recently partnered up to develop innovative satellite communication technologies, which is associated with India’s ambitious mission of launching its first astronaut in the space mission by 2022. All these factors are expected to accelerate the growth of the market in this region.
NASA to Order Six Reusable Orion Crew Capsules from Lockheed Martin
September 2019: NASA declared that it is planning to order around six reusable Orion crew capsules from Lockheed Martin, an aerospace, defense, security, and advanced technologies company, based in the U.S. The total cost of the order will be USD 4.6 billion. NASA’s purpose is to take astronauts to the vicinity of the moon by 2020. It will also buy hardware for approximately 12 Orion vehicles by 2030.
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