Space launch services market worth $29.6 billion by 2027
CHICAGO, August 19, 2022 /PRNewswire/ — Space Launch Services Market is estimated at $16.9 billion in 2022 and should reach $29.6 billion by 2027, at a CAGR of 15.1% from 2022 to 2027, according to a new report from MarketsandMarkets™. The growth of space launch services can be attributed to the growing demand for payload launches from various end users including commercial and government sectors, military organizations, space agencies, defense organizations, satellites and private companies. SpaceX (USA), Arianespace (France), China Aerospace Science and Technology Corporation (China), United Launch Alliance (USA) and Northrop Grumman Corporation (USA) are the major 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 that was once dominated by national space agencies. Exciting scientific breakthroughs are made possible by large sums of money. While most commercial aerospace companies focus on research, there is a growing market for transporting non-astronauts into space as flights become more autonomous and no longer require a professional astronaut to control the vehicle. The success of the first tourist space flights in 2022 was a major turning point.
Recent efforts have generated interest and headlines, leading to increased investment in private space companies. For example, many special purpose acquisition companies (SPACs) consider acquiring space companies based on projected future revenues, allowing them to go public. The main space tourism companies are Virgin Orbit (USA), Blue Origin (USA), Arianespace (France) and The Boeing Company (USA).
Government investments in space technology
The US government is investing in every part of the space launch services ecosystem and will likely continue to invest upstream and downstream. For many countries, public investment, typically in R&D and startups, responds to societal challenges and facilitates independence from imports, eventually becoming a global solution provider in multiple sectors, including space. . Many governments also recognize that they do not have a well-developed venture capital industry like that in the United States; therefore, they provide venture capital (VC) funds.
Launch single-use segment is expected to dominate the market over the forecast period
Based on launch type, the space launch services market is segmented into single-use launch and reusable launch. The launch single-use segment is expected to dominate the category and reach a market value of $19,331 million by 2027. The share of single-use launches by launch type segment is 56.7% in 2022 and is expected to grow at a CAGR of 14.6%.
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North America the region accounts for the largest market share in the space launch services market
North America is the largest market for space launch services. Rising demand for commercial communication and imaging satellites, increasing deployment of small satellites and increase in space exploration missions are key factors expected to drive the space launch services market in North America. This regional market analysis covers the United States and Canada.
The United States 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 the deployment of small satellites and the advancement of recyclable launch vehicles from NASA and the Ministry of Defense, and private sectors, such as research organizations and Newspace.
Private players such as SpaceX, The Boeing Company, ILS International (USA), Lockheed Martin, Spaceflight and United Launch Alliance are focusing on space launch services with the help of dedicated launch service providers.
Major players include SpaceX (US), Arianespace (France), China Aerospace Science and Technology Corporation (China), United Launch Alliance (USA), Northrop Grumman Corporation (USA)
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