New York, U.S., Aug. 04, 2022 (GLOBE NEWSWIRE) — Space Launch Services Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Space Launch Services Market Information by Service Type, End Use and Region – Forecast to 2030the market will reach 44,243.66 billion by 2030, growing at a rate of 13.43% between 2020 and 2030.
Space launch services cover all activities carried out by cooperatives specialized in space launch. These activities are largely associated with satellites that seamlessly integrate all services and components to ensure a smoother launch phase.
The market covers different phases such as development, demand, stacking, transformation, launch and payload incorporation.
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|Market size 2030||$44,243.66 million|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||Type of service, end use|
|Geographical areas covered||North America, Europe, Asia-Pacific, Middle East and Africa and Latin America|
|Key Market Drivers||
Market Competitive Landscape:
The major vendors in the space launch services industry are
- Antrix Corporation Limited (India)
- Arianespace (France)
- China Great Wall Industry Corporation (China)
- Eurockot Launch Services (Germany)
- International Launch Services Inc. (USA)
- Isc Kosmotras (Russia)
- Mitsubishi Heavy Industries (Japan)
- Orbital ATK (US)
- SpaceX (USA)
- US Spaceflight Industries Inc. (USA)
Covered USP market:
The space launch services market comprises a series of activities carried out by space launch service providers. Major events include conversion, ordering, stacking, build, payload integration, assembly, and launch. With the growing number of private launch service providers in the global market, launch costs have dropped while new innovative technologies are emerging at a rapid pace. These developments are expected to have a striking impact on the global market over the next few years.
The dramatic increase in the number of test probes and satellite launches would act more in favor of the global market. Moreover, increased public spending as well as large-scale private funds would result in significant gains for the global market. Collective efforts to reduce the total costs of launch services would prove to be a huge opportunity for players in the space launch services industry.
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The pre-launch services space is the largest segment of the global space launch services market. Pre-launch services are offered by players looking for better opportunities and competitive advantage in the market. The rapid growth of this segment can be attributed to increased interest in pre-launch services, for example, dispatch coordination and provisioning, coordination and reconciliation, telemetry tracking and support, and executive departments. As the players continue to take advantage of these opportunities, the global market is expected to benefit from significant demand in the coming years.
The substantial upfront costs of launch services can be a major market barrier. Additionally, the interoperability issues that vendors typically face could also be a discouraging factor. Apart from this, shortage of skilled labor and reluctance to adopt new technologies may also hamper the growth of the industry.
On the contrary, the growing efforts to reduce the costs of launching new services may present lucrative opportunities for players active in the space launch services industry.
COVID 19 analysis
The noticeable impact of the COVID-19 outbreak has led to various repercussions on the health status of people across the world. The consequences are linked to the significant social and economic burden on people around the world. As key policy makers implement new frameworks and industries adopt advanced expansion models to maintain relevance, people are facing a series of mental traumas.
Around the world, the increase in cases has caused mental and economic problems, especially among the elderly. Additionally, the younger population faces challenges due to loss of livelihoods and opts for family care to cope with the repercussions. Much of the focus is on treating COVID-19 and developing a vaccine, which distracts attention from other markets. These factors will most likely be unfavorable to the space launch services industry in the coming years.
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By type of service
Major types of services, covered in the research study, include post-launch and pre-launch. Pre-launch services include the initial design through the testing and construction stages of the spacecraft and its launch vehicle before liftoff from Earth. It requires meticulous planning and attention to detail, as well as many years to ensure everything is in order for a successful and on-time launch.
Per end user
End users of space launch services are military and government as well as commercial. The commercial segment would experience better growth than its counterpart in the coming years, given the notable boom in space exploration activities by private companies all over the world. The military and government segment, on the other hand, will dominate the space launch services industry, due to the large investments of these end users in space exploration across the globe.
Europe, Asia-Pacific, North America and Rest of the World are the top 5G markets in North America, which is the biggest winner in the space launch services market and would remain the top performer throughout the evaluation period. With large-scale investments from the massive pool of space agencies as well as private companies for the development of advanced satellites, the region’s position in the global market would remain unprecedented during the review period.
Europe ranks second in the global market, due to the growing number of space exploration activities in the UK, Russia, France and Germany. Not to mention that major service companies like Eurockot Launch Services, Isc Kosmotras and Arianespace LSPs present in the region are expected to further support the growth of the European market in the coming years.
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Asia-Pacific could potentially see the fastest growth from 2020 to 2027, given the increased spending on the development of advanced satellites for communications, surveillance, navigation and Earth observation in India , China and several other South Asian countries. Important players such as China Great Wall Industry Corporation, Mitsubishi Heavy Industries, and Antrix Corporation Limited based in the region are also adding strength to the market.
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