Press Release
Press Release
The global space launch services industry is being driven by the rising capital expenditure by the government and private space agencies to support space exploration activities. In addition, the increasing demand for satellite launching services is anticipated to aid the market growth in the forecast period. Moreover, the growing demand for human spacecraft is projected to propel the market growth in the forecast period. Furthermore, the increasing demand for space launching service for military activities is estimated to aid the market growth in the forecast period.
The growing focus of the leading players in the development of efficient space launching services through the increased capital expenditure is estimated to significantly catalyse the industry growth in the forecast period. For instance, in April 2021, Lockheed Martin Corporation (NYSE: LMT) announced their plans to provide routine launch of RS1 rockets to accelerate payload technologies into orbit through their ABL Space Systems. In this regard, the company plans to buy 26 vehicles by 2025 and 32 additional launches by 2029. Furthermore, another leading space launch services vendor, Rocket Lab USA, Inc. (NASDAQ: RKLB), in October 2021, announced that the company has been selected to launch NASA’s Advanced Composite Solar Sail System, or ACS3, on the Electron launch vehicle. These developments are expected to positively impact the growth of the space launch services industry in the forecast period.
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The major players in the global space launch services market are Airbus SE, Antrix Corporation Limited, Space Exploration Technologies Corp. (SpaceX), Lockheed Martin Corporation, and The Boeing Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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