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Global Space Launch Services Market to Grow at a CAGR of 15.33% During 2022-2027, Aided by the Increased Government Expenditure in Space Exploration Projects

According to a new report by EMR titled, ‘Global Space Launch Services Market Report and Forecast 2022-2027’, the global market for space launch services attained a value of nearly USD 12.59 billion in 2022. The industry is further expected to grow at a CAGR of 15.33% between 2022 and 2027 to reach USD 29.64 billion by 2027.

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.

Market Breakup by Pay Load, Launch Platform, Service Type, Launch Vehicle, End User, and Region:

  • The market is divided based on pay load into satellite, human spacecraft, cargo, testing probes, and stratollite. Among these, the satellite segment is further divided based on type into small satellite (less than 1000 kg) and large satellite (above 1000 kg).
  • On the basis of launch platform, the market can be distributed into land, air, and sea.
  • Based on service type, the industry is segregated into pre-launch and post-launch.
  • The industry is segmented, on the basis of launch vehicle, into small launch vehicle and heavy launch vehicle.
  • On the basis of end user, the market can be categorised into government and military, and commercial.
  • Region-wise, the global market for space launch services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for space launch services is being driven by the increased investments by the government in space exploration activities.
  • The rising demand for satellite launching services and human spacecrafts has significantly contributed to the market expansion.
  • The increasing capital expenditure by the leading market players in the development of space launching services to promote commercial use is also aiding the industry growth.
  • The rising technological advancements are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for space launch services for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the pay loads, launch platforms, service types, launch vehicles, end users, and regions of space launch services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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