The global space launch services market size was USD 12.42 billion in 2021 and touched USD 31.90 billion in 2022. The market is expected to touch USD 38.34 billion in 2029, exhibiting a CAGR of 12.25% during the forecast period. Rising adoption of 3D printing in the space sector and rapid modernization of 3D printed rocket engines foster the market growth. Fortune Business Insights™ presents this information in its report titled “Space Launch Services Market, 2022-2029.”
Driving Factors
Growing Space Programs to Enhance Industry Progress
Space launch services comprise a range of services designed to launch rockets that form satellites into space. Growing space programs are likely to enhance the demand for the product. Further, increasing research and development costs will foster the demand for such services. Moreover, rising partnerships and joint ventures are expected to enhance the demand for the services. In addition, strong demand for re-usable vehicles is expected to drive the space launch services market growth.
However, rising space debris is expected to hinder the market progress in the coming years.
Regional Insights
Allocation of Budgets by Governments to Foster Market Progress in North America
North America is projected to dominate the space launch services market share due to the allocation of budgets by governments. The market size in 2021 stood at USD 4.84 billion in 2021 and is expected to grow considerably in the coming years. Further, the presence of major players such as SpaceX, Lockheed Martin, Blue Origin, and United Launch Alliance is expected to propel the industry growth.
In Asia Pacific, robust demand for surveillance, satellites, communication, and telecommunication may boost space launch services adoption. These factors may propel the industry progress in the coming years.
In Europe, the rising demand for advanced technology is expected to boost space launch services adoption. Moreover, the rising contracts by the European space agency are expected to enhance the industry progress.
Competitive Landscape
Prominent Players Participate in Space Launches to Enhance Brand Image
The prominent companies operating in the market participate in space launches to enhance their brand image. For example, Lockheed developed the Advanced Extremely High Frequency (AEHF-6) satellite and launched it from Cape Canaveral Air Force Station, Florida, U.S. The satellite detached from the United Launch Alliance Atlas V 551 in June 2020. This development may enable the company to enhance its sales and bolster its brand image. Further, the adoption of partnerships, mergers, acquisitions, and expansions is expected to enhance the market position.
List of Key Players Profiled in the Report
- Antrix Corporation Limited (India)
- ArianeGroup SAS (France)
- Lockheed Martin Corporation (U.S.)
- China Great Wall Industry Corporation (China)
- United Launch Alliance (ULA) (U.S.)
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/space-launch-services-market-101931
