Space Launch Services Market Size, Share, Growth, Revenue, Global Industry Analysis and Future Demand | Fortune Business Insights™
SpaceX, a renowned aerospace company, recently announced that it has scheduled the launch of 30 rockets from the period of 2020 to 2021. Such an effort is expected to propel the small-satellite industry. These launches are cost-effective and easier as compared to the previous launches that were conventional. One of the major aspects of launching small satellites is that they can carry out regular missions for the U.S. military, as well as for the International Space Station (ISS). Therefore, the rising deployment of small satellites, such as CubeSat, is anticipated to augment the space launch service market growth during the forthcoming years.
The global space launch service market size is projected to reach USD 31.35 billion by 2026, thereby exhibiting a CAGR of 13.73% during the forecast period. This information is published by Fortune Business Insights™ in a recent report, titled, “Global Space Launch Services Market Size, Share & Industry Analysis, By Payload (Satellite, Stratollite, Cargo, Human Spacecraft, and Testing Probes) By Orbit (LEO, MEO, GEO, and Beyond GEO), By Launch Platform (Land, Air, and Sea), By Vehicle Type (Small Lift Launch Vehicle, Medium-to-Heavy Lift Launch Vehicles), By End User (Commercial, and Military & Government) and Regional Forecast, 2019-2026.”
However, the space launch service market was worth USD 11.36 billion in 2018. The market is set to gain momentum from the rising number of deep space exploration and human spacecraft projects.
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Fortune Business Insights™ lists out some of the organizations present in the space launch service market. They are as follows:
- Arianespace
- Space Exploration Technologies Corp. (Space X)
- China Great Wall Industry Corporation
- Antrix Corporation Limited
- Mitsubishi Heavy Industries, Ltd.
- Spaceflight Industries
- Lockheed Martin Corporation
- Space International Services
- Blue Origin Enterprises, L.P.
- Northrop Grumman Systems Corporation
- Eurockot Launch Service Provider
- Other key market players
NASA to Order Six Reusable Orion Crew Capsules from Lockheed Martin
September 2019: NASA declared that it is planning to order around six reusable Orion crew capsules from Lockheed Martin, an aerospace, defense, security, and advanced technologies company, based in the U.S. The total cost of the order will be USD 4.6 billion. NASA’s purpose is to take astronauts to the vicinity of the moon by 2020. It will also buy hardware for approximately 12 Orion vehicles by 2030.
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North America to Lead: Rising Expenditure on R&D Activities Will Favor Growth
In terms of region, the market is fragmented into Europe, North America, Asia Pacific, and the rest of the world. Amongst them, the space launch service market size of North America was USD 4.04 billion in 2018. The region is set to retain its dominant position throughout the forecast period. This growth is attributable to the rising number of space programs by NASA to develop technologically advanced services. Apart from that, increasing expenditure on research and development activities would contribute to growth in this region.
The Asia Pacific, on the other hand, is set to showcase the highest CAGR in the coming years owing to the rising demand for space launch services from emerging countries, namely, India, Japan, and China. Because of this, the budget for space research in these countries is rising persistently. In India, for instance, Kawa Space, based in Mumbai and Devas Multimedia headquartered in Bangalore, recently partnered up to develop innovative satellite communication technologies, which is associated with India's ambitious mission of launching its first astronaut in the space mission by 2022. All these factors are expected to accelerate the growth of the market in this region.
Highlights of the Report
- Elaborate analysis of the space launch service market trends, opportunities, challenges, growth drivers, and barriers.
- List of all the possible segments present in the market.
- Detailed information about the competitive landscape, such as new product launches, agreements, contracts, joint ventures, and investments.
- Extensive evaluation of the vital strategies that the key players are adopting to expand their businesses.
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Related Queries:
- SpaceX – Space Launch Company
- Rocket launch
- Space Launch Service
- Space Launch Service Industry
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