Satellite Launch Vehicle Market To Surpass $8,517.9 Million Revenue by 2030, says P&S Intelligence
NEW YORK, June 30, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the global satellite launch vehicle market accounted for $6,202.0 million revenue, which is expected to surpass $8,517.9 million in 2030, progressing at a 3.6% CAGR from 2021 to 2030. The growing count of satellite launches for weather forecasting, communication purposes, military purposes, and earth observation is propelling the market growth.
The commercial category dominates the market with a more than 80% share. This is attributed to the increasing launches of commercial satellites with the commercialization of space exploration programs. The rising commercial activities, such as satellite television, commercial satellite imagery, and satellite navigation, and the reducing expenses for space hardware and launch, are some key aspects of the domination of the category.
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Moreover, nano and micro payloads hold around 95% share in the satellite launch vehicle market. The usage of nano and micro-payload launch vehicles is driven by the increase in nanosatellites and the incorporation of composites to decrease satellite weight. Launch vehicles created specifically to transport nano and microsatellites are predicted to provide market participants attractive prospects in the coming years, since it is not practical to carry small payloads in big launch vehicles, because larger rockets cost more to produce and operate.
North America holds a share of around 55% in the market. The regional satellite launch vehicle market growth is fueled by the existence of significant market players, the high adoption of cutting-edge technologies, and the accessibility of a huge technically competent workforce.
The APAC market is predicted to advance at the highest rate, of more than 4%, in the coming years, due to the increasing satellite launches for space exploration and communication purposes. Additionally, the growing participation of private players and government investment to upgrade the 5G network significantly drive the market growth.
Biggest Market Trend Is Technological Development
- A significant satellite launch vehicle market trend is the application of ML and AI in the development of SLVs. AI accelerates physical detection and diagnosis, which, in turn, decreases downtime and increases mission efficiency. AI can also aid in streamlining the production process, by speeding up and reducing the complexity of these vehicles' assembly and testing. Additionally, it can benefit astronomers by assisting the communication and navigational systems of SLVs.
- Furthermore, the evolution of small launch vehicles for carrying small satellites, which reduces operational costs and expenditures on hardware development, is another key trend in the market.
Browse detailed report on Satellite Launch Vehicle Market Size, Trends, Emerging Opportunities, And Top Key Players By 2030
Satellite Launch Vehicle Market Report Coverage
By Launch Activity
- Government & Military
- Nano and Micro (0–200 Kg)
- Small (201–1,200 Kg)
- Medium (1,201–2,200 Kg)
- Large (above 2,201 Kg)
- Earth Observation & Remote Sensing
- Space Exploration
- Surveillance & Reconnaissance
- North America
- Rest of the World
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