Space Launch Services Market

Market Overview:

The global space launch services market size reached USD 14.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 41.3 Billion by 2032, exhibiting a growth rate (CAGR) of 11.9% during 2024-2032. The market is experiencing significant growth mainly driven by the growing demand for satellite deployments and space exploration missions. North America currently holds the largest market share, supported by advanced infrastructure, strong government support, and increasing private sector involvement.

Space launch, or lift-off, refers to the earliest part of the operations, wherein the rocket or other vehicles, including airborne aircraft and floating ship, are vertically released from the ground. This process involves a series of activities, such as ordering, conversing, stacking, assembling, and integrating payload for launching spacecraft, which in turn, assist in decreasing the set-in motion cost and promoting a smooth launch. On account of these properties, space launch services are extensively deployed by the government, space organizations, and military agencies for performing galaxy explorations. At present, these services are categorized into pre-launch and post-launch.

Space Launch Services Market Trends:

Commercialization and Increased Private Sector Involvement

Commercialization and increased private sector involvement are contributing positively to the space launch services market growth. Private launch providers are emerging as key players by offering competitive pricing and innovative technologies, making space access more affordable and efficient. This trend attracts substantial private investments and fosters the growth of startups, driving further innovation and expanding market capacity. Additionally, governments are increasingly forming public-private partnerships, collaborating with these private firms to utilize their expertise and agility. Emerging economies, such as India's space sector is undergoing privatization to enhance global competitiveness and leverage public-private partnerships. ISRO aims to increase its space economy from $9 billion to $44 billion through PPP. According to an article published in 2024, NewSpace India Limited is seeking partnerships with private entities for the production of ISRO's heavy lift launcher, the LVM3, to meet the rising global demand for communication satellites. Such collaborations help reduce costs, accelerate project timelines, and enhance the overall efficiency of space missions. Collectively, these dynamics are significantly increasing the space launch services market share, which, in turn, advances the capabilities and broadens the accessibility of space launch services.

Rising Focus on Reusable Launch Vehicles

Reusable launch vehicles are revolutionizing the space industry by significantly lowering the cost per launch. By refurbishing and relaunching rockets multiple times, the expenses associated with manufacturing new rockets for each mission are greatly reduced. This cost efficiency makes space access more affordable for a wider range of customers. For instance, in May 2024, Tokyo-based startup, Innovative Space Carrier Inc., announced its partnership with U.S. rocket engine maker, Ursa Major Technologies Inc., to develop a reusable satellite launch rocket, ASCA-1. The rocket, aiming for commercial use by 2030, will lower costs with its reusability. The Japanese company plans to operate a spacecraft capable of transporting around 50 people by the 2040s. Additionally, the ability to reuse rockets enables a higher frequency of launches, effectively meeting the increasing demand from satellite operators and other payload providers. According to the space launch services market analysis, the widespread adoption of reusable launch vehicles is projected to drive significant market growth. The enhanced reliability and reduced turnaround time of reusable vehicles ensure that launch schedules can be maintained more consistently, fostering growth and innovation in the space launch services market.

Regulatory Framework

Supportive regulatory frameworks are essential for the growth of the space launch services market. They provide well-defined guidelines and standards that help companies navigate legal requirements, ensuring compliance with safety, environmental, and international laws. Additionally, transparent regulations build trust and confidence among investors and stakeholders, attracting more players to enter the market. Supportive policies also encourage innovation by offering protections for intellectual property and facilitating collaboration, thereby fostering a competitive and dynamic industry environment. For instance, in March 2024, the Government of India amended FDI norms in the space sector to allow 100% overseas investment in satellite components, 74% in satellite manufacturing and operations, and 49% in launch vehicles. The move aims to attract foreign investment while considering security and strategic interests, which is expected to integrate India into the global supply chain and maintain control over satellite manufacturing and operations.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global space launch services market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on payload, launch platform, service type, orbit, launch vehicle, and end user.

Breakup by Payload:

• Satellite
  • Small Satellite (Less Than 1000 Kg)
  • Large Satellite (Above 1000 Kg)
• Human Spacecraft
• Cargo
• Testing Probes
• Stratollite
   

Breakup by Launch Platform:

• Land
• Air
• Sea
   

Breakup by Service Type:

• Pre-Launch
• Post-Launch
   

Breakup by Orbit:

• Low Earth Orbit (LEO)
• Medium Earth Orbit (MEO)
• Geosynchronous Orbit
• Polar Orbit
   

Breakup by Launch Vehicle:

• Small Launch Vehicle
• Heavy Launch Vehicle
   

Breakup by End User:

• Government and Military 
• Commercial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global space launch services market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:

• Airbus SE
• Antrix Corporation Limited
• Arianespace SA
• China Great Wall Industry Corporation (China Aerospace Science and Technology Corporation)
• Mitsubishi Heavy Industries Ltd.
• Northrop Grumman Corporation
• S7 Airlines
• Safran S.A.
• Space Exploration Technologies Corp.
• The Boeing Company
   

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Space Launch Services Market News:

• In October 2024, Maritime Launch Services Ltd. (Maritime Launch) and Reaction Dynamics (RDX) announced their partnership to advance Canadian orbital launch capabilities. This collaboration aims to conduct Canada's first-ever orbital launch of a domestically developed rocket from Nova Scotia's coast. The companies plan to start with a pathfinder mission and then move on to commercial missions using RDX's advanced hybrid rocket technology.
• In October 2024, the UAE Space Agency partnered with Mitsubishi Heavy Industries for the launch of the "Emirates Mission to the Asteroid Belt" using the H3 launch vehicle in 2028. This agreement marks their third collaboration, following the successful launches of KhalifaSat and the Emirates Mars Mission.
• In October 2024, Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, announced that it has added a last-minute Electron launch to its launch manifest for a commercial mission that is scheduled to launch in the upcoming days. he introduction of this latest mission to Electron’s 2024 launch manifest, less than two months since the launch contract was signed, represents Rocket Lab’s fastest contract-to-launch turnaround ever.

Space Launch Services Market Report Scope: