Small Launch Vehicle Market Report Released by BIS Research
The global small launch vehicle market is expected to reach $4.6 billion by the end of 2032, registering a CAGR of 13.34% during the forecast period, according to a new report from BIS Research.
In 2021, there were 49 launches performed by small launch vehicles. That number is expected to swell to 340 launches in 2032, registering a CAGR of nearly 18% during the forecast period.
Several developments such as small satellite launches and an increase in satellite communication, Earth observation, remote sensing services and technical innovations are expected to drive the growth of the small launch vehicle market.
Additionally, the role of the propulsion systems in the space industry is crucial as they are responsible for station keeping, orbital positioning, insertion, and attitude control, among others, particularly with the growing small satellite constellations being launched. The launch vehicle market has been undergoing a major evolution in technologies, replacing the conventional approach of deploying complex, large, and costly launch vehicles. Launch vehicle manufacturers are now focusing on designing and developing smaller, less complex, reusable, and cost-efficient launch vehicles, which is facilitated by the growth of small satellites. SLVs and new derivatives being developed for use in the near future mainly consist of reliable technologies to launch various payloads into space.
However, new technologies in SLVs are being introduced, such as the reusable first stage of the launch vehicle, which are influenced by customers’ demand for lower cost launches and flexibility in the availability of space and satellite mass.
Small satellites can be launched as a secondary payload in the heavy or medium launch vehicle or using a dedicated launch vehicle. Although most of the satellites are currently dependent on rideshare launches, during the forecast period, as the next generation launch vehicles are gaining traction and new launch vehicles are commencing commercial launches, it is expected that small satellite operators will prefer dedicated launches.
SpaceX and OneWeb primarily use satellites in the 260 kilograms (573 pound) and 147 kilograms (325 pound) range for their constellations, which significantly boosts the minisatellite category. Moreover, minisatellite has a larger size compared to other small satellite variants as it can accommodate subsystems, including the propulsion system, which enhances the capability of the satellites. This is expected to drive market growth over the forecast period.
The U.S., China, India, Japan, France, and Russia are key countries generating market revenue for the small launch vehicle industry. At the same time, key market players of these countries will further increase their number of launches. Germany, South Korea, Australia, the U.K., and emerging economies are developing SLVs to deploy satellites in low Earth orbit (LEO).the upcoming years due to several developments (such as small satellite launches) and an increase in satellite communication, Earth observation and remote sensing services, and technological innovations.
(Source: BIS Research. Infographic provided)