Space Launch Services Market Report 2023

The global space launch services market is forecast to reach $28.1 Billion by 2028, exhibiting a CAGR of 13.86% during 2022-2028, according to The "Space Launch Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" from IMARC Group.

Launch services are extensively employed by the government, space organizations, and military agencies for performing space explorations. At present, these services are categorized into pre-launch and post-launch.

The widespread adoption of launch services across commercial, government and military and defense sectors on account of the increasing number of aircraft and satellite testing during launches is one of the prime factors currently driving the market growth. In line with this, significant technological advancements, such as the introduction of miniaturization in electronic systems for improving small satellites capabilities by reducing the size of various integrated electronics and hardware is acting as another growth-inducing factor.

Space Launch Services Supported by COTS Components

This is further supported by the implementation of the commercial-off-the-shelf (COTS) approach, which is employed by space companies in the miniaturization methodology for collecting distributed data and experimentation purposes. Moreover, the shifting inclination of launch providers toward smaller satellites over traditional satellites for enabling their development in a shorter time frame at lower launch costs is propelling the market growth.

Additionally, the rising demand for low earth orbit (LEO)-based services, such as imagery-based intelligence and space-based communication, is also contributing to the market growth. Apart from this, the extensive investments in research and development (R&D) activities for designing, maintaining, and operating commercial payload facilities is creating a positive outlook for the market.

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 2023-2028. The report has categorized the market based on payload, launch platform, service type, orbit, launch vehicle and end user.

(Source: Research and Markets news release. Images provided by IMARC Group and from file)