Space Launch Services Market Report 2023
The space launch services market is expected to grow to $15.43 billion in this year at a compound annual growth rate (CAGR) of 15.3%, and continue to $26.16 billion in 2027 at a CAGR of 14.1%.
Space launch services refer to various services that are provided by an organization to carry out successful space missions and services to fit mission needs. The space launch services are used to improve the capabilities of satellites to carry out successful space missions.
According to a recent report from The Business Research Company, technological advancement is the key trend that is gaining popularity in the market. Major companies are focused on product innovations based on new technologies that could provide better solutions and strengthen their position in the market.
North America was the largest region in the market in 2022. The regions covered in the space launch services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Space Launch Services Market Drivers
The increase in satellite launches across the globe is expected to propel the growth of the space launch services market going forward. Satellite launch refers to the transportation of spacecraft from earth's surface to earth's atmosphere or into orbits around the earth by using a carrier rocket that can carry a payload of spacecraft.
The market includes revenues earned by entities by providing mission management, launching services, environmental testing, in-space logistics services, and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Major players in the space launch services market are Antrix Corporation Limited, Arianespace SA, Airbus SE, Space Exploration Technologies Corporation (SpaceX), Lockheed Martin Corporation, The Boeing Company, Mitsubishi Heavy Industries Limited, International Launch Services Inc., Eurockot Launch Services GmbH, Northrop Grumman Innovation Systems, ISC Kosmotras, Spaceflight Industries Inc., Blue Origin LLC, Starsem, United Launch Services LLC, Safran SA, United Launch Alliance LLC, Rocket Lab USA Inc., S7 Space, and Space International Services Inc.
(Source: The Business Research Company via ResearchandMarkets. Images provided and from file)