Satellite Launch Vehicle (SLV) Market Size is set to surpass USD 8 billion by 2027, according to a new research report by Global Market Insights Inc.
Satellite launch vehicles are witnessing significant demand owing to increasing spending among space companies on space exploration and interplanetary missions across the globe. Market players are remarkably investing in R&Ds for new satellite launch vehicle innovation.
Governments are adopting various business strategies to encourage space companies to innovate technologies for the space sector, which will fuel the satellite launch vehicle sales. Countries including South Africa, Australia, and Germany are investing significantly to boost their space sector, which will improve the market growth.
The growing favorable environment for satellite launch vehicles is encouraging market leaders to innovate new SLVs to enhance their position in the market. Industry participants are enriching their corporate liaison with government space companies to gain high-valued contracts.
Key market factors challenging the sales of satellite launch vehicles are high maintenance and repair costs. The low availability of skilled labor and engineers is also affecting the industry growth. Additionally, several failures in launch test missions are adversely impacting their adoptions across the globe. To bring payloads or rockets back to the Earth safely, complex hardware structures and more fuel propellants are required.
The COVID-19 pandemic had a negative impact on the global market. The majority of countries imposed strict lockdowns, which resulted in global supply chain disruptions and suspension of manufacturing facilities. Market demand for carrier rockets declined in 2020 due to the rescheduling of various space programs, thereby affecting the net revenue of OEMs. However, satellite dispatch vehicles are expected to showcase an upward industry trend post-pandemic owing to governments’ focus on investing in the space sector to strengthen the satellite network for digital infrastructure development.
Satellite launch vehicle manufacturers’ significant focus on gaining high-valued government contracts will stimulate the market expansion
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LEO segment held 25% of the satellite launch vehicle market share in 2020. LEO’s supportive environment for robust satellite communication is accelerating satellite launches in this orbit. Rocket carrier companies are focusing on strengthening their corporate relations with government organizations to enhance their market statistics.
Browse key industry insights spread across 180 pages with 244 market data tables & 19 figures & charts from the report, “Satellite Launch Vehicle (SLV) Market By Orbit (GEO, MEO, LEO, SSO), By Payload (Below 500 KG, Between 501 to 2,500 KG, Above 2,500 KG), By Launch Activity (Commercial, Non-Commercial), By Application (Communication, Earth Observation and Science, Technology Development and Demonstration, Space Science and Observation, Navigation), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027”, in detail along with the table of contents:
Increasing demand for carrier rockets with a payload capacity of more than 2,500 kg
The above 2,500kg payload capacity segment is poised to observe 7% growth rate through 2027 led by the rising need for high payload capacity carrying rockets to boost space exploration activities. Industry leaders including Northrop Grumman Corporation and Lockheed Martin Corporation are focusing on assisting government space companies in diverse space missions to improve their revenue share.
Space exploration activities are creating a favorable market for satellite dispatch vehicles in the space science & observation sector
Increasing spending of space companies on space exploration activities is fostering the adoption of carrier rockets in the space science and observation sector. Industry leaders including Boeing and Sierra Nevada Corporation are investing in R&D to develop spacecraft for deep space exploration activities, which will drive the market.
Availability of various key players and OEMs and focus on lunar missions in North America
North America satellite launch vehicle market is anticipated to reach over USD 2 billion by 2027. Supportive government initiatives and the availability of several established participants are creating a industry demand for SLVs in the region. OEMs focus on enhancing their corporate liaison with government space organizations for high profits, which will provide a positive market outlook.
OEMs focus on developing carrier rockets with high payload capacity and robust thruster system
Major companies operating in the market include Virgin Orbit, Viasat, Inc., The Boeing Company, Raytheon Technologies, Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Maxar Technologies, Lockheed Martin Corporation, ISIS - Innovative Solutions In Space B.V., GeoOptics, Inc., ArianeGroup SAS., and Airbus Defence And Space.
Industry players are adopting various business strategies to attract potential customers and improve their market statistics. Leaders, such as Ariane Group and Boeing, are enhancing their rocket capabilities to increase their customer base, which will expand the market.