Satellite Launch Vehicle Market Trends – Growth & Forecast 2024-2034

Satellite Launch Vehicle Market Overview from 2024 to 2034

The satellite launch vehicle market is expected to grow at a CAGR of 13.9% during the projected period. The market value is projected to increase from USD 20.9 billion in 2024 to USD 76.8 billion by 2034.

Attributes	Details
Satellite Launch Vehicle Market Size, 2024	USD 20.9 billion
Projected Market Size, 2034	USD 76.8 billion
Value-based CAGR (2024 to 2034)	13.9%

Satellite Launch Vehicle Market Size, Analysis, and Insights

• Increasing demand for satellite applications for a wide range of applications, including communication, navigation, remote sensing, and scientific research.
• Advancements in satellite technology lead to the rise in demand for launch vehicles that can handle heavier payloads and deliver them to a wider range of orbits.
• Government spending on space programs is a significant driver of the satellite launch vehicle market.
• Governments around the world are investing heavily in space exploration and research, leading to a surge in demand for launch vehicles that can deliver satellites and other payloads into space.
• With the entry of new players into the market, there is a growing need for launch providers to differentiate themselves by offering lower prices, better performance, and more reliable services.
• Increasing demand for reusable launch vehicles that can significantly reduce the cost of launching satellites into space, making it more accessible to a wider range of customers.
• As a result, there is a growing demand for launch vehicles that can be reused multiple times, leading to a surge in research and development.

Key Opportunities in the Satellite Launch Vehicle Market

• Increasing demand for small satellites is driving growth in the market.
• These satellites require specialized launch vehicles that can provide low-cost and efficient launch services.
• Small satellites present an opportunity for market players to develop small satellite launch vehicles that can cater to this growing demand.
• The privatization of space exploration is expected to create lucrative opportunities during the forecast period.
• Private companies are investing heavily in space exploration, and many of them require launch services for their satellites.
• Technological advancements in satellite services are also driving the market forward.
• For instance, the development of reusable launch vehicles is expected to reduce the cost of launch services and increase their frequency.
• Technological development is an opportunity for market players to develop and offer reusable launch vehicles to cater to this demand.
• Government funding for space exploration is on the rise.
• With more funding, governments are launching more satellites, which increases the demand for launch services.

Challenges for the Satellite Launch Vehicle Manufacturers

• The high cost of developing and launching satellites is expected to hamper the market’s progress.
• The high cost is a significant barrier to entry for new players in the market and is likely to limit competition.
• The market is highly regulated, with government agencies responsible for issuing licenses and permits for launches.
• Regulations make the process of getting a new launch vehicle to market a lengthy and expensive process.
• Need for reliability and safety.
• Satellites are often used for critical functions such as communication, navigation, and national security, so launch vehicle failures can have serious consequences. As a result, launch vehicle manufacturers must invest heavily in safety and reliability testing, which can add to the cost of development.
• The market for satellite launch vehicles is highly competitive, with several major players dominating the industry.
• Competition can limit opportunities for smaller companies and startups to enter the market.
• The market is subject to fluctuations in demand, with demand for launches affected by factors such as government funding, economic conditions, and geopolitical events.
• Increasing pressure to reduce environmental impact also restricts the market.
• Launch vehicles produce significant amounts of greenhouse gases and other pollutants, and there is a growing demand for more sustainable launch options.
• The suitability pressure leading to increased investment in reusable launch vehicles and other sustainable technologies.

Category-wise Insights

In terms of Vehicles, the Small (<350,000 kg) Segment Leads the Market Growth

Attributes	Details
Top Vehicle Type	Small (<350,000 kg)
CAGR from 2024 to 2034	13.7%

• Rise in demand for small satellites has led to a corresponding increase in demand for launch vehicles that can accommodate these payloads.
• Small satellites are becoming increasingly popular due to their lower cost and greater flexibility, and as a result, launch providers are shifting their focus toward catering to this market.
• Development of reusable launch vehicles has made it much more cost-effective to launch smaller payloads which is driving the demand for the small (<350,000 kg) segment.
• Increasing demand for telecommunications services and the need for better weather forecasting and disaster management are expected to create lucrative opportunities for small satellites.

In terms of Payload, the <500 kg Segment is dominating the Market

Attributes	Details
Top Payload	<500 kg
CAGR from 2024 to 2034	13.5%

• The trend in recent years towards smaller, more agile satellites has led to an increased demand for launch vehicles capable of delivering payloads of this size.
• These smaller satellites are often used for applications such as earth observation, remote sensing, and communication.
• The cost of launching a satellite has been decreasing in recent years, making it more affordable for companies and organizations to launch multiple smaller satellites rather than relying on a single large one, which drives the demand for the <500 kg segment.
• The launch of smaller satellites created a greater demand for launch vehicles that can efficiently deliver these smaller payloads.
• Rise of private space companies has also contributed to the dominance of the <500 kg segment.

Country-wise insights

Countries	CAGR through 2034
United States	14.2%
United Kingdom	15.0%
China	14.7%
Japan	15.6%
South Korea	16.0%

Increasing Demand for Communication and Remote Sensing Applications in the United States

• Demand for satellite launch vehicles in the United States is primarily driven by the increasing demand for communication and remote sensing applications, as well as the development of national defense and intelligence programs.
• The United States is home to some of the world's largest space organizations and companies, such as NASA and SpaceX, which have played a significant role in the growth of the satellite launch vehicle market.
• Increasing demand for commercial satellite launches for applications such as internet services, navigation, and weather forecasting has contributed to the growth of the market.

Rising Demand for Satellite-Based Services in the United Kingdom

• In the United Kingdom, the demand for satellite launch vehicle market is driven by the country's growing space industry and the increasing demand for satellite-based services.
• The UK government has been investing heavily in the development of the country's space industry, which has led to the growth of several new companies that specialize in satellite launch services.
• Increasing demand for satellite-based services such as telecommunication, remote sensing, and navigation has also contributed to the growth of the market.

Expanding Space Programs and the Government's Focus on Developing the Country's Space Capabilities in China

• China has been experiencing rapid growth in the satellite launch vehicle market, primarily driven by the country's expanding space program and the government's focus on developing the country's space capabilities.
• The Chinese government has been investing heavily in the development of its space industry, which has led to the growth of several new companies that specialize in satellite launch services.
• Increasing demand for commercial satellite launches for applications such as telecommunication, navigation, and remote sensing has also contributed to the growth of the market.

Japan has a Strategic Geographical Location, Boosting Market Growth

• Japan has a strategic geographical location, which makes it an ideal location for launching satellites.
• Being located in the Asia-Pacific region, Japan provides easy access to geostationary orbit, which is a prime location for communication and weather satellites.
• The location made Japan an attractive destination for satellite launches, further driving demand for launch vehicles.

Strong Focus on Developing Indigenous Satellite Technology in South Korea

• South Korea has a well-established space industry, with a strong focus on developing indigenous satellite technology.
• The strong focus created a sense of trust and reliability among customers, which led to increased demand for South Korean satellite launch vehicles.
• Government support for the development of the space industry has been a major driver of growth in the satellite launch vehicle market in South Korea.
• The government has been actively promoting the development of the space industry, which has resulted in increased investments in research and development of satellite technology.

Competitive Landscape

The market is highly competitive, with a diverse range of players from both the government and private sectors. The market is characterized by intense competition, technological advancements, and a focus on innovation.

A privately-owned segment of the market is characterized by a diverse range of players, including established aerospace companies, startups, and conglomerates from various industries.

These companies are involved in the development and launch of satellites for commercial and scientific applications, such as Earth observation, remote sensing, and communication. They also provide launch services to other companies and governments.

Recent Development in the Satellite Launch Vehicle Market

In 2023, Amazon recently announced that it has secured three launches with SpaceX, a private American aerospace manufacturer, to support the deployment of Project Kuiper. Project Kuiper is a plan to launch a constellation of low Earth orbit satellites that will provide high-speed, low-latency broadband internet to unserved and underserved communities around the world.

Key Market Players

• SpaceX
• Arianespace
• United Launch Alliance
• Roscosmos
• Blue Origin
• China Aerospace Science and Technology Corporation
• Mitsubishi Heavy Industries
• Indian Space Research Organisation
• Eurockot Launch Services
• Virgin Orbit

Key Coverage in the Satellite Launch Vehicle Market Report

• Global Reusable Launch Vehicle Market Report
• Launch Vehicle Industry Assessment
• Space Access Market Overview
• Commercial Space Launch Service Providers Pricing Outlook
• Analysis of Space Transportation

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle
  • 5.1. Small (<350,000 Kg)
  • 5.2. Medium to Heavy (> 350,000 Kg)
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Payload
  • 6.1. <500 Kg
  • 6.2. 500-2,500 Kg
  • 6.3. > 2,500 Kg
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Orbit
  • 7.1. Low Earth Orbit (LEO)
  • 7.2. Medium Earth Orbit (MEO)
  • 7.3. Geostationary Orbit (GEO)
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Launch
  • 8.1. Single-Use/Expendable
  • 8.2. Reusable
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Stage
  • 9.1. Single Stage
  • 9.2. Two Stage
  • 9.3. Three Stage
• 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Subsystem
  • 10.1. Structure
  • 10.2. Guidance, Navigation & Control System
  • 10.3. Propulsion System
  • 10.4. Telemetry, Tracking & Command System
  • 10.5. Electrical Power System
  • 10.6. Separation System
• 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 11.1. North America
  • 11.2. Latin America
  • 11.3. Western Europe
  • 11.4. Eastern Europe
  • 11.5. South Asia and Pacific
  • 11.6. East Asia
  • 11.7. Middle East and Africa
• 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 17. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 19. Key Countries Market Analysis
• 20. Market Structure Analysis
• 21. Competition Analysis
  • 21.1. Northrop Grumman Corporation
  • 21.2. Arca Space Corporation
  • 21.3. Lockheed Martin Corporation
  • 21.4. Boeing
  • 21.5. Mitsubishi Heavy Industries Ltd
  • 21.6 Blue Origin
  • 21.7. Indian Space Research Organization
  • 21.8. Space Exploration Technologies Corporation
  • 21.9. Eurockot Launch Services GmbH
  • 21.10. Bristol Airspace
• 22. Assumptions & Acronyms Used
• 23. Research Methodology