Northbrook, IL -- (SBWIRE) -- 08/22/2022 -- The report on the Space launch services provides a detailed trend analysis from 2018 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
MarketsandMarkets: The space launch services market is estimated at USD 16.9 billion in 2022 and is projected to reach USD 29.6 billion by 2027, at a CAGR of 15.1% during the forecast period. The growth of space launch services can be attributed to the increasing demand for payload launches from various end users, including commercial and government sectors, military organizations, space agencies, defense organizations, satellite operators, and private companies.
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Based on government end use, defense segment to grow at highest CAGR during the forecast period.
Based on government end use, defense is projected to grow at a significant CAGR during the forecast period. The market during forecast period is projected to register a CAGR of 12.6%.
Based on payload, satellite segment is estimated to dominate the market during the forecast period registering highest CAGR
Based on payload, the satellite segment of the space launch services market is projected to grow at the highest CAGR during the forecast period. The small satellite segment market is estimated to hold the largest share of 29%, i.e., USD 4.8 billion in 2022, and is projected to reach USD 8.6 billion by 2027.
Based on launch vehicle, small launch vehicle segment is estimated to dominate the market during the forecast period
Based on launch vehicle, the space launch services market has been segmented into small lift launch vehicles (<350,000 KG) and medium to heavy vehicles (>350,000 KG). The small launch vehicle segment is expected to dominate the market during the forecast period.
The space launch services market in the Asia Pacific is projected to grow at a CAGR of 15.6% during the forecast period, owing to an increase in space exploration activities in countries such as India, China, Australia, Japan, Singapore, Indonesia, South Korea, Malaysia, Taiwan, and Vietnam. In addition, the presence of major space launch service providers, such as Arianespace, which has launched the first-ever satellites for customers in Australia, Indonesia, Malaysia, Singapore, and Vietnam, is projected to drive the growth of the space launch services market in the Asia Pacific region.