Satellite Launch Vehicle Global Market Report 2024

The satellite launch vehicle market has grown rapidly in recent years. It will grow from $15.85 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%.The expansion observed during the historical period can be ascribed to a variety of factors, including government space initiatives, the deployment of commercial satellites, shifts in the global geopolitical landscape, international partnerships, and technological preparedness.

The satellite launch vehicle market is expected to see rapid growth in the next few years. It will grow to $29.86 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period is driven by an increasing demand for small satellites, the expansion of commercial space exploration, heightened involvement of the private sector, the evolution of regulatory frameworks, and the emergence of new space agencies. Key trends expected in the forecast period involve the adoption of lighter materials and advanced manufacturing techniques, a heightened emphasis on responsive and rapid launch capabilities, the development of heavy-lift launch vehicles, increased international collaboration and partnerships, and the integration of artificial intelligence in launch operations.

The anticipated surge in satellite launches is poised to drive the expansion of the satellite launch vehicle market. Satellite launches involve deploying satellites into space using specialized vehicles, commonly known as rockets or space launch vehicles. These vehicles are meticulously designed to carry satellites and other payloads, equipped with essential propulsion, guidance, and control systems for transporting satellites from Earth's surface to their designated orbits or trajectories. In January 2023, data from the United Nations Office for Outer Space Affairs (UNOOSA) revealed a substantial increase, with the cumulative number of objects launched into outer space reaching 14,281 in 2022, marking an 18% rise from the 12,118 launched in 2021 globally. This surge in satellite launches serves as a catalyst for the growth of the satellite launch vehicle market.

The upward trend in the penetration of internet users is expected to fuel the growth of the satellite launch vehicle market. Internet users, defined as individuals accessing the web in the preceding three months, play a pivotal role in driving the demand for improved connectivity. Satellite launch vehicles contribute significantly by expanding intranet user penetration, especially in remote or inaccessible regions. This ensures a more inclusive and widespread reach of intranet services, overcoming the constraints of terrestrial infrastructure. As of July 2023, data from the Canadian Internet Use Survey 2022 by Statistics Canada, a government agency for national statistics, indicates a notable increase in internet usage among Canadians aged 15 and older, rising from 92% in 2020 to 95% in 2022. The age group of Canadians 75 years and older witnessed the most significant increase, jumping from 62% in 2020 to 72% in 2022. Thus, the surge in internet user penetration acts as a driving force for the growth of the satellite launch vehicle market.

A prominent trend gaining traction in the satellite launch vehicle market is the advancement of reusable launch vehicle technology. Leading companies in the market are strategically focusing on the development of products incorporating cutting-edge technologies, such as 3D printing, to enhance their market positioning. Notably, in April 2023, Relativity Space, a US-based aerospace manufacturing company, successfully launched Terran R. This reusable launch vehicle stands at an impressive 270 feet tall, featuring a two-stage configuration, an 8-foot diameter, and a 5-meter payload fairing. Constructed using advanced 3D-printed aluminum technology, Terran R prioritizes first-stage reusability, capable of launching payloads of up to 23,500 kg to low Earth orbit (LEO) or 5,500 kilograms to a geosynchronous transfer orbit (GTO), with the added capability of a controlled landing.

Major players in the satellite launch vehicle market are intensifying their efforts to introduce advanced military satellites, aiming to gain a competitive advantage. Military satellites, tailored for military and national security purposes, have become a focal point for these companies. In August 2022, United Launch Alliance (ULA), a US-based aerospace and defense company, successfully launched the sixth and final Space Based Infrared System (SBIRS) Geosynchronous Earth Orbit (GEO 6) satellite. Utilizing a ULA Atlas V 421 rocket, the satellite, built by Lockheed Martin with its modernized LM 2100 Combat Bus, features enhanced resiliency, cyber-hardening, improved spacecraft power, propulsion, and electronics. The SBIRS constellation, consisting of persistent overhead satellites, plays a crucial role in supporting various military functions, including detecting missile launches, ballistic missile defense, technical intelligence gathering, and enhancing situational awareness on the battlefield.

In February 2023, Vast, a US-based aerospace company, completed the acquisition of Launcher for an undisclosed amount. This strategic move positions Vast to broaden its portfolio of liquid rocket engine products, leveraging Launcher's expertise in orbiter space tug and hosted payload platforms. The acquisition also enables Vast to conduct on-orbit testing of its space station components and subsystems. Launcher, a specialized US-based company in the development of satellite launch vehicles and rockets for small satellites, brings valuable capabilities to Vast's operations and further solidifies its presence in the satellite launch market.

Major companies operating in the satellite launch vehicle market report are Mitsubishi Heavy Industries Ltd., Northrop Grumman Corporation, Virgin Galactic Holdings Inc., The Boeing Company, Space Exploration Technologies Corp., Airbus SE, Bellatrix Aerospace Private Limited, Bigelow Aerospace LLC, Masten Space Systems Inc., Armadillo Aerospace LLC, Lockheed Martin Corporation, Innovative Solutions In Space B.V., Indian Space Research Organisation, Blue Origin LLC, Arianespace SA, China Aerospace Science and Technology Corporation (CASC), Maxar Technologies Inc., ArianeGroup, Sierra Nevada Corporation, Thales, United Launch Alliance LLC, ROSCOSMOS, Antrix Corporation, Astra Space Inc., CAS Space, Eurockot Launch Services, Firefly Aerospace Inc., International Launch Services (ILS), LinkSpace, HyImpulse Technologies Corporation, OneSpace, PLD Space, Stratolaunch Systems LLC, Virgin Orbit LLC.

Asia-Pacific was the largest region in the satellite launch vehicle market in 2023 and is expected to be the fastest-growing region in the global satellite launch vehicle market during the forecast period. The regions covered in the satellite launch vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the satellite launch vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are two primary categories of satellite launch vehicles single-use, expendable, and reusable. Single-use or expendable launch vehicles are crafted for one-time use, prioritizing cost efficiency over reusability. They are ideal for missions focused on delivering satellites to specific orbits or deploying probes for interplanetary exploration. Key subsystems encompass structure, guidance, navigation, and control systems, propulsion systems, telemetry, tracking, and command systems, electrical power systems, and separation systems. Payloads can range from 500 kg to over 2,500 kg, and launches are conducted in low earth orbit (LEO), medium earth orbit (MEO), and geostationary orbit (GEO) for both civil and military applications.

The satellite launch vehicle research report provides satellite launch vehicle market statistics, including the satellite launch vehicle industry's global market size, regional shares, competitors with a satellite launch vehicle market share, detailed satellite launch vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the satellite launch vehicle industry.

The satellite launch vehicle market consists of sales of polar satellite launch vehicles (PSLV), and geosynchronous satellite launch vehicles (GSLV). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


This product will be delivered within 3-5 business days.