Surge in investment in space exploration activities by governments, rise in demand for commercial non-geostationary satellite orbit space launches, and increase in space tourism are expected to propel the growth of the global space launch service market.
Portland, Feb. 07, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global space launch services market was pegged at $8.90 billion in 2018 and is expected to garner $30.01 billion by 2026, witnessing a CAGR of 17.2% from 2019 to 2026.
Increase in investment in space exploration activities by governments, surge in satellite launches across the world, demand for commercial non-geostationary satellite orbit (NGSO) space launches have boosted the growth of the global space launch services market. However, high initial cost of investment and concerns related to interoperability hamper the market growth. On the contrary, space tourism and product innovation to reduce prices of space launch are expected to create lucrative opportunities in the near future.
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The global space launch services market is divided on the basis of payload, launch platform, service type, launch vehicles, end users, and geography. Based on payload, the market is segmented into satellite, human spaceflight, cargo, testing probes, and stratollite. The satellite segment dominated the market in 2018, contributing to more than half of the total share, and is expected to maintain its dominance during the forecast period. Moreover, the segment is projected to register the fastest CAGR of 17.7% through 2026.
On the basis of launch platform, the market is divided into land, air, and sea. On the other hand, the market is divided into government & military and commercial on the basis of end user. The government & military segment held the largest share in 2018, accounting for more than two-thirds of the market. However, the commercial segment is projected to register the fastest CAGR of 17.7% during the forecast period.
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The global space launch services market is analyzed across various regions such as U.S. Russia, Other European Countries, China, India, Japan, New Zealand and the rest of the world. The market across the U.S. held the largest share in 2018, contributing nearly two-fifths of the market. Moreover, the country is estimated to manifest the fastest CAGR of 18.5% during the forecast period.
The market report offers an in-depth analysis of the major market players such as Firefly Aerospace, Astrobotic., Maxar Technologies Inc., Swedish Space Corporation, Virgin Galactic, Vector Launch, Inc., BLUE ORIGIN, and others.
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