Commercial Satellite Launch Services Market Set For Soaring Growth In The Forecast Period – Market Size Expected To Reach $9.4 Billion By 2027
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s commercial satellite launch service global market report 2023, the global commercial satellite launch services market is poised for significant expansion, with projections indicating growth from $6.67 billion in 2022 to $7.2 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 7.9%. Despite challenges to global economic recovery due to the Russia-Ukraine war and its cascading effects on various markets, the commercial satellite launch services market is expected to reach $9.4 billion by 2027, with a CAGR of 6.9%.
Drivers of Growth
The surge in demand for commercial satellites emerges as a primary driver propelling the growth of the commercial satellite launch services market. These satellites, owned and operated by private enterprises, require advanced launch services to enhance their capabilities and execute successful space missions. Companies such as Arianespace SA report substantial revenue increases, underlining the growing importance of commercial satellite launch services in the aerospace sector. Notably, Arianespace SA has experienced a 30% revenue increase over 2020, with a backlog of 36 releases and 22 more scheduled for 2021.
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Major Players and Technological Advancements
Key players in the commercial satellite launch services market, including The Boeing Company, Lockheed Martin Corporation, and Space Exploration Technologies Corporation (SpaceX), are at the forefront of technological advancements. Companies are leveraging innovative products with advanced technologies to fortify their positions. SpinLaunch, a US-based spaceflight technology development company, introduced a sub-orbital accelerator in October 2021, showcasing a unique method of launching spacecraft into orbit using kinetic energy, significantly reducing power consumption.
Market Trends and Leading Regions
Technological advancements are a key trend gaining popularity within the commercial satellite launch service market. Disruptive capabilities, such as the acquisition of The Launch Company by Voyager Space Holdings, illustrate the industry’s commitment to vertical integration and enhanced mission capabilities.
North America led the commercial satellite launch services market in 2022, showcasing the largest regional share. The market segments, including Orbit Type (LEO, MEO, GEO, HEO), Size Type (Large, Medium, Small, Micro), and Application Type (Navigation, Communication, Reconnaissance, Weather Forecasting, Remote Sensing), play pivotal roles in shaping the industry landscape.
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The Commercial Satellite Launch Services Market Report offers comprehensive insights for businesses aiming to scale in this dynamic sector. By providing in-depth analyses of growth potential, drivers, and market trends, the report equips players with the knowledge needed to make informed decisions. As technological advancements continue to shape the industry, companies can leverage the commercial satellite launch services market report to stay ahead, innovate their offerings, and tap into emerging opportunities. By understanding market dynamics and strategically positioning themselves, businesses can thrive in the evolving commercial satellite launch services market.
Commercial Satellite Launch Service Global Market Report 2023 by The Business Research Company provides insights on the commercial satellite launch service market size, commercial satellite launch service market segments, commercial satellite launch service market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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