Global Satellite Launch Vehicle Market.
Global Satellite Launch Vehicle Market is expected to reach USD 2,438.1 Million by 2025, expanding at a CAGR of 2.77% during the forecast period.
A satellite launch vehicle is a medium of transport to deploy satellites in the space for research and development, navigation, communication, scientific, meteorology, earth observation, and remote-sensing applications. Satellites are deployed across different orbits, including sun-synchronous orbit (SSO), medium earth orbit (MEO), low earth orbit (LEO), and geosynchronous orbit (GEO). The satellite launch vehicles can carry up to 10 payloads. Satellite launch vehicles are used for commercial and non-commercial activities.
The Global Satellite Launch Vehicle Market has been segmented by orbit, number of payloads, launch activity, and application.
By orbit, the global satellite launch vehicle market has been segmented into Sun-Synchronous Orbit (SSO), Medium Earth Orbit (MEO), Low Earth Orbit (LEO), and Geosynchronous Orbit (GEO). The GEO segment is projected to dominate the market during the forecast period. The segment was valued at USD 1,292.7 million in 2018 and is expected to reach USD 1,493.1 million by 2025. However, the LEO segment is anticipated to record the highest CAGR. The segment is expected to reach USD 470.1 million by 2025, exhibiting the highest CAGR of 4.46% during the forecast period. A low earth orbit is an Earth-centered orbit with an altitude of 2,000 kilometers. Low Earth orbit satellites require the lowest amount of energy for launching. It also provides high bandwidth and low communication latency. The SSO segment is projected to exhibit a CAGR of 3.31% during the forecast period.
Based on number of payloads, the global satellite launch vehicle market has been divided into primary only, 2 to 5, and 6 to 10. The primary only segment led the market with a value of USD 1,315.1 million in 2018 and is expected to reach USD 1,557.0 million by 2025. The satellite launch vehicles that are used for specific space exploration missions or to carry satellites in the medium earth orbit (up to 20,000 km) are considered in this segment. The 2 to 5 segment is expected to register a 3.58% CAGR during the forecast period.
On the basis of launch activity, the global satellite launch vehicle market has been classified into non-commercial and commercial. The non-commercial segment accounted for the larger market share in 2018. However, the commercial segment is expected to register
a higher CAGR of 3.50% during the forecast period. There has been a significant rise in the deployment of satellites for commercial applications globally. This is expected to boost the demand for satellite launch vehicles for commercial applications.
In terms of application, the global satellite launch vehicle market has been categorized into research & development, navigation, communication, scientific, meteorology, earth observation, and remote sensing. The communication segment dominated the market. The segment was valued at USD 912.2 million in 2018. However, the earth observation segment is expected to register the highest CAGR during the forecast period. The segment is projected to register a CAGR of 3.91% during the forecast period. Earth observation is one of the major applications of satellites. They are used to survey national borders, conduct transportation checks, and carry out anti-smuggling operations. Satellites can survey a wide area and take quick and excellent images.
By region, the global satellite launch vehicle market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The market in North America was valued at USD 463.7 million in 2018. The presence of major market players, such as Boeing, Northrop Grumman Corporation, and Lockheed Martin Corporation, is expected to drive the market growth in North America. The regional market is estimated to expand at a CAGR of 3.25% during the forecast period.
Europe dominated the satellite launch vehicle market during the review period. The regional market is expected to reach USD 845.8 million by 2025, expanding at a CAGR of 2.15% during the forecast period. Asia-Pacific is projected to be a key region for the market during the review period. The market in the region is expected to reach USD 492.3 million by 2025, recording a CAGR of 4.07% during the forecast period.
Prominent players in the global satellite launch vehicle market include Boeing (US), Arca Space Corporation (US), Lockheed Martin Corporation (US), Blue Origin (US), Northrop Grumman Corporation (US), Indian Space Research Organization (India), Mitsubishi Heavy Industries, Ltd (Japan), Space Exploration Technologies Corporation (US), Virgin Orbit (US), and Eurockot Launch Services GmbH (Germany).
Other companies profiled in the report are Bristol Airspace (UK), E-Prime Aerospace (US), Kelly Space & Technology, Inc. (US), and Scaled Composites LLC (US).
In December 2019, Lockheed Martin Corporation inaugurated its new office in Chile, Latin America. The development of the new office enabled the company to offer enhanced services to its customers in Latin America.
In October 2018, Boeing invested in Accion Systems Inc., an electric satellite propulsion technology provider. The investment enabled the company to strengthen its satellite launch vehicle product portfolio.
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