CHICAGO, March 24, 2023 /PRNewswire/ -- The Satellite launch vehicle market is estimated to be USD 15.7 billion in 2022 and is projected to reach USD 29.1 billion by 2027, at a CAGR of 13.1% during the forecast period according to a new report by MarketsandMarkets. Increasing space tourism, small satellite constellations, reusable launch vehicles are driving the growth of the satellite launch vehicle market.
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Based on Payload, the <500 Kg segment is expected to grow at the highest CAGR during the forecast period.
Satellite payloads less than 500 KG are generally classified as small satellites. Small satellites are low-weight and compact satellites primarily employed for remote sensing, Earth observation, and communication purposes. These satellites usually weigh less than 500 kg. Small satellites are also used for in-orbit inspection of larger satellites. The growth of <500 Kg segment can be attributed to the increasing rise in number of small satellite constellations.
Based on Vehicle, the Small (< 350,000 Kg) segment is projected to grow at the highest CAGR during the forecast period.
Small (< 350,000 Kg) segment is projected to grow at the highest CAGR in the satellite launch vehicle market. The growth of this segment is attributed to the due to more targeted payload delivery: Small launch vehicles can deliver payloads to very specific orbits or trajectories, which can be important for certain scientific or commercial applications. They can also provide access to orbital regimes that are not easily reached by larger rockets.
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Based on region, the Asia Pacific segment is lead the market during the forecast period.
The Asia Pacific region is expected to lead the Satellite launch vehicle market in 2022. China and India are one of the major global players present in the Asia Pacific, which invests heavily in the development of launch vehicle technologies. Smaller Asian countries are expanding their space programs, purchasing or establishing SATCOM services, and exploiting the CubeSat revolution to build Earth observation satellites. Asian countries, such as Indonesia and Singapore use these developments to garner influence and clients for their launch vehicles.
Major players operating in the Satellite launch vehicle market include SpaceX (US), United Launch Alliance, LLC (US), Northrop Grumman Corporation (US), and Blue Origin (US), Mitsubishi Heavy Industries (Japan) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and Asia Pacific.
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