PUBLISHER: BIS Research | PRODUCT CODE: 1147397
PUBLISHER: BIS Research | PRODUCT CODE: 1147397
“Global Medium and Heavy-Lift Launch Vehicle Market to Reach $9.75 Billion by 2032.”
The global medium and heavy-lift launch vehicle market is estimated to reach $9.75 billion in 2032 from $6.45 billion in 2021, at a growth rate of 3.90% during the forecast period 2022-2032. The growth in the global medium and heavy-lift launch vehicle market is expected to be driven by increasing space budgets of countries across the globe. The governments of the U.S., Russia, France, Germany, Italy, China, Japan, South Korea, and India are among the top spenders in the global space sector. In 2021, global government expenditure for space programs was over $92 billion, a 10.7% increase in Y-o-Y from 2020. The U.S. is the highest spender across the globe, followed by China. With an increase in space spending, the spending on launch vehicle manufacturing is expected to rise.
The market demand for launch vehicles is expected to propel over the forecast period 2022-2032, owing to an increase in the number of proposed satellites. Growing demand to form large constellations of communications satellites bringing broadband to everyone, commercial human spaceflight, position navigation and timing, and greater space exploration and monitoring are prominent factors proliferating the global medium and heavy-lift launch vehicle market.
The commercial satellite industry has a long track record of responsible operations in space and counts on a safe environment to undertake ongoing and future space business. Solidifying the participation and support of the commercial industry to ensure the widespread adoption of space safety practices is critical and might reduce the need for unnecessary and often burdensome regulations and is an action that can be taken now.
The ongoing commercial innovations across space debris tracking, fusion and analytics, space data collection, launch vehicle design, and space weather are anticipated to enhance the current space safety regime and ensure that the safety of flight products is comprehensive, timely, accurate, and highly available. Key market players, including established and new entrants, focus on reusable small launch vehicles (SLVs) to reduce cost. For instance, Falcon 9, manufactured and launched by SpaceX, is a partially re-useable, medium-lift launch vehicle that can carry cargo and humans into Earth orbit, even reaching the International Space Station (ISS). As of September 2022, Falcon 9 had the most launches among the medium and heavy-lift launch vehicles in the U.S.
The global medium and heavy-lift launch vehicle market is expected to cater to the growing demand for satellite launches. Government and commercial end users are awarding multi-year contracts with the launch vehicle manufacturers and launch service providers, driving the demand for medium and heavy-lift launch vehicles. New upgraded launch vehicles are replacing older launch vehicles and are securing launch contracts in advance. For instance, the project cost of Ariane 6 is estimated to be about $3.6 billion. The launch cost for Ariane 62 is expected to be $75 million, while the cost for Ariane 64 might soar up to $115 million. In December 2021, VA256, a variant of Ariane 5, launched the James Webb Space Telescope toward the Sun-Earth L2 halo orbit.
North America is a prominent region in terms of medium and heavy-lift launch vehicle manufacturing due to key launch vehicle manufacturers, suppliers, and launch service providers such as SpaceX, United Launch Alliance, and Northrop Grumman Corporation. SpaceX's Falcon Heavy and Delta IV Heavy of the United Launch Alliance (ULA) are the top two heavy lift launch vehicles in the region and also across the globe. ULA will retire the Delta IV Heavy in 2024. In December 2020, for the final five missions (12-16), including modifications, ULA was awarded $2.2 billion or $440 million per launch. Comparatively, the Falcon Heavy launch price is estimated to be between $90 million and $150 million per launch.
Based on end user, the global medium and heavy-lift launch vehicle market is expected to be dominated by the government segment.
Based on subsystem, the global medium and heavy-lift launch vehicle market is dominated by the propulsion segment.
Based on the launch vehicle class, the global medium and heavy-lift launch vehicle market is dominated by the medium lift launch vehicle segment.
Asia-Pacific is the prominent region that is expected to generate considerable revenue from the medium and heavy-lift launch vehicle market.
Following are the drivers for the global medium and heavy-lift launch vehicle market:
Following are the challenges for the global medium and heavy-lift launch vehicle market:
Following are the opportunities for the global medium and heavy-lift launch vehicle market:
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the companies' coverage, product portfolio, and market penetration.
In 2021, the top segment players leading the market included established players providing medium and heavy-lift launch vehicles, which constituted 90% of the presence in the market. Emerging market participants included startup entities that accounted for approximately 10% of the presence in the market.
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