PUBLISHER: BIS Research | PRODUCT CODE: 1066101
PUBLISHER: BIS Research | PRODUCT CODE: 1066101
“Global Small Launch Vehicle (SLV) Market to Reach $4,624.0 Million by 2032.”
Arianespace, Astra Space, Inc., Galactic Energy (Beijing) Space Technology Co., LTD., China Aerospace Science and Technology Corporation (CASC), IHI Aerospace Co. Ltd., Interorbital System, Israel Aerospace Industries Ltd., Northrop Grumman Corporation, Rocket Lab USA, Inc., ABL Space Systems, Agnikul Cosmos Private Limited, CubeCab, EUROCKOT Launch Services GmbH, Firefly Aerospace Inc., Gilmour Space Technologies, HyImpulse Technologies GmbH, Orbex, PLD Space, Skyroot Aerospace Private Limited, Virgin Orbit.
A small launch vehicle (SLV) refers to a launch vehicle (rocket) that can carry a payload of a maximum of 2,200 Kg to low Earth orbit (LEO) in a single mission, either dedicated or rideshare. Since the middle of the 1950s, small-lift launch vehicles have been in development and operation across the globe.
After 2014, the SLV market witnessed exponential growth due to an increase in the number of SLV manufacturers and launch service providers. The increasing number of satellite constellations for applications such as communication, technology development, Earth observation, and remote sensing is expected to be the major driving factor for SLV market growth.
As of February 2022, there were 17 operational small-lift launch vehicles and 99 small launch vehicles under development.
The global small launch vehicle market is expected to reach $4,624.0 million by 2032, with a CAGR of 13.34% during the forecast period 2022-2032. The use of small satellites for several applications such as Earth observation, communication, and space exploration is expected to drive the growth of the SLV market.
Several programs such as Airborne Launch Assist Space Access (ALASA) are organized for developing an affordable method for launching small satellites. In addition, with rigorous testing of new technologies and research and development work, ALASA is expected to introduce small launch systems to provide more reasonable, routine, and reliable access to space in less than $1 million per launch.
Satellite mass is a prominent market segment. The 501-2,200 Kg satellite mass segment has the highest market share and is estimated to grow over the forecast years due to the rise in the number of small satellite constellations from various key manufacturers such as SpaceX, Amazon, Cloud Constellation, Urthecast, and ISRO.
The land platform has the highest market penetration in the global SLV market during the forecast period 2022-2032. The market growth is due to cost-effective launch and high success rate.
Solid propulsion technology is expected to have the highest market penetration in the global small launch vehicle market during the forecast period 2022-2032. This is due to the high demand for solid propellant rockets, which are much easier to store and handle during launch.
The commercial end user is anticipated to witness huge growth over the forecast period. It had a significant market share in 2021 due to the increasing demand for commercial applications such as remote sensing, Earth observation and navigation, surveillance, and satellite internet. The satellite internet constellation is a major project in this segment.
The pre-launch services segment had a significant market share in 2021 and is estimated to hold significant market share over the forecast period due to an increase in the number of commercial launches per year.
In 2021, the contribution of Asia-Pacific held the highest share of the global small launch vehicle market. The region is anticipated to hold a significant share in the global market by the end of 2032. The majority of the market growth in the Asia-Pacific region is contributed by the market in China owing to the presence of key market players such as China Aerospace Science and Technology Corporation (CASC) and Galactic Energy (Beijing) Space Technology Co., LTD. CASC and Galactic accounted for more than 30 successful SLV launches per year.
The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the small launch vehicle market.
Some key players in the global small launch vehicle (SLV) market include: Arianespace, Astra Space, Inc., Northrop Grumman, Rocket Lab USA, Inc., ABL Space Systems, Blue Origin, Firefly Aerospace Inc., China Aerospace Science and Technology Corporation (CASC), and Interorbital Systems among others.
Note: Detailed information on satellite launches (as per mass category), both historic and forecast (2021-2032) can be accessed in spreadsheet format along with the report at an additional cost. It will cover the details for satellite mass category ranging from 0-50 Kg, 51-200 Kg, 201-600 Kg, 601-1,200 Kg 1,201-1,400 Kg and 1,401 Kg and above