Space Launch Services Market to Reach $30.01 Bn, Globally, by 2026 at 17.2% CAGR: Allied Market Research
- Rise in investment in space exploration activities by governments, surge in satellite launches across the world, and demand for commercial non-geostationary satellite orbit (NGSO) space launches drive the global space launch services market
PORTLAND, Oregon, Oct. 9, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Space Launch Services Market by Payload (Satellite, Human Spaceflight, Cargo, Testing Probes, and Stratollite), Launch Platform (Land, Air, and Sea), Service Type (Pre-Launch and Post-Launch), Launch Vehicle (Small (Less than 300 ton) and Heavy (Above 300 ton)), and End-User (Government & Military and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global space launch services industry generated $8.90 billion in 2018, and is expected to garner $30.01 billion by 2026, witnessing a CAGR of 17.2% from 2019 to 2026.
Prime determinants of the industry
Rise in investment in space exploration activities by governments, surge in satellite launches across the world, and demand for commercial non-geostationary satellite orbit (NGSO) space launches drive the global space launch services market. However, high initial cost of investment and concerns related to interoperability hinder the market growth. On the other hand, space tourism and product innovation to reduce prices of space launch create new opportunities in the industry.
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Satellite segment to offer lucrative opportunities
Based on payload, the satellite segment held the largest market share in the global space launch services market in 2018, contributing for more than half of the total share, and is projected to maintain its dominating position during the forecast period. Moreover, this segment would register the largest growth rate with a CAGR of 17.7% from 2019 to 2026. This is due to surge in commercial usages in communication and earth observation for gathering accurate & relevant data. The research also analyzes human spaceflight, cargo, testing probes, and stratollite.
Government amp; military segment to maintain its dominating position by 2026
Based end user, the government & military segment held more than two-thirds of the total market share of the global space launch services market in 2018, and will maintain its dominating position by 2026. This is due to rise in investments in exploration activities, specifically in probe missions for military applications and human spacecrafts for future deep space exploration programs. On the other hand, the commercial segment is estimated to grow at the highest CAGR of 17.7% from 2019 to 2026.
The U.S. to maintain its dominance during the forecast period
Based on region, the U.S. held the major market share, contributing for nearly two-fifths of the total share of the global space launch services market in 2018, and will maintain its leadership status during the forecast period. This country would grow at the highest CAGR of 18.5% from 2019 to 2026. It is a lucrative segment due to manufacturers opting for business expansion activities and rise in government spending on satellites and space exploration activities.
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Market players grabbing the largest pie
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