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Satellite Launch Vehicle (SLV) Market | Industry Developments, Outlook, Current Trends by 2024

Author : Rahul Varpe | Published Date : 2020-08-25 

Increasing frequency of satellite launches for scientific, R&D, navigation and communication applications will drive the industry share. The technological revolution in satellite design, and launch will reduce the overall costs, thereby fueling the satellite launch vehicle market from 2018 to 2024. For instance, in 2017, China Aerospace Science and Technological Corporation (CASC), a state-owned manufacturer and developer of launch vehicles, announced its readiness to provide economical and faster low earth orbit launches.

Growing success of piggyback launches and development of small satellites capable of performing critical missions will offer substantial opportunities over the forecast timeline. It enables the low-cost launches and rideshare which in turn will favor the commercial and non-commercial sectors.

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India and China are utilizing satellite launch services as a strategy to secure their geopolitical and economic interests. This will enhance the competitiveness and foster growth as their space organizations strive to establish collaborations and long-term agreements on future commercial and non-commercial launches. However, accommodating small payloads along with adequate launching solutions such as optimal price, launch calendar, orbital parameter and reliability for the commercial sector is a major challenge hindering satellite launch vehicle market growth.

GEO orbit dominated the market revenue accounting for over USD 1.3 billion in 2017. It does not require reorientation after the launch and follow a specified path and distance from earth. These are extensively used in homeland security, environmental data and intensive observation data analysis. It offers low-cost communication, reliable transmission and low maintenance as compared to other satellites.

Primary payload held the major share accounting for over 61% of the overall market in 2017. Increasing satellite launches for specific missions in scientific research, observation and tactical intelligence will fuel segment growth. Moreover, the development of new launch sites and initiatives by the emerging nations to expand their space programs will positively influence the business growth.

Non-commercial sector led the market share owing to its extensive usage in military, scientific and government operations. The rising utilization of remote sensing applications for navigation, communication and intelligence gathering by scientific and military organizations are the key factors driving the segment growth.

Communications were the largest application for satellite launching vehicles contributing over 40% volume share in 2017. Increasing focus by the communication sector to improve data bandwidth and high-speed connectivity are the major factors driving the business growth. Furthermore, the rising utilization of IoT, smart devices, and wireless technology will necessitate the launch of satellites for communication-based applications.

Asia Pacific accounted for over 37% of the market share in 2017. Increasing focus on establishing indigenous space research programs and integration of modern communicative technologies in critical fields such as military, science and government services will drive the regional growth.

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Prominent players in the satellite launch vehicle market include Boeing Space & Communication, E Prime Aerospace, Lockheed Martin, SpaceX, Virgin Galactic, ISRO, Mitsubishi Heavy Industries, ARCA Space, Kelly Space & Technology and Blue Origin. Joint ventures, partnerships and long-term agreements with Government and private organizations for launch and testing are the key strategies adopted by these players to strengthen their market presence.

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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