Small Launch Vehicle Market Size to Reach USD 4,074.4 Million in 2031
The Small Launch Vehicle Market size was USD 1,536.3 Million in 2023 and is expected to register a revenue CAGR of 12.9% during the forecast period
10 December, 2024 – The global Small Launch Vehicle market size reached USD 1,536.3 Million in 2023 and is expected to register a revenue CAGR of 12.9% during the forecast period. Growing demand for environment and weather monitoring applications is a key factor driving market revenue growth.
The ability of satellites to reveal and monitor remote areas, hidden characteristics, and even occurrences that are invisible to the human eye makes them perfect for monitoring the global environment. The following atmospheric phenomena are crucial for weather forecasting, and they offer trustworthy data on them every day of the week. Deforestation lowers biodiversity and contributes significantly to greenhouse gas emissions. The best way to track the global forest cover is with satellites. It is feasible to identify patterns and regions where deforestation takes place thanks to worldwide databases that contain satellite photos from the previous 30 years. Satellites can therefore help the UN Collaborative Programme on Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (UN-REDD) accomplish its goals.
On May 2024, NASA launches a small climate satellite to study earth’s poles. The agency’s PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment) mission consists of two shoebox-sized cube satellites, or CubeSats, that will measure the amount of heat that Earth emits into space from two of the planet’s coldest and most distant places. The PREFIRE mission’s data will help academics better predict how the Earth’s ice, seas, and weather will evolve as the world warms.
However, the revenue growth of small launch vehicle market is facing lack of government or private funding in emerging countries. Despite being affordable compared to traditional satellites, the development still requires funding for R&D, infrastructure, and development. Limited domestic launch facilities in emerging economies often necessitate reliance on international partners, increasing costs and dependency. Lack of established aerospace industries and supply chains make it harder to sustain long-term projects.
Key Highlights:
- Liquid segment is expected to register the largest revenue growth rate over the forecast period. Propellants are kept as liquids in tanks and delivered into the combustion chamber on demand by gas pressurization or a pump in liquid rocket propulsion systems (LRPS), which are now the most used type of spacecraft chemical rocket propulsion. Liquid rocket engines have traditionally used either refractory or very thermally conductive metals in conjunction with some type of propellant cooling. Carbon/ceramic and ceramic/ceramic composites are ideal for usage in exit cones of liquid propellant rocket engines due to their thermomechanical properties. These materials can be utilized, for example, instead of a metallic cone construction with an ablative liner.
- Defense segment is expected to account for a significant revenue share over the forecast period. The Indian government has initiated space sector reforms to encourage, support, regulate, and create opportunities for start-ups and commercial firms to engage in space operations to increase their worldwide market share. The space industry’s importance is demonstrated by its role in enabling services and applications in a variety of industries, including media and entertainment, weather forecasting, disaster management, agriculture, geological and oceanographic studies, navigation, broadband services, and remote sensing. The opening of the space economy to private participation at all stages of the value chain has ushered in a time of industry expansion, innovation, and increased investment.
- North America accounted for largest revenue share in the small launch vehicle market in 2023 driven by investments from government and private companies. On October 2022, Virgin Orbit and the Luxembourg Minister of Defence signed a Letter of Intent that will begin the process towards developing responsive space capabilities inclusive of mobile launch infrastructure that would be based in Luxembourg, but available for NATO partners, and other Allies across the European continent. As part of the agreement, Virgin Orbit, in close coordination with the Luxembourg Directorate of Defence, will assess how a responsive space capability could be based in Luxembourg and optimized for use by NATO and other European allies.
- Some major companies in the market report include Northrop Grumman, Lockheed Martin Corporation, NSIL Corporation Limited, ABL Space Systems, Blue Origin, Arianespace, Boeing, Firefly Aerospace Inc., China Aerospace Science and Technology Corporation (CASC), Rocket Lab USA, IHI Corporation, Spacefleet Ltd., Interorbital Systems Corporation, and Astra Space, Inc.
- On September 2022, China Aerospace Science and Technology Corporation successfully sent a new satellite into space from the Wenchang Spacecraft Launch Site in the southern island province of Hainan on Tuesday. The satellite, Zhongxing-1E, was launched at 9:18 p.m. (Beijing Time) by a modified version of the Long March-7 carrier rocket and entered the planned orbit successfully. It will provide high-quality voice, data, radio and television transmission services.
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Navistrat Analytics has segmented small launch vehicle market based on propulsion type, payload capacity, platform, end-use and region:
- Propulsion Type Outlook (Revenue, USD Million; 2021-2031)
- Solid
- Liquid
- Hybrid
- Electric
- Payload Capacity Module Outlook (Revenue, USD Million; 2021-2031)
- Upto 100 kg
- 101-500 kg
- 501-1000 kg
- More than 1001 kg
- Platform Outlook (Revenue, USD Million; 2021-2031)
- Ground-based Launch Systems
- Airborne Launch Systems
- Sea-based Launch Systems
- End-Use Outlook (Revenue, USD Million; 2021-2031)
- Commercial
- Private satellite operators
- Communication services
- Earth observation data providers
- Government
- Defense agencies
- Space exploration programs
- Weather monitoring agencies
- Commercial
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- Academic & Research Institutions
- Regional Outlook (Revenue, USD Million; 2021-2031)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- NORDIC Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ASEAN Countries
- OCEANIA
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Turkey
- Rest of MEA
- North America