Global Commercial Satellite Launch Service Market Poised for Growth, Expected to Reach $10.13 Billion by 2028

LONDON, GREATER LONDON , UK, July 2, 2024 /EINPresswire.com/ -- The commercial satellite launch service market size has grown strongly in recent years. It is projected to grow from $7.2 billion in 2023 to $7.76 billion in 2024, at a compound annual growth rate (CAGR) of 7.8%. The growth during the historic period can be attributed to increased demand for satellite constellations, a rise in communication satellite deployments, expanding remote sensing and earth observation activities, the emergence of a small satellite market, and global growth in space economy and commercialization.

The commercial satellite launch service market is expected to see strong growth in the next few years, reaching $10.13 billion by 2028 at a CAGR of 6.9%. The forecast period's growth can be attributed to the continued expansion of satellite broadband services, the surge in demand for on-demand launch services, growth in the space tourism industry, rapid deployment of next-generation satellites, and the rise of small launch service providers.

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Increasing Demand for Commercial Satellites Drives Market Growth
Increasing demand for commercial satellites is expected to propel the growth of the commercial satellite launch service market going forward. Commercial satellites, owned and operated by private enterprises or commercial organizations, rely on launch services to improve their capabilities and ensure successful space missions. These services include pre-launch and post-launch services such as management, integration, logistics, cargo, and telemetry support.

For instance, Arianespace SA, a France-based aerospace company, reported revenues surpassing 1.25 billion euros ($1.36 billion), a 30% increase over 2020, with a backlog of 36 releases and 22 more scheduled for 2021. Additionally, according to The Conversation, around 114 launches in 2020 sent 1,300 satellites into space, a number expected to rise in the upcoming years. Therefore, the increasing demand for commercial satellites drives the commercial satellite launch service market.

Commercial Satellite Launch Service Market Key Players and Market Trends
Major companies operating in the commercial satellite launch service market include The Boeing Company, Lockheed Martin Corporation, Mitsubishi Heavy Industries Ltd., Northrop Grumman Space Systems Group, Space Exploration Technologies Corporation, Orbital ATK, Antrix Corporation Limited, National Aeronautics and Space Administration, United Launch Alliance, Relativity Space Inc., Firefly Aerospace, Sea Launch, ABL Space Systems, Rocket Factory Augsburg AG, Exodus Space Corp., Virgin Orbit, OneSpace Solutions Inc., Ariane Group, HyImpulse Technologies GmbH, International Launch Services (ILS), GK Launch Services, LinkSpace, Eurockot Launch Service GmbH, Commercial Space Technologies Ltd. (CST), Virgin Galactic, Stofiel Aerospace, Payload Aerospace S.L., CAS Space, COSMOS International, and Indian Space Research Organization.

These companies focus on developing reusable rockets to increase profitability. For example, in December 2023, LandSpace Technology, a China-based rocket startup, developed the Zhuque-2 Y-3. It successfully launched three satellites into orbit using a methane-powered rocket, highlighting methane as a cost-effective and environmentally friendly rocket fuel.

Commercial Satellite Launch Service Market Segments:
• Orbit Type: Low-Earth orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), Highly Elliptical Orbit (HEO)
• Size Type: Large, Medium, Small, Micro
• Application Type: Navigation, Communication, Reconnaissance, Weather Forecasting, Remote Sensing

Geographical Insights: North America Leading the Market
North America was the largest region in the commercial satellite launch service market in 2023. The regions covered in the commercial satellite launch service market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Commercial Satellite Launch Service Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Commercial Satellite Launch Service Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on commercial satellite launch service market size, commercial satellite launch service market drivers and trends, commercial satellite launch service market major players, competitors' revenues, market positioning, and market growth across geographies. The commercial satellite launch service market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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