The global reusable launch vehicle market size is predicted to hit USD 3.68 billion by 2029 and exhibit a CAGR of 10.51% during the forecast period. The rising space exploration programs and soaring government investments are projected to boost the market expansion. Fortune Business InsightsTMhas presented this information in its report titled, “Reusable Launch Vehicle, 2022-2029”. The market size stood at USD 1.39 billion in 2021 and USD 1.83 billion in 2022.
Further, the escalating adoption of high density and specific liquid propellants is anticipated to favor the market expansion in the forthcoming years.
The space industry was heavily affected by the unparalleled havoc wreaked by the coronavirus pandemic. Lockdowns and curfews led to the postponement or suspension of several satellite launches. Small and medium-sized enterprises suffered a major setback from the coronavirus pandemic. However, prominent companies such as ISRO, SpaceX, and others are redesigning their production structures of satellites and launch vehicles. This is likely to invigorate the market growth in the coming years.
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List of Key Market Players-
- ArianeGroup (France)
- Blue Origin LLC (U.S.)
- Lockheed Martin Corporation (U.S.)
- National Aeronautics and Space Administration (NASA) (U.S.)
- Rocket Labs USA (U.S.)
- Space Exploration Technologies Corp. (SpaceX) (U.S.)
- The Boeing Company (U.S.)
- The Spaceship Company (U.S.)
- United Launch Alliance (ULA) (U. S.)
- European Space Agency (France)
- Indian Space Research Organisation (India)
- Israel Space Agency (Israel)
- Italian Space Agency (Italy)
Partially Reusable Type Segment to Witness Rapid Growth
On the basis of type, the market is bifurcated into fully reusable launch vehicle and partially reusable launch vehicle. The partially reusable launch vehicle segment is predicted to witness rapid growth due to high payload capacities and high strength to weight ratio.
Low Earth Orbit Segment to Gain Immense Growth Due to High Product Adoption
On the basis of orbit type, the market is segmented into Geosynchronous Transfer Orbit (GTO) and Low Earth Orbit (LEO). Increasing deployment of broadband satellites in LEO by major companies, such as SpaceX Starlink and others, is expected to fuel the segment’s. growth.
Upto 6,000 lbs Segment to Dominate Due to Mounting Demand for Small Satellites
On the basis of vehicle weight, the market is trifurcated into over 10,000 lbs, 6,000 to 10,000 lbs, and upto 6,000 lbs. The rising demand for small satellites for navigation, earth observation, and telecommunication applications is predicted to favor the segment’s growth.
Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
- It includes a detailed description and analysis of various segments of the market.
- It highlights the latest key industry developments.
- It includes a detailed analysis of the coronavirus pandemic.
- It assimilates the crucial drivers and restraints of the market’s expansion.
- It highlights the market’s growth analyzed and forecasted across various geographies.
Drivers & Restraints-
Rising Space Exploration Programs to Amplify Market Expansion
Space exploration programs have experienced immense popularization and major countries have asserted dominance by exhibiting their space capabilities. The rising research and development activities amplify the global reusable launch vehicle market growth. The expanding space budgets and government expenditure further stimulate growth in the market. Increasing partnerships and collaborations between international space institutions for investments and technology integration are anticipated to bolster the market expansion in the coming years. Further, the surging adoption of high density and specific liquid propellants for secure and efficient launches is likely to be a key trend stimulating market growth.
However, high carbon emissions from space launches may impede the market expansion during the forecast period.
High Budget Allocations to Boost Growth in North America
North America is anticipated to bestride the global reusable launch vehicle market share. The high budget allocations for space exploration programs are predicted to foster growth in North America. Moreover, the key players’ presence, including SpaceX, Masten Space Systems, Blue Origin, United Launch Alliance, and Busek Co. is expected to complement market expansion in the region.
Asia Pacific is projected to garner substantial growth in the global market. An uptick in space programs and launch capabilities across South Korea, India, China, and others is expected to flourish in growth in Asia Pacific.
Europe is predicted to garner considerable growth in the coming years. The growing technological advancements and rising contracts by the European Space Agency are anticipated to magnify market expansion in Europe.
The rest of the world is likely to attain moderate growth due to the rising demand for developments in space technology. Additionally, the increasing government expenditure is expected to complement the region’s market growth.
Major Players Adopt Ingenious Strategies to Amplify their Global Presence
The major players operating in the market emphasize extensive research and development activities to develop modern reusable launch vehicles in the market. The major market players adopt ingenious strategies, including contracts, acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, in September 2021, SpaceX received a contract to launch satellites for monitoring wildfires and volcanic eruptions.
Key Industry Development-
- December 2021: United Launch Alliance signed a contract with Maynard Inc. to supply parts for its Atlas V rocket.