Small Launch Vehicle Market is Projected to Reach At A CAGR of 12.9% from 2022 to 2030
According to the Market Statsville Group (MSG), the global small launch vehicle market size is expected to grow from USD 1,053.6 million in 2021 to USD 3,139.9 million by 2030, at a CAGR of 12.9% from 2022 to 2030. A small launch vehicle (SLV) is used to place payloads into different orbits that are made up of lightweight satellites or payloads. The rapid deployment of tiny and microsatellites into low earth orbit (LEO) for various commercial, academic, and military uses has boosted the demand for specialized SLV launches. In addition, over the next ten years, the worldwide SLV market is anticipated to benefit from the growing use of advanced manufacturing techniques to produce lightweight components and reusable launch vehicles and the decline in overall launch costs across major global sites.
In the coming years, the need for small satellite applications in various verticals such as government, industrial, and the military is likely to fuel the growth of the small launch vehicle market. Furthermore, rising demand for small satellite constellations for satellite applications such as communication, navigation, and planet observation drives the small launch vehicles market. Furthermore, as demand for small satellite constellations grows and significant space organizations boost their efforts in building SLVs, the SLV market is expected to expand rapidly. However, the high cost of launching small launch vehicles is projected to limit market growth throughout the forecast period..
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COVID-19 Impact on the Global Small Launch Vehicle Market
COVID-19 can directly impact production and demand, cause supply chain and market disruption, and have a financial impact on firms and financial markets. The sudden outbreak of the COVID-19 pandemic had resulted in the implementation of stringent lockdown regulations across several nations, causing disruptions in import and export activities of Small Launch Vehicle and had a negative impact on the Small Launch Vehicle Market as industrial production was interrupted, supply was hindered global lockdown forced people to stay in, and government funding for rocket manufacturing and small vehicle launch application was reduced as the government focused on vaccination. Economic downturns were among the causes that contributed to low market growth during the pandemic.
Global Small Launch Vehicle Market Dynamics
Drivers: Utilisation of small satellites for several applications
The utilization of small satellites for wide applications such as Earth observation, communication, and space exploration is likely to propel the SLV industry forward. Several programs, like Airborne Launch Assist Space Access (ALASA), are being developed to produce a low-cost way of launching tiny satellites. ALASA is also projected to provide compact launch systems with thorough testing of new technologies and research and development activities to enable more reasonable, regular, and dependable access to space for less than $1 million each launch.
Restraints: High cost of launching SLVs
SLVs differ from conventional heavy launch vehicles primarily in terms of vehicle performance, deciding how much payload the vehicle can deliver to a given orbit, and launching cost. With scarcity of SLVs on the market, a lack of specialized launch sites, and high ground operating costs, the cost of launching SLVs is now higher than that of conventional launch vehicles, limiting the market growth.
Opportunities: Increasing Orbital Launch Vehicle Development Driven by Growing Adoption of Orbital Launches for Small Satellites
Weather forecasting, surveillance, Earth observation, navigation, communication, and meteorology are all applications for small satellites. Moreover, human space exploration and the construction of new space stations have recently necessitated a high frequency of launches. As a result, academia and the scientific community are becoming increasingly interested in building and constructing small launch vehicles (SLVs) capable of multiple launches and delivering tiny satellites into various orbits at a low cost.
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Scope of the Global Small Launch Vehicle Market
The study categorizes the small launch vehicle market based on payload range, platform type, propellant type, and end user at regional and global levels.
By Payload Range Outlook (Sales, USD Million, 2017-2030)
- <20 kg
- 21-150 kg
- 151-500 kg
- 501-1200 kg
- 1,201-2,200 kg
By Platform Type Outlook (Sales, USD Million, 2017-2030)
- Land
- Air
- Sea
- Balloon
By Propellant Type Outlook (Sales, USD Million, 2017-2030)
- Solid
- Liquid
- Hybrid
By End User Outlook (Sales, USD Million, 2017-2030)
- Defense
- Commercial
- Government
- Academic
- Non-Profit Organizations
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
501-2,200 Kg satellite mass segment accounts for the largest market share by payload range
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Based on the payload range, the small launch vehicle market is divided into <20 kg, 21-150 kg, 151-500 kg, 501-1200 kg, 1,201-2,200 kg. The 501-2,200 Kg satellite mass segment has the largest market share and is expected to grow over the forecast years due to the increased number of small satellite constellations from key manufacturers such as SpaceX, Amazon, and Cloud Constellation, Urthecast, and ISRO.
Asia Pacific accounts for the highest CAGR during the forecast period by Region
Based on the regions, the global small launch vehicle market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is expected to grow the global small launch vehicle market at the highest CAGR during the forecast period. The market in China accounts for the bulk of market growth in the Asia-Pacific region due to the presence of established industry players such as China Aerospace Science and Technology Corporation (CASC) and Galactic Energy (Beijing) Space Technology Co., LTD. CASC and Galactic were responsible for over 30 successful SLV launches per year. As a result, such market trends are likely to assist the Asia Pacific in dominating the overall market.
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Key Market Players in the Global Small Launch Vehicle Market
The global small launch vehicle market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global small launch vehicle market are:
- Arianespace
- Astra Space, Inc.
- Galactic Energy (Beijing) Space Technology Co., LTD.
- China Aerospace Science and Technology Corporation (CASC)
- IHI Aerospace Co. Ltd.
- Interorbital System
- Israel Aerospace Industries Ltd.
- Northrop Grumman Corporation
- Rocket Lab USA, Inc.
- ABL Space Systems
- Agnikul Cosmos Private Limited
- CubeCab
- EUROCKOT Launch Services GmbH
- Firefly Aerospace Inc.
- Gilmour Space Technologies
- HyImpulse Technologies GmbH
- Orbex
- PLD Space
- Skyroot Aerospace Private Limited
- Virgin Orbit
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