Non-commercial sector led the satellite launch vehicle market 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.
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.
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Increasing number of payloads to accommodate large number of satellites in singular missions to reduce the overall cost is expected to drive the 6 to 10 number of payloads segment through the forecast period. However, owing to significant number of mission critical applications, and probability of large capital losses in the event of mission failure, primary payload segment is expected to retain its dominance through the forecast period.
Speaking of commercial satellites, it is prudent to mention that satellite launch vehicle market from commercial satellites will witness a CAGR of 3% over 2018-2024, owing to the increasing requirements of these satellites in end-use industries such as earth observation, mineral & energy exploration, electronics, military, and telecom. The surge in the number of launchers incorporated with built-in automated navigation systems that are highly beneficial in the event of communication failure will positively influence the satellite launch vehicle industry share from commercial launch activities.
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In terms of the number of orbital satellite missions every year, Asia Pacific dominated the satellite launch vehicle market share in 2017. However, the U.S. satellite launch vehicle market segment is expected to dominate the overall industry share by 2024, owing to the increasing participation of private companies and high number of follow-on missions scheduled in the region.
Major players of satellite launch vehicle market include NASA, SpaceX, Blue Origin, Virgin Orbit, United Launch Alliance, Boeing Space and Communications, E Prime Aerospace, Bristol Spaceplanes, Mitsubishi Heavy Industries, Eurockot, Indian Space Research Organisation (ISRO), Stratolaunch Systems, Kelly Space & Technology, Lockheed Martin, Scaled Composites LLC and Northrop Grumman Corporation.
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Satellite Launch Vehicles (SLV) carry satellites and payloads from earth’s surface to space. Launching an SLV requires high precision, accuracy, power, efficiency and immaculate planning. Most of the SLVs are designed for one-time use however, upcoming advance SLV technologies introduced by companies like SpaceX would offer use of a single SLV multiple times eventually saving millions of dollars’ worth of capital. In essence, the efforts of leading contenders is likely to aid the growth of satellite launch vehicle market, slated to hit $2.4 billion by 2024.