Small Launch Vehicle Market: Segmented: By Satellite Mass (0-500 Kg, 501-2, 200 Kg), By End User (Academic, Commercial, Government, Military and Defense, Non-Profit Organization), By Platform Type (Land, Air, Sea, Balloon), By Propulsion Type (Solid, Liquid, Hybrid), By Service Type (Pre-Launch Service, Post-Launch Service), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Small Launch Vehicle Market to surpass USD 7.5 billion by 2031 from USD 1 billion in 2021 at a CAGR of 22.5% in the coming years, i.e., 2021-31.
Small launch vehicle (SLV) is a launch vehicle that is capable of lifting up to 2200kg of payload into low Earth orbit. They are mainly developed and designed for launching small satellites into orbit. With modern technological advancements, satellites have become smaller in size and it becomes very expensive to launch small satellites on heavyweight rockets. Thus, small launch vehicles are more economical and it can support multiple orbital drop-offs.
The major factor driving the growth of the Small Launch Vehicle Market is the rising number of satellite constellations for applications like satellite internet, remote sensing, surveillance, Earth observation, and navigation. Further, rising usage of Commercial Off-The-Shelf (COTS) components will also boost the market growth.
501-2,200 Kg segment to grow with the highest CAGR during 2021-31
Based on satellite mass, Small Launch Vehicle market is classified into 0-500 Kg, and 501-2,200 Kg. During the forecast period, 501-2,200 Kg segment is expected to grow with the highest CAGR. The growth is attributed to the increasing number of small satellite constellations from major manufacturers like Amazon Cloud Constellation, ISRO, Urthecast, and SpaceX.
Commercial segment to grow with the highest CAGR during 2021-31
Small Launch Vehicle is fragmented on the basis of end-user into Academic, Commercial, Government, Military and Defense, and Non-Profit Organizations. During the forecast period, Commercial segment is projected to grow with the highest CAGR. The growth is attributed to the rising demand for commercial purposes like satellite internet, remote sensing, surveillance, Earth observation and navigation.
Increase in demand for Small Satellites and Constellations in low Earth orbit
Low Earth orbit is relatively close to the Earth’s surface. Low Earth orbit satellites are used for Earth or space observations and are also used for satellite communications. Due to the lower orbit, less powerful launchers are required and thus the launch cost can be minimized and proximity of satellite to the ground enables minimal time delay in communication. Rising demand for small satellite and constellations is therefore driving the growth of the Small Launch Vehicle market.
Rising usage of Commercial Off-The-Shelf (COTS) Components
Commercial Off-The-Shelf (COTS) are products that are ready-made and can be purchased in the commercial market. During system development, use of commercial off-the-shelf items an provides huge opportunities for efficiencies as it reduces development time, allows faster application of new technology and it has lower life-cycle costs as it uses readily available and up-to-date components. Further growing cooperation among space agencies for space missions is also contributing to the growth of Small Launch Vehicle market.
High cost of Small Launch Vehicle
The factor restraining the market growth of the Small Launch Vehicle is the high cost associated with the SLV. Further, unavailability of efficient and reliable micro-propulsion systems is hampering the growth of Small Launch Vehicle market.
Small Launch Vehicle market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region is projected to hold the largest market share during the forecast period. The growth is attributed to the presence of major players in China such as Galactic Energy (Beijing) Space Technology Co., LTD and China Aerospace Science and Technology Corporation.
The global outbreak of COVID-19 pandemic has significantly impacted the world economy in many ways. Due to the strict imposition of lockdown in many countries, there was a huge disruption in the production and consumption of goods and services. The global supply chains were severely affected during the pandemic. It has had a negative impact on the Small Launch Vehicles due to delay in launches because of COVID-19.
Small Launch Vehicle is further segmented by region into:
Small Launch Vehicle Segments:
|Market size value in 2021||USD 1 billion|
|Revenue forecast in 2031||USD 7.5 billion|
|Growth Rate||CAGR of 22.5% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Satellite Mass, End user, Platform Type, Propulsion Type, Service Type and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Arianespace SA, Blue Origin LLC, China Aerospace Science and Technology Corporation, IHI AEROSPACE Co. Ltd., Interorbital Systems Corporation (IOS), Israel Aerospace Industries Ltd. (IAI), Lockheed Martin Corporation, Northrop Grumman Corporation, Spacefleet Ltd., SpaceX (Space Exploration Technologies Corporation), The Boeing Company, and Other Prominent Players.|
Small Launch Vehicle market size was estimated at USD 1 billion in 2021 and is expected to reach USD 7.5 billion in 2031.
Small launch vehicle (SLV) is a launch vehicle that is capable of lifting upto 2200kg of payload into low Earth orbit. They are mainly developed and designed for launching small satellites into the orbit.
501-2,200 Kg, Commercial, Land, Solid and Pre-Launch Service segment accounted for the largest Small Launch Vehicle market share.
Key players in the Small Launch Vehicle market include Arianespace SA, Blue Origin LLC, China Aerospace Science and Technology Corporation, IHI AEROSPACE Co. Ltd., Interorbital Systems Corporation (IOS), Israel Aerospace Industries Ltd. (IAI), Lockheed Martin Corporation, Northrop Grumman Corporation, Spacefleet Ltd., SpaceX (Space Exploration Technologies Corporation), The Boeing Company, and Other Prominent Players.
Increase in demand for Small Satellites and Constellations in low Earth orbit and Rising usage of Commercial Off-The-Shelf (COTS) Components are the factors driving the Small Launch Vehicle market.
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