Satellite Launch Vehicle Market revenue to cross USD 8 Bn by 2027: Global Market Insights Inc.

SELBYVILLE, Del., Jan. 18, 2022 /PRNewswire/ -- The Satellite Launch Vehicle (SLV) Market size is anticipated to record a valuation of USD 8 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the development in space navigation technologies and rising SLV startups across the globe. Increasing government focus on deep space exploration activities is increasing the adoption of satellite launch vehicles, thereby contributing to the market expansion.

The global satellite launch vehicle market was negatively impacted by the end of 2019 due to the COVID-19 pandemic. To curb virus transmission, various governments imposed strict lockdown in 2020. Lockdowns led to the temporary suspension of manufacturing facilities and R&D centers. Additionally, component import & export for rockets were disturbed attributed to restrictions on international travel and logistics services. Owing to this, SLV manufacturers experienced a significant decline in market demand. However, the post-pandemic market is poised to witness steady growth credited to government initiatives on boosting innovations in the space sector.

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Increasing remote detecting application development and interplanetary missions are driving the Europe satellite launch vehicle market value. European countries are investing in R&D to improve the capability of their SLVs to reduce their dependency on other regions. For instance, in July 2021, the Government of France announced to develop reusable rockets in collaboration with Ariane Group to assist ESA in various space missions. Ariane Group will develop the small-lift reusable rocket, Maia by 2026.

Key players operating in the market include Northrop Grumman Corporation, The Boeing Company, Arianespace SA, Arca Space Corporation, Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corp.(SpaceX), National Aeronautics and Space Administration, Lockheed Martin Corporation, Kelly Space and Technology Inc., Virgin Galactica, ISIS - Innovative Solutions In Space B.V., GeoOptics, Inc., and ArianeGroup SAS. Industry leaders are adopting various marketing and business strategies to stay competitive in this consolidated market.

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Some major findings in the satellite launch vehicle market report include:

• The availability of established companies and their significant investments in R&D activities are fostering the industry growth in North America. Government initiatives on strengthening space exploration capabilities and the new lunar mission planning will further fuel the industry expansion.
• Rising satellite dispatch vehicle startups and frequent launches of satellites to the Earth's orbit to strengthen communications are propelling SLV sales in APAC. Additionally, market participants are adopting various business strategies to attract government-backed space organizations to secure high-value contracts that will contribute to industry progression.
• Increasing satellite launches for Earth and space observation activities are creating market value opportunities in Europe. Market leaders focus on innovating new SLVs with a high payload capacity and low fuel consumption will improve the industry statistics.
• Several governments such as India, Russia, China, and the U.S. are focusing on launching separate space stations in the coming years.

Table of Contents (ToC) of the report:

Chapter 3 Satellite Launch Vehicle Market Insights

3.1  Industry segmentation

3.2  Impact of COVID-19 onindustry landscape

3.2.1  Global outlook

3.2.2  Regional impact

3.2.2.1  North America

3.2.2.2  Europe

3.2.2.3  Asia Pacific

3.2.2.4  Rest of the World

3.2.3  Industry value chain

3.2.3.1  Research & development

3.2.3.2  Manufacturing

3.2.3.3  Marketing

3.2.3.4  Supply

3.2.4  Competitive landscape

3.2.4.1  Strategy

3.2.4.2  Distribution network

3.2.4.3  Business growth

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SOURCE Global Market Insights Inc.