The satellite launch vehicle (SLV) market is expected to register considerable gains by 2027 owing to booming private space industry in key regions across the globe.
Surging focus on space exploration and the booming small satellites sector has augmented market development in recent years. Production of small satellites by manufacturing companies is increasing due to their lower development costs, compact and innovative design, and shorter development time, which incentivizes frequent satellite missions. Moreover, rising investments in the space industry have driven product uptake.
Notably, industry players have been engaging in lucrative strategies to monetize emerging trends in the market, which has favorably influenced the overall business scenario. For instance, in November 2020, Raytheon Technologies, a U.S.-based aerospace & defense company, announced the acquisition of Blue Canyon Technologies, a major provider of turnkey small satellite solutions. The deal enabled Raytheon Technologies to deliver enhanced solutions to customers by strengthening its expertise in small satellite solutions and technologies.
The satellite launch vehicle (SLV) market has been segmented based on application, orbit, launch activity, payload, and region. In terms of orbit, the market has further been divided SSO, GEO, LEO, and MEO. The MEO sub-segment is set to witness robust growth over the review period owing to surging demand for MEO satellite launch to establish effective data transmission network.
From the payload perspective, the satellite launch vehicle (SLV) market has been segregated into below 500 KG, between 501 to 2,500 KG, and above 2,500 KG. The between 501 to 2,500 KG sub-segment is slated to progress at a CAGR of approximately 7% through the forecast timeline on account of mounting demand for payload carrying in lunar missions.
With respect to launch activity, the market has been categorized into non commercial and commercial. The satellite launch vehicle (SLV) market from the non commercial sub-segment is speculated to showcase a solid growth rate through the assessment timeframe. Increasing government focus on improving the accuracy of weather forecasting and internet facilities is estimated to boost product adoption over 2021-2027.
Based on application, the satellite launch vehicle (SLV) market has been classified into navigation, communication, space science and observation, earth observation and science, and technology development and demonstration. The navigation sub-segment is foreseen to develop at a sturdy pace through the analysis period. Soaring requirement for enhanced navigation systems for military purposes is set to promote product uptake in navigational applications in the forthcoming years.
From the regional point of view, apart from Europe, North America, and Asia Pacifica, the ROW satellite launch vehicle (SLV) market is poised to observe substantial growth over the projected timeline. Growing presence of SLV manufacturers and supportive government initiatives to strengthen the space sector are likely to propel industry uptake around the world.