Commercial satellite launch service market size will expand at more than 10% CAGR from 2023 to 2032, due to the increasing demand for satellite-based services, including communication, navigation, earth observation, and space exploration. The emergence of commercial space companies, such as SpaceX and Blue Origin, is making way for competition, innovations, and cost-efficiency to the launch service sector, further opening new doors for market expansion.
The rising advancements in rocket technology, reusability, and reduced launch costs have made access to space more affordable. The increasing deployment of small satellites and mega-constellations will also propel the market growth. For instance, in June 2023, a Delta 4 Heavy rocket of the United Launch Alliance (ULA) launched the NROL-68 mission for the National Reconnaissance Office for delivering top-tier services in the commercial satellite launch sector.
The overall commercial satellite launch service market is categorized based on orbit, payload, application, and region.
Based on orbit, the industry value from the medium earth orbit (MEO) segment is projected to rise at substantial CAGR by 2032. This is due to the rising demand for global internet coverage, reduced latency, and increased capacity provided by MEO satellites.
The above 2500 kg payload segment is estimated to account for sizeable revenue share of the commercial satellite launch service industry during the projected timeline. The expansion of global broadband and space exploration initiatives will drive the segment growth.
Based on application, the market share from remote sensing is expected to increase commendably by 2032. The growth can be attributed to the rising demand for satellite launch services in earth observation data to cater to the agriculture, environmental monitoring, disaster management, and defense sectors.
Regionally, the Asia Pacific commercial satellite launch services industry is set to witness significant CAGR through 2032, owing to the expanding demand for telecommunications, broadcasting, and earth observation satellites in the region. Furthermore, the rising government initiatives for bolstering space exploration and the presence of competitive launch sector with cost-effective solutions will drive the regional market.