Rise in investment in space exploration activities by governments, surge in satellite launches across the world, and demand for commercial non-geostationary satellite orbit (NGSO) space launches drive the global space launch services market. However, high initial cost of investment and concerns related to interoperability hinder the market growth. On the other hand, space tourism and product innovation to reduce prices of space launch create new opportunities in the industry.
The rise in space exploration missions and investments in space research have generated the demands for space launch services in recent years. Surge in satellite launches across the globe for military and government applications is a crucial factor driving the growth of the space launch services market. Increased participation of the developing nations is expected to fuel the demand for launch services in the coming years.
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The global space launch services market is forecasted to grow in the study period on account of increased space exploration missions and increased deployment of small satellites. Investments by venture companies and the government are further expected to contribute to market growth. However, the lack of measures for disposable of orbital debris may affect the growth of the space launch services market during the forecast period. Nevertheless, technological up-gradation in the industry and low cost of spacecraft launching will offer significant opportunities for the key players operating in the space launch services market in the coming years.
Satellite segment to offer lucrative opportunities
The global space launch services market is segmented on the basis of type, launch platform, launch vehicle size, and end user. Based on type, the market is segmented as pre-launch services and post launch services. By launch platform, the market is classified into land, air, and sea. On the basis of the launch vehicle size, the market is segmented as small lift launch vehicles and medium-to-heavy lift launch vehicles.
Government & military segment to maintain its dominating position by 2027
The report aims to provide an overview of space launch services market with detailed market segmentation by type, launch platform, launch vehicle size, end user, and geography. The global space launch services market is expected to witness high growth during the forecast period.
Market players grabbing the largest pie