DUBLIN--(BUSINESS WIRE)--Nov 16, 2022--
The "Medium and Heavy-Lift Launch Vehicle Market - A Global and Regional Analysis: Focus on End User, Subsystem, Payload, Launch Vehicle Class, and Country - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The global medium and heavy-lift launch vehicle market is estimated to reach $9.75 billion in 2032 from $6.45 billion in 2021, at a growth rate of 3.90% during the forecast period 2022-2032. The growth in the global medium and heavy-lift launch vehicle market is expected to be driven by increasing space budgets of countries across the globe. The governments of the U.S., Russia, France, Germany, Italy, China, Japan, South Korea, and India are among the top spenders in the global space sector. In 2021, global government expenditure for space programs was over $92 billion, a 10.7% increase in Y-o-Y from 2020. The U.S. is the highest spender across the globe, followed by China. With an increase in space spending, the spending on launch vehicle manufacturing is expected to rise.
Market Lifecycle Stage
The market demand for launch vehicles is expected to propel over the forecast period 2022-2032, owing to an increase in the number of proposed satellites. Growing demand to form large constellations of communications satellites bringing broadband to everyone, commercial human spaceflight, position navigation and timing, and greater space exploration and monitoring are prominent factors proliferating the global medium and heavy-lift launch vehicle market.
The commercial satellite industry has a long track record of responsible operations in space and counts on a safe environment to undertake ongoing and future space business. Solidifying the participation and support of the commercial industry to ensure the widespread adoption of space safety practices is critical and might reduce the need for unnecessary and often burdensome regulations and is an action that can be taken now.
The ongoing commercial innovations across space debris tracking, fusion and analytics, space data collection, launch vehicle design, and space weather are anticipated to enhance the current space safety regime and ensure that the safety of flight products is comprehensive, timely, accurate, and highly available. Key market players, including established and new entrants, focus on reusable small launch vehicles (SLVs) to reduce cost. For instance, Falcon 9, manufactured and launched by SpaceX, is a partially re-useable, medium-lift launch vehicle that can carry cargo and humans into Earth orbit, even reaching the International Space Station (ISS). As of September 2022, Falcon 9 had the most launches among the medium and heavy-lift launch vehicles in the U.S.
Market Segmentation
Segmentation 1: by End User
Based on end user, the global medium and heavy-lift launch vehicle market is expected to be dominated by the government segment.
Segmentation 2: by Subsystem
Based on subsystem, the global medium and heavy-lift launch vehicle market is dominated by the propulsion segment.
Segmentation 3: by Launch Vehicle Class
Based on the launch vehicle class, the global medium and heavy-lift launch vehicle market is dominated by the medium lift launch vehicle segment.
Segmentation 4: by Payload
Segmentation 5: by Region
Asia-Pacific is the prominent region that is expected to generate considerable revenue from the medium and heavy-lift launch vehicle market.
Demand - Drivers and Limitations
The following are the drivers for the global medium and heavy-lift launch vehicle market:
Following are the challenges for the global medium and heavy-lift launch vehicle market:
Following are the opportunities for the global medium and heavy-lift launch vehicle market:
Key Market Players
Key Topics Covered:
1 Markets
2 Application
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
7 Growth Opportunities and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/8hw6eb
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/16/2022 12:24 PM/DISC: 11/16/2022 12:24 PM
http://www.businesswire.com/news/home/20221116005858/en