Market Size of satellite manufacturing and launch vehicle Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 249.57 Billion |
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Market Size (2029) | USD 401.79 Billion |
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Largest Share by Orbit Class | LEO |
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CAGR (2024 - 2029) | 9.99 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Satellite Manufacturing and Launch Market Analysis
The Satellite Manufacturing and Launch Vehicle Market size is estimated at USD 249.57 billion in 2024, and is expected to reach USD 401.79 billion by 2029, growing at a CAGR of 9.99% during the forecast period (2024-2029).
249.57 Billion
Market Size in 2024 (USD)
401.79 Billion
Market Size in 2029 (USD)
12.76 %
CAGR (2017-2023)
9.99 %
CAGR (2024-2029)
Largest Market by Satellite Mass
65.83 %
value share, 100-500kg, 2022
Minisatellites with expanded capacity for enterprise data (retail and banking), oil, gas, and mining, and governments in developed countries pose high demand. The demand for minisatellites with a LEO is increasing due to their expanded capacity.
Largest Market by Application
78.56 %
value share, Communication, 2022
Governments, space agencies, defense agencies, private defense contractors, and private space industry players are emphasizing the enhancement of the communication network capabilities for various public and military reconnaissance applications.
Largest Market by Orbit Class
72.09 %
value share, LEO, 2022
LEO satellites are increasingly being adopted in modern communication technologies as they play an important role in Earth observation applications.
Largest Market by Propulsion Tech
74.77 %
value share, Gas based, 2022
The adoption of gas based propulsion systems registers a considerable growth rate because of it's cost-effectiveness and reliability. These propulsion systems are also easy for orbital maintenance, maneuvering and attitude control.
Leading Market Player
52.11 %
market share, Space Exploration Technologies Corp., 2022
SpaceX is the leading player in the global satellite launch vehicle market and maintains its market share globally through its Starlink project. The company produces 120 satellites per month.
The LEO Satellites Segment Is Expected To Lead The Market
- A satellite or a spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey based on its intended application. Out of the three orbit types, namely Low Earth Orbit (LEO), Geostationary Orbit (GEO), and Medium Earth Orbit (MEO), LEO appears to be the most widely chosen because of its close proximity to the Earth.
- Many weather and communication satellites tend to have high Earth orbits, which are farthest from the surface. Satellites in medium Earth orbit include navigational and specialized satellites designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
- The different satellites manufactured and launched have different applications. During 2017-2022, of the 56 satellites launched in the MEO orbit, most were built for Navigation/Global Positioning purposes. Most of the 133 satellites in the GEO orbit were deployed for communication and Earth observation purposes. Over 4,025 LEO satellites manufactured and launched in the same period were owned by various countries across the globe.
- The increasing use of satellites in areas such as electronic intelligence, Earth science/meteorology, laser imaging, optical imaging, and meteorology is expected to drive the demand for the development of satellites during the forecast period.
Understand The Key Trends Shaping This Market
Growing demand for satellite services such as communications, navigation, and earth observation is aiding the market growth
- The global satellite manufacturing and launch vehicles market is dynamic and rapidly evolving, which plays a critical role in modern society. The industry is driven by a range of factors, including the growing demand for satellite-based services as well as the increasing accessibility of space to both public and private entities. As a result, the industry has seen significant growth in recent years, with new players entering the market and established companies expanding their capabilities. Some of the leading satellite manufacturers include Airbus Defence and Space, Boeing, Lockheed Martin, and Thales Alenia Space.
- Launch vehicles, which are used to carry satellites into orbit, are also a critical component of the industry. These vehicles range from small rockets designed to launch CubeSats to larger rockets capable of carrying multiple satellites into orbit at once. The leading launch vehicle companies include SpaceX, United Launch Alliance, Arianespace, and Roscosmos.
- The industry is also seeing the emergence of new players, such as small satellite manufacturers and launch vehicle companies, that are leveraging innovative technologies and business models to disrupt the traditional space industry. For example, companies like Rocket Lab and Virgin Orbit use small launch vehicles to provide cost-effective access to space for small satellite operators.
- Overall, the global satellite manufacturing and launch vehicles market is poised for continued growth and innovation as demand for satellite-based services continues to increase and the accessibility of space expands. This industry will continue to play a critical role in shaping the future of modern society, from communication and navigation to environmental monitoring and scientific research.
