Commercial Satellite Launches and Technological Innovations Drive SLV Market Expansion

According to the latest market research study published by P&S Intelligence, the global satellite launch vehicle market is poised for steady expansion, with its value expected to grow from USD 6,901.8 million in 2024 to USD 8,517.9 million by 2030, advancing at a CAGR of 3.6%. The market’s growth is driven by the escalating frequency of satellite launches for communication, earth observation, weather forecasting, and defense applications. These rising activities reflect the intensifying global demand for advanced connectivity, surveillance, and remote sensing capabilities.

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One of the most transformative trends fueling this momentum is the emergence of reusable launch vehicles. These are revolutionizing space accessibility by drastically cutting costs and ensuring more reliable and on-demand launch operations. Furthermore, as governments and private entities continue to explore cost-effective and sustainable launch solutions, this shift toward reusable technology is gaining rapid traction across the globe.

Key Insights

• The low earth orbit (LEO) segment holds the largest share of the market in 2024, with about 50% of the revenue. It is also the fastest-growing category, driven by the high deployment rate of LEO satellites for faster communications and low-latency networking.
• The geostationary orbit (GEO) category follows LEO in revenue share, with GEO satellites offering superior capabilities for telecommunication and long-term observation functions.
• Commercial launch activities account for a dominant 75% share of the market in 2024 and are projected to grow at a CAGR of 4.0%, due to the rising commercialization of space-based services like satellite navigation, television, and imagery.
• Nano and micro payloads (0–200 kg) represent the largest and fastest-growing payload segment in 2024. This surge is attributed to the increasing production of nanosatellites and efforts to minimize costs using lightweight composite materials.
• Among applications, the communication sector leads the market in 2024, owing to the demand for 5G-enabled satellite connectivity across industries such as automotive, aviation, and logistics.
• Earth observation and remote sensing is the fastest-growing application segment, expected to expand at a CAGR of 4.2%, driven by needs for accurate weather forecasts, environmental monitoring, and military surveillance.
• Single-use/expendable launch vehicles continue to dominate in 2024 with a 60% share, due to their longstanding industry presence. However, reusable rockets are gaining ground rapidly, offering a cost-efficient alternative amid competitive pressures.
• Multistage rockets hold the lion’s share and are the fastest-growing by stage type, credited to their capability to launch heavier payloads and place satellites in higher orbits efficiently.
• North America remains the leading regional market in 2024, accounting for approximately 45% of the global revenue. The U.S. leads with its robust ecosystem of space technology players, including SpaceX, NASA, and Lockheed Martin.
• The Asia-Pacific region is projected to register the fastest growth, at a CAGR of 4.6%, driven by increasing satellite launches, defense modernization, and 5G development in India, China, and Japan.
• The satellite launch vehicle market is consolidated, with key players such as SpaceX, Blue Origin, NASA, ISRO, JAXA, and ESA dominating due to high barriers to entry and capital-intensive technology requirements.
• Noteworthy developments include SpaceX’s August 2024 launch of 23 Starlink satellites using Falcon 9, Blue Origin’s unveiling of the multi-mission Blue Ring spacecraft, and Mitsubishi’s agreement with JAXA and the UKSA to advance in-orbit telemetry solutions using the H3 launch vehicle.