Market Trends of satellite manufacturing and launch vehicle Industry
Growing Demand and Competition in the Global Launch Vehicle Market
- North America has been a pioneer in space exploration, with many successful space missions over the years. SpaceX is a leading aerospace company that manufactures and launches advanced reusable rockets and spacecraft. It is currently the leading provider of launch services in the region, with its launch vehicles including Falcon-9, Falcon Heavy, and Starship. During 2017-2022, SpaceX's rockets launched approximately 2,744 satellites into orbit.
- In Europe, companies such as ArianeGroup are developing the Ariane Next rockets, which involves a reusable first stage for the Ariane rocket. Russia's Roscosmos is another key player in the industry, with a long history of developing and deploying launch vehicles. The company is responsible for the development of the Soyuz and Proton rockets, which have been used to launch a range of satellites into space. During 2017-2022, the Soyuz rocket launched approximately 611 satellites into space for various satellite operators globally.
- In Asia-Pacific, CASC is responsible for the development and deployment of a range of launch vehicles, including the Long March series, which has become one of the most reliable launch vehicles in the world. During 2017-2022, CASC's Long March rocket launched approximately 372 satellites into space for various satellite operators globally. During 2017-2022, JAXA launched approximately 25 satellites into space for satellite operators globally using its H-IIA and H-IIB rockets. India's space program has also seen significant growth in recent years, with the ISRO playing a key role in the development of the country's launch vehicles. During 2017-2022, ISRO's rockets launched approximately 171 satellites into space for various satellite operators globally.
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Increasing Investment Opportunities in the Global Satellite Manufacturing Market
- In North America, government expenditure for space programs hit a record of approximately 103 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space in the world. In terms of funds allocated for launch vehicle development, under the FY 2023 president's budget request summary from FY 2022 to FY 2027, NASA is expected to receive USD 13.8 billion.
- In November 2022, ESA announced that it notified its 22 nations to back a budget of some EUR 18.5 billion for 2023-2025. Germany, France, and Italy are the major contributors. Developed at a cost of under USD 3.9 billion and set for an inaugural launch in July 2020, the project has been hit by a series of delays. In November 2022, the governments of France, Germany, and Italy announced that they signed an agreement on "the future of launcher exploitation in Europe" to enhance the competitiveness of European vehicles while ensuring independent European access to space.
- In February 2023, the Indian government announced that ISRO was expected to receive USD 2 billion for various space-related activities while INR 9,441 crore was allocated for launch activity and R&D on rockets, engines, satellites, etc., under the outlay on major schemes. In March 2021, Japan announced that it had spent USD 4.14 billion on space-related activities. In March 2023, South Korea announced that approximately USD 113.6 million was allotted to develop a next-generation carrier rocket, the KSLV-2.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rising Demand for Satellite Miniaturization Globally
- Small Satellites Poised to Create Demand in the Market
