Asia-Pacific Satellite Launch Vehicle Market Size
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 1.94 Billion |
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Market Size (2029) | USD 5.13 Billion |
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Largest Share by Orbit Class | GEO |
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CAGR (2024 - 2029) | 21.47 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Satellite Launch Vehicle Market Analysis
The Asia-Pacific Satellite Launch Vehicle Market size is estimated at USD 1.94 billion in 2024, and is expected to reach USD 5.13 billion by 2029, growing at a CAGR of 21.47% during the forecast period (2024-2029).
1.94 Billion
Market Size in 2024 (USD)
5.13 Billion
Market Size in 2029 (USD)
-0.03 %
CAGR (2017-2023)
21.47 %
CAGR (2024-2029)
Largest Market by Launch Vehicle MTOW
51.11 %
value share, Medium, 2022
The demand for medium launch vehicles is fueled by the granting of multi-year contracts by government and commercial end users to launch vehicle manufacturers and launch service providers.
Fastest-Growing Market by Orbit class
25.96 %
Projected CAGR, LEO, 2023-2029
Government initiatives pertaining to LEO satellites and their numerous uses, such as communications, Earth observation, navigation, and military surveillance, will aid in the growth of LEO satellites.
Largest Market by Orbit Class
53.59 %
value share, GEO, 2022
The increasing demand from governments for military applications is one of the major factors driving the demand for GEO satellites.
Leading Market Player
87.98 %
market share, China Aerospace Science and Technology Corporation (CASC), 2022
China Aerospace Science and Technology Corporation (CASC) is the largest player in the market. It offers a diverse range of launch vehicles and adopts a competitive pricing strategy to attract customers globally.
Second Leading Market Player
10.88 %
market share, Indian Space Research Organisation (ISRO), 2022
ISRO is a major constituent of the Department of Space (DOS), Government of India. It's satellite products and services are being used by Central Government, State Governments, Quasi Governmental Organisations, NGOs and the private sector, therefore enabling to occupy a second largest share in the market.
The demand for orbital launch systems in Asia-Pacific is driven by LEO satellites
- In Asia-Pacific, the demand for LEO-based orbital launch systems has been on the rise. Countries such as China, India, Japan, South Korea, Australia, and Taiwan have been actively developing and utilizing orbital launch systems to deploy satellites into LEO for various applications. For instance, China's Long March series of rockets, India's PSLV and GSLV, Japan's H-IIA and H3 rockets, and South Korea's Korea Space Launch Vehicle-II (KSLV-II) have been used to launch satellites for Earth observation, remote sensing, weather monitoring, and communication purposes in LEO.
- MEO is well-suited for applications such as GNSS and satellite-based communications. In the region, China's Long March 3B and Long March 3B/G2 are some of the launch systems being developed or utilized by countries in the region to deploy satellites into MEO. These satellites provide services such as satellite-based navigation systems like the BeiDou Navigation Satellite System (BDS) developed by China, communication services for remote and rural areas, maritime and aviation industries, and disaster management.
- GEO is ideal for applications such as telecommunications, broadcasting, and meteorological observations, as satellites in GEO appear to be stationary relative to Earth. China's Long March 3B/G2, India's GSLV Mk III, Japan's H3, and South Korea's KSLV-II are some launch systems utilized for launching satellites into GEO for telecommunications, broadcasting, and meteorological observation purposes. Overall, the market is expected to grow in the coming years by 219% in 2029 compared to 2023.
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China's satellite industry is expected to witness significant growth
- Asia-Pacific has emerged as a leading market for satellites in recent years. This market is projected to grow rapidly, driven by increasing demand for Earth observation, communication, and scientific research.
- China is stepping up to become a dominant space power. Hence, in October 2020, the country unveiled its ambitious moon mission slated for 2024 and beyond. On this note, China planned to launch a mission to collect samples from the far side of the moon by the end of 2020.
- The Indian Space Research Organisation (ISRO) is working on its Small Satellite Launch Vehicle (SSLV). The SSLV is a three-stage launch platform powered entirely by solid fuel, with a lift-off mass of 120 metric tons and capable of lifting 500 kg to LEO and 300 kg to the sun-synchronous orbit. The first static fire test of SS1 conducted in March 2021 was unsuccessful. The first demonstration flight was expected to take place in October 2021.
- NewSpace India Limited, a newly formed commercial arm of the Indian space agency, is tasked with enabling the Indian industry to scale up high-technology manufacturing and production base for Indian space efforts. It will be involved in the manufacture of SSLV in collaboration with the private sector.
- South Korea's space program has seen slow progress as other countries are reluctant to transfer core technologies. In February 2021, the Ministry of Science and ICT announced a space budget of USD 553.1 million for manufacturing satellites, rockets, and other key space equipment. Such initiatives will drive the demand for launch vehicles in Asia-Pacific during the forecast period.
Asia-Pacific Satellite Launch Vehicle Market Trends
Growing demand and competition in the Asia-Pacific launch vehicle market
- Asia-Pacific has witnessed significant growth in the space industry in recent years, with a number of companies emerging as major players in the development and deployment of launch vehicles. CASC developed 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 across the world. Russia's Roscosmos State Corporation is responsible for the development of the Soyuz and Proton rockets, which have been used to launch a range of satellites and crewed missions to space. During 2017-2022, the Soyuz rocket launched approximately 611 satellites into space for various satellite operators across the world.
- The Japan Aerospace Exploration Agency (JAXA) has developed a number of launch vehicles, including the H-IIA and H-IIB rockets. During 2017-2022, JAXA's H-IIA rockets launched approximately 25 satellites into space for various satellite operators across the world. India's ISRO is playing a key role in the development of the country's launch vehicles. ISRO has developed a range of launch vehicles, including the PSLV and the GSLV, which have been used to launch a range of satellites. During 2017-2022, ISRO's rockets launched approximately 171 satellites into space for various satellite operators across the world. In addition to these established players, there are also a number of emerging companies, such as Rocket Lab, which is based in New Zealand and has developed the Electron rocket. During 2017-2022, the Electron rocket launched approximately 87 satellites into space for various satellite operators globally.
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Increased spending by China, India, Japan, and South Korea is driving the market's growth
- The demand for satellite launch vehicles is driven by projects such as manufacturing and launching a national satellite internet constellation of up to 13,000 satellites. China SatNet has been engaging with commercial companies as it develops a blueprint for constructing the Guowang constellation. Hence, several space agencies in the region are developing space launch vehicle technologies. In February 2023, the Indian government announced that ISRO is expected to receive USD 2 billion for various space-related activities. Under the outlay on major schemes, a partial split up of the budget of INR 9441 crore has been allocated for space technology (including launch activity, R&D on rockets, engines, satellites, etc.). In March 2021, Japan announced that it expended USD 4.14 billion for space-related activities. The country mentioned that it had allocated JPY 18.9 billion for the H3 rocket development. In January 2020, JAXA mentioned that JPY 3.6 billion was allocated to fund the research and development of core engine technologies that significantly improve fuel consumption and reduce environmental burden, as well as the research and development of the silent supersonic airplane and emission-free aircraft (electric-powered propulsion systems).
- In March 2023, South Korea announced that it would spend USD 674 million on space programs to expand its domestic space industry, develop a next-generation launch vehicle, and bolster space defense capabilities. Approximately USD 113.6 million will be expended on developing a next-generation carrier rocket, the KSLV-2. The new rocket KSLV-3, expected to debut in 2030, is designed to be a kerosene and liquid oxygen-fueled two-stage vehicle.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The demand for satellite miniaturization is the growth driver in Asia-Pacific
Asia-Pacific Satellite Launch Vehicle Industry Overview
The Asia-Pacific Satellite Launch Vehicle Market is fairly consolidated, with the top five companies occupying 100%. The major players in this market are China Aerospace Science and Technology Corporation (CASC), Indian Space Research Organisation (ISRO), Mitsubishi Heavy Industries, Rocket Lab USA, Inc. and The Boeing Company (sorted alphabetically).
Asia-Pacific Satellite Launch Vehicle Market Leaders
China Aerospace Science and Technology Corporation (CASC)
Indian Space Research Organisation (ISRO)
Mitsubishi Heavy Industries
Rocket Lab USA, Inc.
The Boeing Company
Other important companies include Ariane Group, Blue Origin, Space Exploration Technologies Corp..
*Disclaimer: Major Players sorted in alphabetical order.
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Asia-Pacific Satellite Launch Vehicle Market News
- April 2022: The Long March 3B rocket lifted off from the Xichang launch base with the Chinasat 6D, or Zhongxing 6D, communications satellite.
- March 2022: CASC's Long March 8 rocket delivered 22 small satellites into orbit, hauling payloads to space for Earth observation, maritime surveillance, communications, and technology demonstration missions.
- February 2022: An Indian radar satellite and two rideshare payloads were launched into orbit on ISRO's Polar Satellite Launch Vehicle.
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Asia-Pacific Satellite Launch Vehicle Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Satellite Miniaturization
- 4.2 Owner Of Launch Vehicle
- 4.3 Spending On Space Programs
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4.4 Regulatory Framework
- 4.4.1 Australia
- 4.4.2 Japan
- 4.4.3 Singapore
- 4.5 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Orbit Class
- 5.1.1 GEO
- 5.1.2 LEO
- 5.1.3 MEO
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5.2 Launch Vehicle Mtow
- 5.2.1 Heavy
- 5.2.2 Light
- 5.2.3 Medium
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5.3 Country
- 5.3.1 China
- 5.3.2 India
- 5.3.3 New Zealand
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 Ariane Group
- 6.4.2 Blue Origin
- 6.4.3 China Aerospace Science and Technology Corporation (CASC)
- 6.4.4 Indian Space Research Organisation (ISRO)
- 6.4.5 Mitsubishi Heavy Industries
- 6.4.6 Rocket Lab USA, Inc.
- 6.4.7 Space Exploration Technologies Corp.
- 6.4.8 The Boeing Company
7. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter's Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- MINIATURE SATELLITES (BELOW 10KG), NUMBER OF LAUNCHES, ASIA-PACIFIC, 2017 - 2022
- Figure 2:
- SPENDING ON SPACE PROGRAMS BY REGION, USD, ASIA-PACIFIC, 2017 - 2022
- Figure 3:
- ASIA-PACIFIC SATELLITE LAUNCH VEHICLE MARKET, VALUE, USD, 2017 - 2029
- Figure 4:
- VALUE OF LAUNCH VEHICLE MARKET BY ORBIT CLASS, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 5:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY ORBIT CLASS, %, ASIA-PACIFIC, 2017 VS 2023 VS 2029
- Figure 6:
- VALUE OF GEO MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 7:
- VALUE OF LEO MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 8:
- VALUE OF MEO MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 9:
- VALUE OF LAUNCH VEHICLE MARKET BY LAUNCH VEHICLE MTOW, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 10:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY LAUNCH VEHICLE MTOW, %, ASIA-PACIFIC, 2017 VS 2023 VS 2029
- Figure 11:
- VALUE OF HEAVY MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 12:
- VALUE OF LIGHT MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 13:
- VALUE OF MEDIUM MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 14:
- VALUE OF LAUNCH VEHICLE MARKET BY COUNTRY, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 15:
- VALUE SHARE OF LAUNCH VEHICLE MARKET BY COUNTRY, %, ASIA-PACIFIC, 2017 VS 2023 VS 2029
- Figure 16:
- VALUE OF LAUNCH VEHICLE MARKET, USD, CHINA, 2017 - 2029
- Figure 17:
- VALUE OF LAUNCH VEHICLE MARKET, USD, INDIA, 2017 - 2029
- Figure 18:
- VALUE OF LAUNCH VEHICLE MARKET, USD, NEW ZEALAND, 2017 - 2029
- Figure 19:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, ASIA-PACIFIC SATELLITE LAUNCH VEHICLE MARKET, ASIA-PACIFIC, 2017 - 2029
- Figure 20:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, ASIA-PACIFIC SATELLITE LAUNCH VEHICLE MARKET, ASIA-PACIFIC, 2017 - 2029
- Figure 21:
- MARKET SHARE OF ASIA-PACIFIC SATELLITE LAUNCH VEHICLE MARKET, %, ASIA-PACIFIC, 2022
Asia-Pacific Satellite Launch Vehicle Industry Segmentation
GEO, LEO, MEO are covered as segments by Orbit Class. Heavy, Light, Medium are covered as segments by Launch Vehicle Mtow. China, India, New Zealand are covered as segments by Country.
- In Asia-Pacific, the demand for LEO-based orbital launch systems has been on the rise. Countries such as China, India, Japan, South Korea, Australia, and Taiwan have been actively developing and utilizing orbital launch systems to deploy satellites into LEO for various applications. For instance, China's Long March series of rockets, India's PSLV and GSLV, Japan's H-IIA and H3 rockets, and South Korea's Korea Space Launch Vehicle-II (KSLV-II) have been used to launch satellites for Earth observation, remote sensing, weather monitoring, and communication purposes in LEO.
- MEO is well-suited for applications such as GNSS and satellite-based communications. In the region, China's Long March 3B and Long March 3B/G2 are some of the launch systems being developed or utilized by countries in the region to deploy satellites into MEO. These satellites provide services such as satellite-based navigation systems like the BeiDou Navigation Satellite System (BDS) developed by China, communication services for remote and rural areas, maritime and aviation industries, and disaster management.
- GEO is ideal for applications such as telecommunications, broadcasting, and meteorological observations, as satellites in GEO appear to be stationary relative to Earth. China's Long March 3B/G2, India's GSLV Mk III, Japan's H3, and South Korea's KSLV-II are some launch systems utilized for launching satellites into GEO for telecommunications, broadcasting, and meteorological observation purposes. Overall, the market is expected to grow in the coming years by 219% in 2029 compared to 2023.
| Orbit Class | GEO |
| LEO | |
| MEO | |
| Launch Vehicle Mtow | Heavy |
| Light | |
| Medium | |
| Country | China |
| India | |
| New Zealand |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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