Satellite Manufacturing and Launch Vehicle Market Size

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).

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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

Growing demand for satellite services such as communications, navigation, and earth observation is aiding the market growth

Satellite Manufacturing and Launch Vehicle Industry Segmentation Satellite Manufacturing and Launch Industry Segmentation

Communication, Earth Observation, Navigation, Space Observation, Others are covered as segments by Application. 10-100kg, 100-500kg, 500-1000kg, Below 10 Kg, above 1000kg are covered as segments by Satellite Mass. GEO, LEO, MEO are covered as segments by Orbit Class. Heavy, Light, Medium are covered as segments by Launch Vehicle Mtow. Commercial, Military & Government are covered as segments by End User. Propulsion Hardware and Propellant, Satellite Bus & Subsystems, Solar Array & Power Hardware, Structures, Harness & Mechanisms are covered as segments by Satellite Subsystem. Electric, Gas based, Liquid Fuel are covered as segments by Propulsion Tech. Asia-Pacific, Europe, North America are covered as segments by Region.

• 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.