Growing Need for 5G Will Drive Satellite Launch Vehicle Market

NEW YORK - Jan. 31, 2024 - PRLog -- The total value of satellite launch vehicle market was $6,202 million in the past, and will rise at a rate of around 4% in the near future, to reach about $8,518 million by the year 2030. This is mainly because of the rising number of satellites launches for the purposes of communication like earth observation, weather forecasting and military purposes.

The introduction of AI in the development of SLVs is a major industry trend. AI helps in improving the efficiency of the mission by decreasing the downtime, quicken the process of physical detection and diagnosis. Additionally, AI improves the simplifying the assembly and testing of satellite vehicles, and also helps in saving time, cost and enhance the process of manufacturing.

LEO category held the largest revenue share of around 90% in 2021. Satellites operational in LEO provides low-latency networking and faster communication and setting them up is easy, that is why they are perfect for deployment.

Furthermore, heavy investment by private organizations and the governments are done to deploy satellites in LEO.

The commercial category in the launch activity segment, held the biggest market share of more than 80% in the recent past. This can be ascribed to the increasing count of commercial satellite launches, and to contribute to the commercialization of space programs.

Nano and micro SLVs had the largest revenue share, of around 95% in the recent past. The integration of composites to minimize weight of the satellite and the increase in the count of nanosatellites launches will surge the usage nano and micro launch vehicles. As it is very costly to carry small loads in big launch vehicles, these rockets are designed especially for carrying nano and microsatellites.

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Communication applications had the largest revenue share of satellite launch vehicle market of more than $4.3 billion in the recent past. The major factors behind the growth of the industry are, the increasing requirement for satellite connections and 5G in many commercial fields like civilian aircraft, shipping and logistics, and automobiles.

Furthermore, the growing number of internet users and the increase in data volume consumed, and the growing requirement for low-latency transmission is responsible for the growth of this category.

APAC will have the fastest growth in the coming years. This Is because of the increasing launches of satellites in the region for space exploration and communication purposes.

The growing demand from communication services will increase the requirement for satellite launch vehicles around the world in coming years.