Small Satellite Segment to Dominate Global Launch System Payload Market through 2024
Growing demand for satellites in various applications and increasing investments in satellite launch industry to drive global launch system payload market through 2024
According to TechSci Research report, “Global Launch System Payload Market By Class, By Orbit, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global launch system payload market is expected to grow at impressive rate on account of growing demand for positioning satellites in space as they enable services such as environmental monitoring, communication and navigation, among others. Launch systems are rockets that help to place payloads in or outside earth orbit. Earlier, the market was consolidated by government agencies, however, with the increasing application of satellites in various applications, many private players are surfacing in the launch system payload market which is anticipated to steer growth in the market through 2024.
Global launch system payload market can be segmented based on class, orbit and end user. In terms of class, the market can be segmented into small satellite, medium satellite, large satellite and others. Satellites used for monitoring Earth’s surface to obtain crucial information are responsible for the growth of the small satellite segment (Under 500 Kg), which is majorly used for this purpose. Among orbits, low earth orbit (LEO) registered the highest adoption over the last few years, and the trend is likely to continue during forecast period as well as due to the increase in spaceflights to deliver cargo to international space station (ISS).
Arianespace, Blue Origin, China Aerospace Science and Technology, Eurockot Launch Services, International Launch Services, Interorbital Systems, ISC Kosmotras, United Launch Alliance, Virgin Orbit, SpaceX, Northrop Grumman Corporation, Rocket Lab USA, Inc., Mitsubishi Heavy Industries Ltd., Lockheed Martin Corporation, etc., are some of the leading players operating in global launch system payload market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is the leading region in global launch system payload market and the region is expected to grow at brisk rate during forecast period as well owing to surge in demand for launch services for satellites, space probes, among others. Moreover, increasing investments in space probe missions and presence of leading players in the region is further boosting global launch system payload market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Launch System Payload Market By Class, By Orbit, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global launch system payload market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global launch system payload market.
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