According to Allied Market Research, the global space launch services market is anticipated to grow at a significant CAGR from 2019–2026. Increase in government investment in space study activities, surge in demand for Non-Geostationary Satellite Orbit (NGSO) Space Launches, and rising number of satellites launches worldwide drive the growth of the market. On the other hand, exorbitant primary investment related to space launch activities is expected to curb the growth to some extent. Nevertheless, improvement in space launch services through product innovation has created a plethora of prospects for the key players in the industry.
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In a nutshell, the space launch services take in a number of events such as collation, adaptation, loading and gathering, incorporation of payload, and launch. Basically, the space launch systems market came into being after the roll out of Sputnik-1. There are scientists who state this period as the beginning of space age. Afterward, several national programs were initiated to dole out these services. Also, later on, viable machinists and ventures turned out to be the substantial clients for government service providers. Significant increase in the use of launching systems for commercial drives has created a plethora of opportunities for private launch system manufacturers. And, the arrival of private space launch service providers contributed to substantial diminution in the launch, initiating a new chapter for space launch systems and services market.
There is actually no doubt in the fact that the world benefits significantly from space technology. Especially, when it comes to transport network, Earth observation, and financial activity related to government-supported space agendas, the importance of space launch services gets doubled up even more.
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Following are the ways how space technology helps the Earth-
Precise and exact weather forecast empowered by space systems has become a highly important strand in our daily lives. Satellites meant for weather forecast tend to safeguard innumerable lives each year by laying out important weather warnings to public.
Space based Positioning, Navigation, and Timing satellite systems can identify a location anywhere on the Earth’s surface. And, this has perked up sea and land navigation, clarity in agriculture, military functions, electrical operations, commercial as well as personal transportation and several industrial proceedings. Space-based location services inbred in applications on cell phones right from maps to online beauty services have become so entwined with our contemporary life that their sudden termination would be nothing but disastrous.
Market players grabbing the largest pie
- Antrix Corporation Ltd.
- Mitsubishi Heavy Industries
- Space Exploration Technologies Corp (SPACEX)
- AIRBUS S.A.S (Arianespace)
- Safran (Arianespace)
- The Boeing Company (United Launch Alliance)
- Lockheed Martin Corp. (United Launch Alliance)
- State Space Corporation ROSCOSMOS
- ISC Kosmotras
- S7 Space (Sea Launch)
- China Aerospace Science and Technology Corporation
- Northrop Grumman Corp.
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