Business Management June 25, 2018
Reusable Satellite Launch Vehicle Market Global Industry Review 2018 To 2023
Global Reusable Satellite Launch Vehicle Market Report Information by Configuration (Single Stage, Multiple Stage), by Type (Partially Reusable, Fully Reusable), Vehicle Weight (Up to 4,000lbs, 4000-9000lbs, Over 9000lbs), & by Region - Forecast Till 2023
A Reusable Satellite Launch Vehicle (RSLV) refers to a vehicle which can be used for several missions. Ideally, it takes off vertically on the back of an expendable rocket and then glides back down like an airplane. Small wings assist in changing the direction of the moving vehicle during landing. The main advantage of an RSLV is that it can be used multiple times with low repair and maintenance costs. A successful RSLV would undoubtedly cut down mission costs and make space travel more accessible.
The satellite industry has witnessed substantial growth in the recent years with the launch of several satellites. With the rapid advances in technologies, there have been many significant innovations and modifications across various industries worldwide.
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The RSLV market has been segmented on the basis of configuration, type, vehicle weight, and region. On the basis of type, the market has been segmented by partially reusable and fully reusable. As of 2017, the partially reusable satellite launch vehicles segment dominated the global market and is expected to hold its position throughout the forecast period. The growth of partially reusable market segment will continue at a moderate growth as the investments associated with the launch of these vehicles is quite low as compared to the fully reusable segment.
RSLV is also being developed to bring down the costs associated with the development and launch of satellites. Therefore, the key driver of this market is the reduction in satellite launch costs. RSLV helps in minimizing the manufacturing time, initial cost, and servicing costs of the vehicle. One of the key trends that will gain momentum in the global market is the rising adoption of reusable technology by the military forces. Recently, in May 2018, China started working on their reusable rocket, which is expected to be launched in 2021. Similarly, in May 2017, Boeing had signed a contract with the U.S. Defense Advanced Research Projects Agency (DARPA) to develop the Experimental Spaceplane (XS-1) program.
On the basis of region, North America dominated the market in 2017 and is expected to continue its dominance throughout the forecast period. Countries such as the U.S., Canada, Brazil, and Mexico have advanced infrastructures and are increasingly involved in various space-based programs. With space centers, such as NASA and SpaceX, in the U.S. are increasingly focusing on multiple satellite launch missions to meet the growing demand of satellites. Moreover, the demand for RSLV is estimated to witness considerable growth in the North American region, during the forecast period, and this can be primarily attributed to the growing focus on multiple satellite launch missions. However, the Asia Pacific region is also estimated to witness rapid growth during the forecast period. The rising defense budgets in countries, such as China and India, are also fueling the market growth in this region. In Europe, the satellite sector has undergone several transformations over the years. The aerospace and satellite industry is witnessing continuous advancements that involve the development and usage of RSLV. Countries such as France, Germany, Russia, and the U.K, along with the European Space Agency (ESA) are making significant efforts towards the growth of the European satellite market by capitalizing heavily in new launch technologies to gear up the market growth.
The reusable satellite launch vehicle market is estimated to witness a CAGR of more than 12% during the forecast period from 2018 to 2023.
The key players in the reusable satellite launch vehicle market are Airbus S.A.S (Netherlands), Boeing (U.S.), Bellatrix Aerospace Private Limited (India), Bigelow Aerospace (U.S.), Lockheed Martin Corporation (U.S.), Masten Space Systems (U.S.), Space Exploration Technologies Corp. (U.S.), Sierra Nevada Corporation (U.S.), and Virgin Galactic (U.S.).
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