Carrier Rocket Market Outlook
According to the report by Expert Market Research (EMR), the global carrier rocket market price is projected to grow at a CAGR of 9.0% between 2023 and 2028. Aided by the growing interest in space exploration and the burgeoning commercialisation of space activities, the market is expected to grow significantly by 2028.
Carrier rockets, also known as launch vehicles, are pivotal tools in space exploration. They are used to transport payloads such as satellites, scientific instruments, or spacecraft from Earth’s surface into outer space. The performance, reliability, and efficiency of these rockets are of paramount importance, as they determine the success of space missions.
The global carrier rocket market growth is being driven by the increasing interest in space exploration from both governmental and private entities. Governments worldwide are investing heavily in space programs for national security, scientific research, and technological advancement. Similarly, the private sector is emerging as a significant player in space exploration, driven by companies like SpaceX, Blue Origin, and Rocket Lab.
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Moreover, the rising trend of commercialisation of space activities is fuelling the carrier rocket market expansion. The proliferation of communication and observation satellites necessitates frequent and reliable launches, thereby driving the demand for carrier rockets. The burgeoning space tourism sector also adds to this demand, as companies seek reliable and efficient launch vehicles for human spaceflight missions.
The expanding applications of satellites in various sectors, including telecommunications, meteorology, earth observation, and navigation, are further accelerating the carrier rocket market demand. As the demand for these satellite services increases, so does the need for reliable carrier rockets to launch these satellites into their respective orbits.
In addition to this, the market is witnessing considerable growth owing to advancements in rocket technology. Innovations such as reusable rockets and electric propulsion systems are revolutionising the market. These advancements not only reduce launch costs but also increase the frequency and reliability of launches, thereby boosting the carrier rocket market development.
The emergence of small satellite technology is another critical factor contributing to the market’s expansion. These lightweight, cost-effective satellites are gaining popularity in various sectors, leading to an increase in small satellite launches and consequently driving the carrier rocket market demand.
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Carrier Rocket Market Segmentation
The market can be divided based on payload type, payload carrying capacity, range, end use, and region.
Market Breakup by Payload Type
Market Breakup by Payload Carrying Capacity
- Less than 4 Tons
- 4 Tons to 8 Tons
- Above 8 Tons
Market Breakup by Range
Market Breakup by End Use
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global carrier rocket companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Galactic Energy
- Antrix Corporation Ltd.
- IHI Corporation
- Lockheed Martin Corporation
- Northrop Grumman
- Israel Aerospace Industries
- Rocket Lab USA, Inc.
- Space Exploration Technologies Corp. (SpaceX)
- Blue Origin Enterprises, L.P.
- Mitsubishi Heavy Industries, Ltd.
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