Carrier Rocket Market

Carrier Rocket Market Statistics 2021-2030:

The global carrier rocket market valued $9,243.2 million in 2020 and is projected to reach $25,429.9 million in 2030, registering a CAGR of 11.9%.

The COVID-19 outbreak has severely impacted the world forcing governments across the globe to impose severe lockdowns and make social distance obligatory to reduce the virus's spread. COVID-19's aggressive spread had a severe influence on the worldwide carrier rocket business in 2020, owing to stringent lockdown measures being implemented throughout the world and the resulting low rate of space launches. The COVID-19 pandemic posed several obstacles for the carrier rocket industry, including disruptions in raw material supply chains, logistical difficulties, and so forth. Carrier rocket manufacturers, on the other hand, had to cut expansion and R&D expenditure to compensate for the space industry's declining revenue and operating performance. However, the increase in commercial space launch by market leaders namely SpaceX, Virgin Galactic, and Blue Origin, among others in 2021 is expected to revive the growth of the carrier rocket market.

Carrier rockets are utilized in the transportation of cargo, satellite, and other payloads into space depending on the requirement of various industries such as telecommunication, space exploration, and defense industries, among others. The carrier rocket market has observed a significant rise in investment from government and commercial organizations owing to the evolution of satellite technology, and the rising need for launch services globally. In addition, rise in the defense budget has enabled governments of various countries to enter into agreements with carrier rocket manufacturers to deploy government defense payloads such as spy satellites into the space.

The global carrier rocket market is projected to expand due to increased innovation, and reduced launch costs and the development of automation technologies during the forecast period. Carrier rocket costs have been reduced by the advancement in rocket technology such as the development of reusable rocket. For instance, in April 2021, SpaceX successfully launched humans into space aboard a reused Falcon 9 rocket. The mission also involved reuse of Dragon spacecraft. Development of reusable rocket technologies have increased the affordability of launch services which further increases the adoption of carrier rockets across the world.

The carrier rocket market is segmented into payload type, payload carrying capacity, range and end user. By payload type, the carrier rocket market is segmented into cargo, satellite, and others. On the basis of payload carrying capacity, the carrier rocket market has been segmented into less than 4 tons, 4 tons to 8 tons, and above 8 tons. By range, the carrier rocket market has been segmented into LEO, MEO, GEO, and others. On the basis of end user, the carrier rocket market is categorized into government and commercial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the carrier rocket market include Antrix Corporation Limited, Arianespace, Cubecab, IHI Corporation, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries, Ltd., Rocket Lab USA and SpaceX 

Increase in demand for small satellites for earth observation services 

Small satellite constellations can provide geometrical and considerably enhanced resolutions enabling analysis and forecast of earth’s environment by gathering Earth Observation (EO) data through optical imaging. Weather forecasting, agriculture, energy, infrastructures, the environment, mapping, military, and natural disaster prevention are a few of the applications of the earth observation missions through small satellites. Technological advancements have aided the development of tiny satellites weighing 1–500 kg. The advancement of cutting-edge commercial off-the-shelf (COTS), synthetic aperture radar (SAR), and hyperspectral imaging technology has made it possible to conduct important earth observation missions in innovative and less expensive methods. The growing need for small earth observation satellites has fuelled the demand for carrier rockets all around the world. For instance, SpaceX's Falcon 9 rocket delivered 88 tiny satellites into polar orbit in June 2021. Small satellites' improved flexibility encourages the use of small satellites for earth observation missions, as well as increasing demand for carrier rocket market in the predicted period.   

Increase in Number of Space Expeditions 

The number of space expedition missions has increased in recent years as launch prices have decreased, technology has improved, and public interest in space exploration has grown. The missions of the space expeditions are mostly focused on human Low-Earth-Orbit missions and unmanned scientific research. In addition, the Space Force, which will be established as a sixth branch of the U.S. military in 2019, as well as increased interest from Russia and China, will boost public-sector investment in the space industry in the coming years. As part of the National Defense Authorization Act for 2020, the U.S. government formed a U.S. Space Command, which includes a Space Operations Force and a Space Development Agency, in December 2019. This development will most certainly benefit the U.S. Defense Department as well as the aerospace and defence sectors, allowing for more focused and faster investment in breakthrough technologies and capabilities. The need for carrier rockets to launch space expedition missions into orbit is on an increase with the rise in space expedition missions. For instance, in June 2020, the Chinese government announced the successful launch of its crewed spacecraft, which would carry three astronauts to the Tianhe core module of the International Space Station for a three-month mission. The Shenzhou-12 spacecraft was launched from the Jiuquan Satellite Launch Centre in northwest China's Gobi Desert using a Long March-2F carrier rocket.

The increase in government initiatives and private investments in space exploration missions majorly drives the carrier rocket market growth during the forecast period. 

High Cost Involved in the Development of Carrier Rocket 

Carrier rockets are a developed using sophisticated technologies and modern materials that are both strong and light, such as aerospace-grade aluminum or titanium. The cost of a carrier rocket is increased by the adoption of advanced technology and modern hardware, which limits carrier rocket development. For instance, Virgin Galactic's successful launch into space in July 2021 was valued $841 million. The spaceship was launched into orbit using Virgin Galactic's passenger rocket aircraft VSS Unity. The hefty expenses of developing a carrier rocket prevent new manufacturers from entering the market.

The high costs related to carrier rocket act as a challenge for the growth of the carrier rocket market over the forecasted timeframe.

Escalating demand for reusable rockets 

The need for cost reduction by prominent rocket manufacturers, as well as a growing worldwide awareness of the need to reduce the CO2 footprint of rocket launches, are driving the development of reusable rockets. The reusable rockets have the ability to launch satellites and transport goods and personnel to space stations, the Moon, and Mars, among other uses. Developed economies are concentrating their efforts on the development of reusable rockets to reduce launch costs and delays. For instance, the U.S. government gave SpaceX permission to launch reused rockets for military missions in June 2021. The approval will help launch military satellites and save the Space and Missiles Systems Center of the United States around $64 million in launch costs. Moreover, to remain competitive in the space launch industry, prominent rocket manufacturers such as Rocket Lab are focusing on the development of reusable carrier rockets. The government's policies and increased attention on reusable rocket research provide an opportunity for the carrier rocket business to flourish. 

COVID-19 Impact Analysis 

• The COVID impact on the carrier rocker market is unpredictable and is expected to remain stunted till the second quarter of 2021. 
• The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to a sudden decrease in demand for carrier rockets across the world. 
• Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
• The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues for the carrier rocket industry globally.

Key Benefits For Stakeholders

• This study presents the analytical depiction of the global carrier rocket market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall carrier rocket market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global carrier rocket market with detailed impact analysis.
• The current carrier rocket market is quantitatively analyzed from 2020 to 2030 to benchmark financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

 Carrier Rocket Market Report Highlights