Space Launch Service Market Could Exceed $30 Billion by 2026

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, July 9, 2020 /PRNewswire/ -- The space race is no longer a race of nation against nation. Today former adversaries now are collaborators… and international companies of all stripes are also major players in the game. A report from Fortune Business Insights said that The global Space Launch Services Market size (which was worth USD $11.36 billion in 2018) is projected to reach USD $31.35 billion by 2026, thereby exhibiting a CAGR of 13.73% during the forecast period. The market is set to gain momentum from the rising number of deep space exploration and human spacecraft projects. Another report from Mordor Intelligence agrees that the spacecraft market will grow, saying that: "The global race among the countries for space exploration and an increase in spending in the space sector are expected to be the key driving factors for the market, during the forecast period (2025).  The leading countries in space exploration, like the United States and Russia, despite their competitive rivalry, are coming together in the space sector, for venturing new space projects. This may support the growth of the spacecraft market, during the forecast period.  Active tech companies in the markets this week include FLIR Systems, Inc. (NASDAQ: FLIR), Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) AeroVironment, Inc. (NASDAQ: AVAV), Northrop Grumman Corporation (NYSE: NOC), L3Harris Technologies, Inc. (NYSE: LHX).

The Mordor report added: "Growing technological advancements in spacecraft technologies and the efforts for the miniaturization of the spacecraft components are likely to provide growth opportunities for the market in the future.  The unmanned spacecraft segment is expected to have the highest market share during the forecast period… Unmanned missions are now frequently being planned onto the Moon and Mars… Although a few countries in the world can go to as far as Mars, many countries are trying to explore the Moon. Moreover, the launch of new satellites into the orbits may drive the market for unmanned spacecraft in the future. Additionally, research is being done to infuse AI technologies in developing the spacecraft."