US Reusable Launch Vehicle Market to See High Demand in Upcoming Year by 2027
The US reusable launch vehicle market size is projected to reach USD 1,634.9 million by the end of 2027. The increasing demand for low-cost satellite programs will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “The U.S. Reusable Launch Vehicle Market Size, Share & Industry Analysis, By Type (Partially Reusable, Fully Reusable), By Stage (Single Stage and Multi Multi-Stage), By Orbit Type (Low Earth Orbit (LEO), and Geosynchronous Transfer Orbit (GTO)), and Country Forecast, 2020-2027,” the market was worth USD 482.4 million in 2019 and will exhibit a CAGR of 14.77% during the forecast period 2020-2027.
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A reusable launch vehicle (RLV) is a type of vehicle that can help a satellite or payload lift off into space. The vehicle makes use of several modern concepts and its ultimate aim is to reduce the massive costs that are incurred for launching satellites. The RLV has the ability to recover and re-use all components of the system. Recent advances in RLV by private as well as government space organizations such as NASA will have a massive impact on the growth of the US reusable launch vehicle market in the coming years. The presence of several large scale companies in this market, coupled with the increasing adoption of reusable vehicles by companies such as Tesla (SpaceX), will bode well for the growth of the regional market in the foreseeable future.
Delays in Proposed Satellite Launches during the Covid-19 Pandemic to have a Negative Impact on the Market
The recent coronavirus outbreak has had a negative impact on several industries across the world. As most businesses have been compelled to shut down, it has become difficult to operate in a constrained environment. The rising Covid-19 cases in the United States, has not only affected the economy, but has also resulted in an increase in the unemployment rate. Several companies had lined up respective space launches in the year 2020, but with limited manpower and confined budgets, these satellite programs have been delayed.
Company Mergers are an Increasing Trend Among Major Companies in the United States
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations has made the highest impact on the growth of the market. In April 2020, Masten Space announced that it has signed a contract with the US Air Force. The company announced that this contract is part of the Small Business Technology Transfer (STTR) program. Through this contract, the company will be developing a reusable rocket-powered landing craft. This contract will not just be beneficial for the company, but also for the regional market. Increasing number of company collaborations will have a massive impact on the growth of the market in the coming years.
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Presence of Several Large Scale Regional Companies to Aid Growth
The United States is a hub for several large scale space organizations that have made their presence felt across the globe. The region is home to a few revolutionary space organizations, including NASA and Tesla’s SpaceX. Tesla has single handedly taken the space sector to a new level altogether. The company has completely redefined the perspective of satellite systems with an array of reusable launch vehicles. It has successfully launched several space satellites and with an impressive range of technical disposal, the company has had a massive impact on the US reusable launch vehicle market in the past few years.
List of companies profiled in the report:
- ArianeGroup (Paris, France)
- Blue Origin LLC (Washington, The U.S.)
- Lockheed Martin Corporation (Maryland, The U.S.)
- Masten Space Systems (California, The U.S.)
- National Aeronautics and Space Administration (NASA) (Washington, The U.S.)
- Rocket Labs USA (California, The U.S.)
- Space Exploration Technologies Corp. (Space X) (California, The U.S.)
- The Boeing Company (Illinois, the U.S.)
- The Spaceship Company (California, The U.S.)
- United Launch Alliance (ULA) (Colorado, the U. S.)
- Other Players
August 2020: Space Exploration Technologies Corp. announced that it has received a contract worth USD 316 million for Falcon Heavy launch by the U.S. air force.
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