Access to space
The satellite launch vehicle market was estimated to be worth USD 15.7 billion in 2022 and is projected to reach USD 29.1 billion by 2027, growing globally at a CAGR (Compound Annual Growth Rate) of 13.1% from 2022 to 2027. In Europe, a dozen of micro launchers are preparing for their first launch in the next years gaining attention from investors: Isar Aerospace secured a USD 165 million (EUR 155m) Series C round, the largest SpaceTech financing round in 2023 globally.
With new European micro launchers in the pipeline, launch pads are preparing for commercial launches. The Prestwick Spaceport is one of these space ports that is currently developed by the Spirit AeroSystems’ Belfast team, in line with the national strategy of the UK government who expects revenues of up to GBP 490 billion by 2030. Meanwhile in France, the company Latitude claims it can put customer’s mini and nano satellites into orbit for between €30,000 and €35,000 per kilo, that is half the price of US/New Zealand rival Rocket Lab.
Constellations growth
The UK government holds a 20% stake in the company OneWeb’s which just completed its 618 satellites constellation. OneWeb will be able to provide high-speed, low latency broadband connectivity onto every ocean-going vessel, creating new market opportunities. Earth Observation IRIDE constellation also will incorporate new satellites after Thales Alenia Space just won a contract to supply a batch of seven satellites, worth EUR 142 million.
New Space and Debris
New Space comes with the increased participation of private space companies. The higher space traffic brings debris challenges, resulting in an opportunity for the global space debris monitoring and removal market. Currently, it has a compound annual growth rate (CAGR) of 7%, and it is expected to reach USD 1.5 billion by 2029. Controlling debris will allow space to be a safe environment to perform crucial experiments.