Space transportation has garnered significant interest from several space industry players in the past few years. In the past, most space transportation has been focused on cargo supply missions to the International Space Station (ISS) and launch services, but currently, this focus has shifted to in-space transportation, planetary explorations, crewed missions, sub-orbital transportation, and space tourism. Several companies, including SpaceX, Blue Origin, and Virgin Galactic, have been focusing on developing platforms such as rocket-powered sub-orbital vehicles that will enable the industry to carry out sub-orbital transportation and space tourism.
Read Report Overview: Sub-Orbital Reusable Vehicle Market
The global sub-orbital reusable vehicle market is estimated to reach $1.86 billion in 2031, at a compound annual growth rate (CAGR) of 16.89% during the forecast period 2021-2031. The major driving factor for the market's robustness will be focused efforts to enable space transportation, emerging start-ups in sub-orbital transportation, and increasing developments in low-cost launching sites.
With the growing need to make space accessible to the general public, several companies have been developing spacecraft as well as high-altitude balloons that will enable space tourism. Some of these companies include Virgin Galactic, Space Perspective, and Orbspace.
Propulsion System Segment to Lead the Sub-Orbital Reusable Vehicle Market
Sub-orbital reusable vehicles (SRVs) have been gaining attention for their benefits and establishing a new spaceflight industry. Comparatively, SRVs would be less expensive to develop and operate than orbital RLVs. The propulsion segment is expected to lead the market during the forecast period from 2021 to 2031. One of the factors contributing to this growth is the growing number of emerging companies involved in developing such reusable vehicles that will carry out sub-orbital transportation.
The space industry is continuously innovating and developing advanced technologies with the objective to enhance space capabilities. The industry is gearing up to develop vehicles that entail a major feature: reusability. Apart from that, companies are also developing high-altitude balloons that will perform space activities.
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The sub-orbital reusable vehicle market research study offers a broad perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
North America is expected to dominate the global sub-orbital reusable vehicle (SRV) market during the forecast period. The number of growing successful demonstrations and test flights carried out by key players in this market has created an opportunity not only for them but also for other players who want to enter the market. Apart from this, these successful demonstrations have proven the viability of these systems and may push these companies to commercialize their product offerings.
Key Market Players and Competition Synopsis
Blue Origin, Equatorial Space Systems Pte Ltd., exos Aerospace Systems & Technologies, inc., Orbspace, PD AeroSpace, LTD, SpaceX, UP Aerospace Inc., Virgin Galactic
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the space industry.
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The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.Read Report Overview: https://bisresearch.com/industry-report/sub-orbital-reusable-vehicle-market.htmlThe report is a compilation of various segmentations, including market breakdown by application, product, and region.
The report highlights the key driving and restraining forces for the market as well as the opportunities in different applications across the leading countries.
In the extensive primary research process undertaken for this study, the sources include industry experts and key executives from prominent companies and organizations across the sub-orbital reusable vehicle supply chain.In the past, before the emergence of private space companies, the space industry was dominated by national space agencies across the globe.
Furthermore, there are numerous potential opportunities offered by emerging space activities such as in-space manufacturing, asteroid mining, and space-based solar power.
These space activities are gathering significant interest from the private sectorSpace transportation includes sub-orbital flights or transportation, orbital transportation, and beyond orbital transportation, which includes planetary missions.
Apart from this, commercial rides will be available for adventure travelers and astronauts on suborbital flights and to the ISS.
