Dublin, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The "Sub-Orbital Reusable Vehicle (SRV) Market: Focus on Application, System, and Country - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global sub-orbital reusable vehicle (SRV) 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.
Space transportation has garnered significant interest from several space industries 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.
Sub-Orbital Reusable Vehicle (SRV) Market
Sub-orbital transportation and space tourism capabilities have been demonstrated in the past. For instance, in the 1920s, Robert H. Goddard launched the first liquid-fueled rocket, which started scientific sub-orbital flights. The scientists expected to perform experiments in microgravity or above the atmosphere with the main use of sub-orbital flight.
After the X-20 Dyna-Soar project, numerous research activities that focus on sub-orbital transportations have been conducted. Additionally, the first tourist to space was Dennis Tito, who flew to the ISS onboard Russia's Soyuz spaceship in 2001. From 2001 to 2009, private individuals were successfully sent into space aboard a Russian Soyuz spacecraft. From 2001 to 2009, Space Adventures, a space tourism company, had organized eight space flight tours to the ISS for seven private individuals with the help of Russia's Space Agency.
Currently, the industry is focusing on developing technologies, platforms as well as spaceports that will enable space transportation. One of the major technologies that the industry is focusing is the reusability of space systems such as suborbital or orbital reusable vehicles.
The reusable systems allow the companies to reduce costs as well as operate the system for several missions. The developments of the players in the market showcase that this market has the potential to have immense growth in the upcoming years.
Sub-Orbital Reusable Vehicle (SRV) Market by Application
Microgravity research, demonstrations, testing, and experiments application segment is expected to dominate the global sub-orbital reusable vehicle (SRV) market, on account of major focus on carrying out scientific research, payload testing, and experiments, among others, using sub-orbital flight vehicles.
Sub-Orbital Reusable Vehicle (SRV) Market by System
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.
Sub-Orbital Reusable Vehicle (SRV) Market by Region
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.
Key Questions Answered in the Report
What are the underlying structures resulting in the emerging trends within the sub-orbital reusable vehicle market?
What are the potential opportunities in the market for new OEMs and other players to enter?
Which application is expected to lead the sub-orbital reusable vehicle market by 2031?
What was the market value of the regions in the sub-orbital reusable vehicle market in 2020, and how is the market estimated to grow during the forecast period 2021-2031?
How is the industry expected to evolve during the forecast period 2021-2031?
What are the key developmental strategies that are implemented by the key players to sustain the competitive market?
Evolving Space Transportation Market: An Overview
Enabling Technologies for Next-Gen Space-Based Transportation
Reusable Launch Vehicles (RLV)
On-Orbit Transportation Technologies
Market Report Coverage - Sub-Orbital Reusable Vehicle (SRV)
Application: Cargo Delivery, Earth Observation/Remote Sensing, Space Tourism, Satellite Deployment, and Others
Product: Propulsion System, Avionics (Guidance and Navigation System, Command and Data Handling System, and Telemetry System), and Power System
North America: U.S. and Canada
Europe: U.K., Germany, France, and Rest-of-Europe
Asia-Pacific: China, Japan, Singapore, and Rest-of-Asia-Pacific
Equatorial Space Systems Pte Ltd.
exos Aerospace Systems & Technologies, inc.
PD AeroSpace, LTD
UP Aerospace Inc.
i-Space (Beijing Interstellar Glory Space Technology Ltd.)
bluShift Aerospace, Inc.
Starchaser Industries Ltd
For more information about this report visit https://www.researchandmarkets.com/r/8opnt1
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900