In terms of value, the global SLV market is expected to reach $7.65 billion by 2030 from $0.59 billion in 2019 at a CAGR 24.36% during the forecast period 2020-2030.

Moreover, increasing applications of space technologies, such as surveillance for the military sector, and real-time imaging requirements by different sectors, are also leading to the evolution of the space industry. In order to cater to the aforementioned applications, the demand for a significant number of small satellites and cost-effective launch vehicle solutions increases every year. More than 4,500 satellites (wet mass less than 500 kg for each satellite), including nano, micro, and pico are expected to be launched over the course of the next ten years. With this tremendous change happening in the industry, the focus of launch vehicle manufacturers has changed drastically from heavy and large satellite launch vehicle to small satellite launchers at affordable cost.

With the increase in the capabilities of small launch vehicles (SLVs), the space industry is increasing its strategic utility, thus motivating various stakeholders, including governments, space agencies, and private companies, to develop next generation (SLVs). For instance, ISRO has announced the launch of Small Satellite Launch Vehicle (SSLV), which will be capable of lifting 700 kg of payload, by end of 2020. Moreover, Defense Advanced Research Projects Agency (DARPA) is promoting the development of SLVs to cater to the increasing requirement of SLVs to access space.

The SLV market is at a cusp of technological changes, as the adoption of additive manufacturing (AM) in the space industry is increasing. AM has the ability to manufacture hollow complex parts, which, in turn, leads to a reduction in the overall weight of the component and cost of vehicle. However, there will be a tremendous increase in the launch vehicle scheduling, especially by small satellite constellation developers, which were earlier dependent on large satellite launch providers to send their small satellites as secondary payload. Small launch vehicles provide dedicated launch services and are, therefore, expected to add exponential value to the overall launch industry.

The global small launch vehicle (SLV) market is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the SLV market exhibits an inclination toward emerging strategies and developments by market players.

The key players that are actively participating in the global SLV market include CubeCab, EUROCKOT Launch Services GmbH, IHI Corporation, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Orbital ATK, Inc., Rocket Lab USA, Inc., Space Exploration Technologies Corp., Spacefleet Ltd., and The Boeing Company.

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