FREMONT, Calif., Sept. 3, 2020 /PRNewswire/ — The Global Small Launch Vehicle (SLV) Market is projected to reach $7.65 billion by 2030, reveals a premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 24.36% during the forecast period, 2020-2030.
The small launch vehicle (SLV) is used for launching payload consisting of lightweight satellite/payloads into various orbits. The rise in deployment of small and microsatellites for multiple commercial, academic, and military applications into low earth orbit (LEO) has spurred demand for dedicated launches though SLVs. In addition, reduction in overall launch costs through major global sites, and the increasing usage of advanced manufacturing technologies to develop lightweight components and reusable launch vehicles are some of the other factors which are expected to create lucrative opportunities for the global SLV market in the next decade.
According to Nilopal Ojha,