REUSABLE LAUNCH VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In February 2024, Galactic Energy, a China-based startup that specializes in commercial space launches, plans to debut its reusable rocket, Pallas-1. If successful, Pallas-1 will become the first rocket developed in China to reach orbit. The rocket is designed to utilize kerosene and liquid oxygen, and it aims to significantly enhance China's capabilities in space exploration.
• In April 2023, the Indian Space Research Organisation (ISRO), the premier space agency of India responsible for the nation's space program, successfully conducted the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX) at the Aeronautical Test Range of the Defence Research and Development Organisation (DRDO) in Karnataka. This mission marks a significant step towards achieving autonomous landing capabilities for reusable launch vehicles. ISRO plans to conduct further experiments as part of the RLV LEX initiative to ensure the vehicle's success in delivering payloads to Low Earth Orbit (LEO), with an ambitious goal of reducing launch costs by 80 percent.
• In May 2022, Orbex, a U.K.-based spaceflight company specializing in the development of low-carbon, high-performance micro-launchers, launched a prototype of its environmentally friendly small-satellite launch rocket, the Prime. The reusable Prime rocket, powered by a renewable biofuel and featuring fully 3D-printed engines, is the first micro-launcher developed in Europe to reach this stage of technical readiness.
• In January 2022, Ariane Group, a prominent aerospace company responsible for developing and producing launch vehicles, unveiled its new rocket family, which includes a reusable mini rocket. The company announced plans for a new European launcher family featuring a reusable first stage, along with a mini launcher named Maia, aimed at enhancing Europe's capabilities in space exploration and satellite deployment.