Space Launch Service Market Could Exceed $30 Billion by 2026
A report from Fortune Business Insights said that The global Space Launch Services Market size (which was worth USD $11.36 billion in 2018) is projected to reach USD $31.35 billion by 2026, thereby exhibiting a CAGR of 13.73% during the forecast period.
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, July 9, 2020 /PRNewswire/ -- The space race is no longer a race of nation against nation. Today former adversaries now are collaborators… and international companies of all stripes are also major players in the game. A report from Fortune Business Insights said that The global Space Launch Services Market size (which was worth USD $11.36 billion in 2018) is projected to reach USD $31.35 billion by 2026, thereby exhibiting a CAGR of 13.73% during the forecast period. The market is set to gain momentum from the rising number of deep space exploration and human spacecraft projects. Another report from Mordor Intelligence agrees that the spacecraft market will grow, saying that: "The global race among the countries for space exploration and an increase in spending in the space sector are expected to be the key driving factors for the market, during the forecast period (2025). The leading countries in space exploration, like the United States and Russia, despite their competitive rivalry, are coming together in the space sector, for venturing new space projects. This may support the growth of the spacecraft market, during the forecast period. Active tech companies in the markets this week include FLIR Systems, Inc. (NASDAQ: FLIR), Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) AeroVironment, Inc. (NASDAQ: AVAV), Northrop Grumman Corporation (NYSE: NOC), L3Harris Technologies, Inc. (NYSE: LHX).
The Mordor report added: "Growing technological advancements in spacecraft technologies and the efforts for the miniaturization of the spacecraft components are likely to provide growth opportunities for the market in the future. The unmanned spacecraft segment is expected to have the highest market share during the forecast period… Unmanned missions are now frequently being planned onto the Moon and Mars… Although a few countries in the world can go to as far as Mars, many countries are trying to explore the Moon. Moreover, the launch of new satellites into the orbits may drive the market for unmanned spacecraft in the future. Additionally, research is being done to infuse AI technologies in developing the spacecraft."
Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) BREAKING NEWS: PLYMOUTH ROCK TECHNOLOGIES APPOINTS AIRCRAFT AND SPACE VISIONARY TO BOARD OF DIRECTORS - Plymouth Rock Technologies ("Plymouth Rock", "PRT", or the "Company"), a leader in the development of cutting-edge threat detection technologies, is pleased to report that it held its Annual and Special Meeting ("AGM") on July 8th, 2020. At the AGM, the following persons were re-elected to the board of directors: Dana Wheeler, Douglas Smith, Tim Crowhurst, Angelos Kostopoulos, and George Stubos. In addition, the Company is please to announce the election of Dr. Khalid M. Al-Ali to PRT's board of directors.
Dr. Khalid M. Al-Ali brings deep experience and expertise to his roles in various organizations, having spent much of his career in Silicon Valley. He is the Co-Founder and Executive Chairman of Senseta, a world leader in mission-critical big data fusion, AI and drone-powered deep technologies. He is the Co- Founder and Chairman of the Silicon Valley Space Business Roundtable (SVSBR). He was the Executive Director of the University of California Office for NASA Partnerships and the University Affiliated Research Center (UARC).
He was the Science Advisor for the Office of the Center Director at NASA Ames Research Center (ARC) and was the principal investigator, project lead, and program visionary at NASA ARC and NASA Jet Propulsion Laboratories (JPL), on key projects involving advanced aircraft and spacecraft technologies, intelligent avionics, novel power systems, planetary rovers and robots, spacecraft, and intelligent exploratory vehicles for Lunar, Martian, and Antarctic missions. He was the Director of Research at Carnegie Mellon University – Silicon Valley Campus and founded the Carnegie Mellon Innovations Lab (CMIL).
"Dr. Al-Ali's extensive relative technical experience and proven leadership will provide key strategic guidance and direction to the board and executive team of Plymouth Rock Technologies at this critical time in our company's growth cycle. He will provide valuable contacts for PRT in the Middle East and the US as we commercialize our technologies," commented Dana Wheeler, CEO & President of Plymouth Rock Technologies.
Dr. Al-Ali was the advisor to the Board of Directors of Qatar Foundation and CEO of the Qatar Science and Technology Park Project (QSTP). He was a founding member of both Qatar's Information Technology and Communication Committee and the Steering Committee of the Information Technology and Communication Project. Dr. Al-Ali is the principal inventor of U.S. and worldwide-patented technologies, along with a multitude of disclosed inventions not yet patented. He holds a Ph.D. in Mechanical and Electrical Engineering from the University of California at Berkeley and dual B.S. degrees in Mechanical and Aerospace Engineering from the University of Colorado at Boulder. Read this and more news for PRT at: https://www.plyrotech.com/news/
Other recent developments in the tech industry include:
AeroVironment, Inc. (NASDAQ: AVAV) a global leader in Unmanned Aircraft Systems (UAS), recently announced the United States Army exercised the first of three options under the sole source Flight Control Systems (FCS) domain of the Army's multi-year small UAS contract on April 28, 2020. The value of the initial contract option is $21,058,643 and includes avionics and data link upgrade packages to modify radio frequencies employed by the Army's existing fleet of Raven® tactical UAS, the largest fleet of Raven systems in the world. Delivery will take place over a two-year period.
The Army exercised the option under the FCS domain awarded to AeroVironment by the Army in June 2019. FCS is one of six domains comprising the Army's existing five-year Indefinite Delivery, Indefinite Quantity (IDIQ) SUAS contract, and has a potential value of up to $55 million.
Northrop Grumman Corporation (NYSE: NOC) announced it has recently partnered with Cubic Corporation (NYSE:CUB) to pursue the U.S. Navy's potential $93 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract for the design, development, testing and delivery of products in support of the Fiscal Year 2021 (FY21) Ready Relevant Learning (RRL) Content Conversion (CC) program.
The Cubic-led team will use innovative instructional systems design, systems engineering and training assessment approaches in conjunction with new and modernized technologies to support ratings-accession training while simultaneously supporting the broader Sailor 2025 (S2025) overarching goal of improving Sailors' transfer of training to the operational work environment. The FY21 RRL CC program falls under the 'Ready, Relevant Learning' pillar of S2025, which focuses on learning continuums where training is delivered by modern methods to enable faster learning, more effective knowledge retention and delivery for Sailors.
L3Harris Technologies, Inc. (NYSE: LHX) launched the latest in a demonstration series of end-to-end small satellites as part of a U.S. Air Force constellation the company is responsible for developing. As the prime contractor for the firm fixed-price development space mission, L3Harris is designing, developing, building, testing and deploying the satellites. The company will task, command and control the satellite system, as well as perform on-board processing of data to deliver imagery products directly to warfighters on tactical timelines.
"L3Harris has developed and supported various aspects of satellite missions over the last several decades as a component supplier or hosted payload," said Ed Zoiss, President, Space and Airborne Systems, L3Harris. "In collaboration with the U.S. Air Force, we pulled the pieces together to successfully plan, develop and execute an affordable, high-performance space mission, which is part of a responsive constellation contract."
FLIR Systems, Inc. (NASDAQ: FLIR) recently announced modified thermal cameras for fast and safe non-contact elevated skin temperature screening. The FLIR EST™thermal screening solutions provide frontline screening at building entries and in high traffic areas to improve safety and help curb the spread of COVID-19. The FLIR Axxx-EST, FLIR T5xx-EST, and FLIR Exx-EST series cameras are designed to simplify the screening process, reducing the burden on screening operators and adhering to recommended social distancing guidelines.
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