---
title: "Paper: Small Launchers – 2023 Industry Survey and Market Analysis (Kula 2023)"
id: 64767
type: "post"
slug: "paper-small-launchers-2023-industry-survey-and-market-analysis-kula-2023"
author: "NSE"
published: "2023-10-18T22:24:36+00:00"
modified: "2023-11-11T06:09:05+00:00"
canonical: "https://newspaceeconomy.ca/2023/10/18/paper-small-launchers-2023-industry-survey-and-market-analysis-kula-2023/"
markdown_url: "https://newspaceeconomy.ca/2023/10/18/paper-small-launchers-2023-industry-survey-and-market-analysis-kula-2023.md"
description: "This article provides a summary of the key points from the paper."
language: "en-US"
category:
  - "Editor’s Picks"
  - "Industry Reports, Papers And E-books"
  - "Launch Market"
  - "Market Data And Analysis"
  - "Responsive Space"
  - "Socio-economic"
  - "Space Economy"
  - "Space Logistics"
  - "Space SPACs"
  - "Space Technology"
  - "Spacecraft Systems: Launch Segment"
  - "Upstream Market"
post_tag:
  - "China"
  - "Launch Vehicles"
  - "Rideshare"
  - "Rocket Lab"
  - "Space Companies"
  - "SpaceX"
  - "Startups"
---

# Paper: Small Launchers – 2023 Industry Survey and Market Analysis (Kula 2023)

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/10/img_6374-1.jpg?resize=696%2C901&ssl=1)

[Download document](https://www.newspace.im/assets/Small-Launchers-2023_Erik-Kulu_IAC2023.pdf)

## Synopsis

Here is a summary of the key points from the paper:

- The field of small launch vehicles continues to grow, with over 200 vehicles tracked by NewSpace Index. However, there are signs of a slowdown with some failures, delays, bankruptcies, and pivots away from launch.
- Since 2021, [Rocket Lab](https://rocketlabcorp.com/home/) has had successful launches and increased cadence, while others like ABL, Relativity, and Virgin Orbit experienced failures on debut flights. [Astra discontinued Rocket 3 and pivoted to other areas.](https://newspaceeconomy.ca/2023/07/13/astra-space-inc-company-history-2016-to-september-2022-astr-astraspace-stocks/)
- Delays for first launches remain common, often multiple years. Many projected maiden flights in 2022-2023 have slipped to 2024 or later.
- [Valuations of launch startups that went public via SPACs have dropped significantly from billions to tens/hundreds of millions.](https://newspaceeconomy.ca/current-stock-prices-for-publicly-listed-space-economy-businesses/)
- Funding remains a challenge. Most startups have raised less than $10 million, far short of what is required to complete development.
- Reusability is still rare among small launchers. [SpaceX](https://www.spacex.com/) rideshare launches 3-4 times annually, presenting significant competition.
- It remains uncertain if there is sufficient market demand to sustain so many small launch companies. More mergers, pivots, and bankruptcies likely.
- Key players going forward include [Rocket Lab](https://rocketlabcorp.com/home/), [Stoke Space](https://www.stokespace.com/), Isar Aerospace, and China’s [Galactic Energy](https://www.galactic-energy.cn). But delays and failures may continue in the short term.

In summary, the small launch industry faces challenges in funding, technology, and market demand. While some companies like [Rocket Lab](https://rocketlabcorp.com/home/) have made progress, the next few years will determine if small launch is economically sustainable long-term.