Space Technology Market Overview
Space Technology Market Size was valued at USD 293.8 Billion in 2022. The Space Technology market industry is projected to grow from USD 313.4846 Billion in 2023 to USD 526.6614934 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023-2032).
Market Research Future (MRFR) assessed the global space technology market 2020 across the review period. From 2020 to 2030, the space technology industry can thrive at about 5.4% CAGR and foster considerable revenue. The global space technology market can rise due to the gradual increase in the utility of small satellites. The development of navigation satellite with robust design to improve GPS solutions can support expansion of the Space Technology Market. The rapidly growing e-commerce business is creating the need for better logistics solution to enhance consumer satisfaction. Thus, the need for more effective GPS services is increasing. This observed to add value to space technology-enabled products and solutions, which is also encouraging the deployment of the latest 3D printing technology for the manufacturing of satellite components. These can favor the space technology market expansion. However, issues associated with space debris, high production and satellite launching costs, and stringent government regulations for satellites launches can restrain the market rise. The development of convenient space solutions is identified to attract space tourism that can counter the market slowdown in the near future.
Segment Analysis
The segment analysis of the global space technology market is based on subsystem and end-use.
The subsystem-based segments of the global space technology market are launch vehicle, orbit, launch platform, and payload. The payload segment can hold decent share in the forecast period. The launch vehicle segment can rise at the highest CAGR in the forecast period by 2025. The growing number of satellites being launched across countries, such as; Russia and the US can drive the segment expansion.
The end-use-based segment of the space technology market are military, civil, and commercial. The commercial segment can rise at the highest CAGR by 2025. The increase in application of satellites across India and other developing regions for mapping and navigation can aid in rise of the segment.
Key Market Players
Following are the Space Technology Market Players Eutelsat Communications SA (France), Lockheed Martin Corporation (US), Ball Corporation (US), Transdigm Group, Inc. (US), IAI (Israel), General Electric (US), Airbus SAS (Netherlands), Thales Group (France), SES SA (Luxembourg), Viasat, Inc. (US), Boeing (US), United Technologies Corporation (US), Northrop Grumman Corporation (US), Honeywell International Inc. (US), Intelsat (Luxembourg), Leonardo SpA (Italy), Space Systems/Loral, LLC (US), Safran (France), Space Exploration Technologies Corp. (US), Teledyne Technologies Incorporated (US), and NEC Corporation (Japan) are some reputed key players in the global space technology market that are listed by MRFR for competitive analysis.
Detailed Regional Study
The rise of the space technology market in North America can be attributed to the rise in number of human space exploration activities. The hike in investment in projects that are largely centered to manned low-Earth orbit missions and others, such as; unmanned scientific exploration, can support the regional market. The hike in private funding for advancements of space technology and increase in public-sector interest for renewing projects can favor the regional market. In Asia Pacific, the space technology market can rise with the highest CAGR in the forecast period due to the existence of renowned space organizations, such as; ISRO. In Europe, the expansion of Aerospace and Defense sectors, along with rise in R&D activities in Telecom and IT Hardware sectors can contribute significantly to the rise of the space technology industry in the US. The availability of short-term and medium-term expansion opportunities of the regional market due to the availability of affordable satellite broadband Internet access can add to the regional space technology market progress in the approaching years.
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