What Is The Current and Historic Market Size Analysis Of The Space Technology SpaceTech Market?
The space technology spacetech market has seen considerable growth due to a variety of factors.
• The spacetech industry has been expanding considerably in recent years. The market, which will escalate from $462.43 billion in 2024 to $501.46 billion in 2025, will witness a compound annual growth rate (CAGR) of 8.4%.
Factors such as increased demand for data and services related to space, advancements in rocket construction, space situational awareness, propulsion mechanisms, satellite groups, and manufacturing in space have all contributed to the sector's growth during the historical period.
What Are The Predictions for The Space Technology SpaceTech Market in the Coming Years?
The space technology spacetech market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the space technology (spacetech) market is projected to experience robust growth. The market is anticipated to expand to $653.96 billion by 2029, indicating a compound annual growth rate (CAGR) of 6.9%.
This growth over the forecast period could be linked to the expansion of the space industry, progress in space exploration, rising space applications, shrinking sizes of satellites, and improvements in launch vehicles. Predominant trends during this period are expected to include technological advancements, innovative breakthroughs, commercial spaceflights, GPS navigation, and weather reporting.
Which Drivers Are Accelerating Growth In The Space Technology SpaceTech Market?
The surge in space exploration is anticipated to boost the expansion of the space technology (SpaceTech) market in the future. Space exploration, which involves investigating and examining extraterrestrial space with the use of space technology, satellites, probes, and manned missions, is significantly empowering the usage of space technology. This involves the implementation of satellites, rovers, telescopes, and spacecraft for collecting data, executing research, and facilitating human exploration beyond the Earth's atmosphere. For illustration, in June 2023, as stated by the Satellite Industry Association (SIA), a US-based consolidated representative of the commercial satellite industry, there was a record-breaking launch of 2,325 satellites, inclusive of 161 in commercial launches in 2022, spurred by improved affordability and innovation. Out of these, 84% were dedicated to facilitating commercial communications. The revenue generated from satellite manufacturing observed a rise of 15% from 2021 to 2022, while American manufacturers secured 64% of the global total. Hence, the upsurge in space exploration is propelling the growth of the space technology (SpaceTech) market.
What Are The Core Segments Of The Global Space Technology SpaceTech Market?
The space technology (spacetech) market covered in this report is segmented –
1) By Type: Space Vehicles, Spacecraft, Space Stations, Orbital Launch Vehicles, Deep-Space Communications, In-Space Propulsion, Other Types
2) By Application: Navigation And Mapping, Meteorology, Disaster Management, Satellite Communication, Satellite Television, Remote Sensing, Science And Engineering, Military And National Security, Internet Services, Other Applications
3) By End-Use: Government, Military, Commercial
Subsegments:
1) By Space Vehicles: Manned Space Vehicles, Unmanned Space Vehicles, Lunar Rovers and Landers
2) By Spacecraft: Satellites (Communication, Earth Observation, Navigation), Space Probes and Exploration Craft, Space Tugs and Orbital Platforms
3) By Space Stations: International Space Station (ISS), Future Space Habitats, Orbital Research Stations
4) By Orbital Launch Vehicles: Reusable Rockets, Space Exploration Launch Vehicles, Small Satellite Launchers
5) By Deep-Space Communications: Deep-Space Network (DSN) Technologies, High-Speed Communication Systems for Space Missions, Laser Communication Systems
6) By In-Space Propulsion: Electric Propulsion Systems, Chemical Propulsion Systems, Nuclear Thermal Propulsion
7) By Other Types: Space Robotics and Automation, Space Tourism Technologies, Space Mining and Resource Utilization Technologies
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What Emerging Trends Are Influencing The Growth Of The Space Technology SpaceTech Market?
Leading companies within the SpaceTech market are concentrating on creating novel products like aerospace pollution monitoring tools to solidify their market presence. Such tools employ sensors and detectors to access quality of air, water or soil for environmental evaluation. For instance, Ball Aerospace & Technologies Corp., an American firm that specializes in manufacturing spacecraft, RF and microwave technologies, and related instruments and sensors, unveiled the Tropospheric Emissions Monitoring of Pollution (TEMPO) in April 2023. This product is designed to monitor air quality in geostationary orbit during daylight hours. It provides precise measurements of various pollutants such as nitrogen dioxide, formaldehyde, and ozone throughout North America. TEMPO, with its ability to pinpoint pollution levels at micro-urban scales on an hourly basis, improves the precision of air quality predictions by 50%.
Who Are the Key Players In The Space Technology SpaceTech Market?
Major companies operating in the space technology (SpaceTech) market are:
• The Boeing Company
• Lockheed Martin Corporation
• Airbus SE
• China Aerospace Science and Technology Corporation
• General Dynamics Corporation
• Northrop Grumman Corporation
• Honeywell International Inc.
• NEC Corporation
• Safran S.A.
• Thales Group
• Ball Corporation
• Leonardo SpA
• SpaceX
• Hindustan Aeronautics Limited
• Viasat Inc.
• SES S.A.
• Maxar Technologies
• Eutelsat Communications SA
• Sierra Nevada Corporation
• OHB System AB
• National Aeronautics and Space Administration (NASA)
• MDA Space
• Telesat
• Rocket Lab USA Inc.
• ICEYE Inc.
• Blue Origin LLC
• Beijing Commsat Technology Development Co. Ltd.
• Astra Space Inc.
• Virgin Galactic
• Hedron
What Are The Regional Insights Into The Space Technology SpaceTech Market?
North America was the largest region in the space technology (SpaceTech) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space technology (SpaceTech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
