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Future of Space Technology Market: Segmented: By Subsystem (Orbit, Launch Platform, Launch Vehicle and Payload), By End-Use (Civil, Commercial and Military), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Space Technology refers to the technology that is utilized for undertaking various activities beyond earth’s atmosphere. These technologies involve space vehicles such as satellites, orbital launch vehicles, spacecraft, and space stations; in-space propulsion; and deep-space communication among various other technologies. Future space technology will be highly dependent on artificial intelligence and robotics for assisting human teams of astronauts. The future of space technology will meet the challenges of commercial space travel and space exploration along with the development of lightweight spacecraft fuel carriers and reusable launch systems for orbital vehicles.
Growing adoption of advance technologies, development of miniaturized satellites and reusable launch vehicles, emergence of space technology startups, and increasing investments are fueling the market growth.
Future of Space Technology market is classified on the basis of subsystem into Orbit, Launch Platform, Launch Vehicle and Payload. Launch Vehicle segment is expected to grow with the highest rate during the forecast period. The growth is attributed to the rising number of developments in the field of satellite launch vehicles by various space agencies. Furthermore, Payload segment is holding a major share in the market.
Future of Space Technology market is classified on the basis of end-use into Civil, Commercial and Military. Commercial segment is dominating the market and is expected to grow with the highest rate during the forecast period. The growth is attributed to the rising number of satellites being launched by various companies across the world. Furthermore, the trending concept of commercial space travel is also boosting the growth of the segment.
Increasing dependence on advance technologies such as artificial intelligence and robotics for assisting human teams of astronauts and performing various space operations will drive the growth of Future of Space Technology market. Space companies have developed low-cost miniaturized satellites for various purposes such as communication, Earth observation, and scientific research. Also, major space companies are developing reusable launch vehicles which will have greater efficiency at a significantly lower cost. Furthermore, rising commercialization of space will create new opportunities for the market growth.
Over the past years, there has been a steep rise in the number of space technology start-ups, especially in the developing nations like India and China. Many governments are investing heavily on space research programs. The demand of satellites by military forces has also grown significantly as they rely on satellites for communication, navigation, weather tracking, and intelligence. Furthermore, growing strategic partnerships, collaborations, and joint ventures along with increasing international cooperation in order to achieve common goals in space technology will fuel the growth of the market.
Space technology-based research and development costs are very high and there has been a growing concern related to the space debris which is restraining the growth of the market. Moreover, strict government policies related to satellite manufacturing are hindering the market growth.
In February 2022, Jio Platforms Ltd. and SES, a leading global satellite-based content connectivity solutions provider have declared a joint venture, Jio Space Technology Limited.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Future of Space Technology market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is dominating the market with the largest share. The growth is attributed to the huge presence of space agencies in the region. Furthermore, Asia Pacific is expected to grow at the highest rate during the forecast period. Emergence of various space technology start-ups, growing adoption of advanced technologies, and availability of low-cost satellites are driving the market growth in the region.
Covid-19 had severely affected economic activities across the world. Many countries had to impose lockdowns and strict social distancing norms in order to control the spread of Coronavirus. There were disruptions in global supply chains and procurement of raw materials. Covid-19 had a negative impact on the Future of Space Technology market. The pandemic led to sharp decline in private investments, cancellation of many space launches, downsizing operational missions, and shutdown of operations by many private companies. However, the market is expected to witness exponential during the forecast period.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 380 billion |
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Revenue forecast in 2032 |
USD 785.4 billion |
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Growth Rate |
CAGR of 6.8% from 2022 to 2032 |
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Base year for estimation |
2021 |
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Quantitative units |
Revenue in USD million and CAGR from 2022 to 2032 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Subsystem, End-Use, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Ball Corporation, Intelsat, Airbus SAS, Boeing, IAI, Lockheed Martin Corporation, Eutelsat Communications SA, Northrop Grumman Corporation, Space Exploration Technologies Corp., Space Systems/Loral, LLC, SES SA, Viasat, Inc., Leonardo SpA, Honeywell International Inc., NEC Corporation, and Other Prominent Players |
FUTURE OF SPACE TECHNOLOGY MARKET TO SURPASS USD 785.4 BILLION BY 2032 FROM USD 380 BILLION IN 2021 AT A CAGR OF 6.8% IN THE COMING YEARS, I.E., 2022-32
Ball Corporation, Intelsat, Airbus SAS, Boeing, IAI, Lockheed Martin Corporation, Eutelsat Communications SA, Northrop Grumman Corporation, Space Exploration Technologies Corp., Space Systems/Loral, LLC, SES SA, Viasat, Inc., Leonardo SpA, Honeywell International Inc., NEC Corporation, and Other Prominent Players.
Launch Vehicle segment to grow with the highest CAGR during the forecast period 2022-32 is anticipated to hold the Future of Space Technology Market.
DRIVERS Advancement in Technologies and Commercialization of Space
Space Technology refers to the technology that is utilized for undertaking various activities beyond earth’s atmosphere. These technologies involve space vehicles such as satellites, orbital launch vehicles, spacecraft, and space stations; in-space propulsion; and deep-space communication among various other technologies.
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