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Space Technology Market Trends

ID: MRFR//6925-HCR | 133 Pages | Author: Swapnil Palwe| July 2024

Global Space Technology Market Overview

Space Technology Market Size was valued at USD 313.4846 Billion in 2023. The Space Technology market industry is projected to grow from USD 334.4880682 Billion in 2024 to USD 561.94781344088 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2024-2032). The rising advancement of satellites, such as nanosatellites, microsatellites, and cubesatelites, which are the key market drivers enhancing the market growth.

Space Technology Market

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Technology Market Trends

Increasing technological innovations and scientific discoveries are driving the market growth

Market CAGR for space technology is being driven by increasing scientific discoveries, technological innovations, and the growing involvement of private businesses. The industry has expanded quickly due to number of factors, including the falling cost of satellite launches and the rise of private space companies such as SpaceX, which have increased the accessibility and affordability of space technology (SpaceTech). This has prepared the way for a surge in satellite launches, resulting in greater communication, enhanced navigational systems, and increased capabilities for Earth observation.

Additionally, the rising demand for satellite-based services such as communications, television, weather forecasting, and remote sensing. Businesses and government use using satellite technologies to collect important data, track climate change, coordinate disaster response, and give remote areas internet service. There are many chances for invention and commercialization, and space exploration is one of them. To build a lasting human presence on the moon, governments and private organizations fund lunar missions. These initiatives, which involve the using resources, the building of lunar habitats, and scientific investigation, present potential for businesses to create cutting-edge technologies and services to assist these missions.

Another rapidly developing application field for space technology (SpaceTech) is space tourism. Commercial space travel has been pioneered by organisations like Virgin Galactic and Blue Origin, who want to provide tourist-friendly suborbital flights. Numerous opportunities have arisen as a result of the growth of the space tourism industry for businesses to create spacecraft, infrastructure, and auxiliary services. Additionally, the demand for tiny satellites, commonly known as CubeSats, is increasing in the market. These tiny satellites provide affordable options for a range of uses, such as Earth observation, communication networks, and scientific investigation. By creating cutting-edge tiny satellite technologies, startups and established players are capitalising on this trend and creating new opportunities for growth and entrepreneurship.

For instance, in June 2023, Honeywell International Inc., announced acquisition of Saab aerospace. Saab, a Swedish aerospace and defence business, has agreed to sell its heads-up-display (HUD) assets to Honeywell, which will use them in a number of its avionics products. In accordance with the acquisition agreement, Saab will work in collaboration with Honeywell to enhance and expand its HUD product line. HUDs help pilots be more aware of their surroundings, especially at night or in bad weather. Major market players using strategies such as acquisitions and mergers to grow in the space technology market. Thus, driving the Space Technology market revenue.

Space Technology Market Segment Insights                    

Space Technology Subsystems Insights

The space technology market segmentation, based on subsystems, includes orbit, launch platform, launch vehicle, and payload. Launch vehicle segment accounted for major market share (198 billion) during the forecast period. It is projected that developments in satellite launch vehicles would fuel the segment's progress. For instance, the Indian Space Research Organisation (ISRO) developed the SSLV, a miniature satellite launch vehicle. The vehicle, which has a payload capacity of 500 kg, can handle multiple orbital drop-offs.

Figure 1: Space Technology Market, by Type, 2022 & 2032 (USD Billion)

Space Technology Market, by Type, 2022 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Technology End-use Insights

The space technology market segmentation, based on end-use, includes civil, commercial, and military. Commercial segment accounted for major market share due to rise in the quantity of satellites being launched by companies around the world. For example, in May 2019, SpaceX launched 60 Starlink satellites to deliver high-speed Internet connectivity.

Space Technology Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Space Technology market anticipated to dominate the market. The expansion is brought on by an increase in the variety of space missions and an increase in the government's funding for space exploration activities. The US Congress also gave NASA USD 23 million for a variety of space missions and operations for the fiscal year 2021. Due to influential market participants, the market is also expanding.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Space Technology market accounts for the second-largest market share due to increasing partnership and agreement between major market players for significance growth in the space industry. Further, the German Space Technology market held the largest market share, and the UK Space Technology market was the fastest growing market in the European region

The Asia-Pacific Space Technology Market is expected to grow at the fastest CAGR from 2023 to 2032 due to Asia-Pacific is expected to experience a large increase. The growth in demand for space launches for satellite communications, telecommunications, and surveillance systems in the area can be ascribed to the expansion. Moreover, China’s Space Technology market held the largest market share, and the Indian Space Technology market was the fastest growing market in the Asia-Pacific region.

Space Technology Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Space Technology market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Space Technology industry must offer cost-effective items.

The government and private businesses are making significant investments in R&D for technological advancements in the Space Technology industry to benefit clients and increase the market sector. In recent years, the Space Technology industry has advantages such as, the development of innovative materials, pharmaceuticals, and the building of substantial structures in space is facilitated by space-based manufacturing clouds. Major players in the Space Technology market, including Airbus SAS, Ball Corporation, Boeing, Eutelsat Communications SA, General Electric, Honeywell International Inc., Intelsat, IAI, Leonardo SpA, Lockheed Martin Corporation, NEC Corporation, Northrop Grumman Corporation, Safran, SES SA, Space Exploration Technologies Corp, Space Systems/Loral, LLC, Teledyne Technologies Incorporated, Thales Group, Transdigm Group, Inc., United Technologies Corporation, Viasat, Inc., and among others are attempting to increase market demand by investing in research and development operations.

Ball Corporation offers beverage, personal care, and home product manufacturers cutting-edge, environmentally friendly aluminium packaging solutions. The company also offers commercial and governmental clients aerospace and other technologies and services. More than 21,500 people are employed by the corporation, which was founded in 1880. The New York Stock Exchange's ticker symbol for Ball Corporation stock is BLL. The charitable arm of our initiatives to create a better world is The Ball Foundation. It provides funding to nonprofit organisations in the American towns and cities where we do business. In 2022, we spent 48% of our philanthropic funds on recycling initiatives, 25% on expanding education, and 27% on assisting localities in disaster preparedness and rapid response. In March 2023, Ball launched prototype payload from to support on-orbit data processing.

Boeing, a significant international aerospace company, develops, manufactures, and provides maintenance for commercial aeroplanes, military technology, and space systems for clients in more than 150 countries. The company, a major US exporter, leverages the expertise of a vast worldwide supplier network to increase economic opportunity, sustainability, and societal impact. The diverse workforce at Boeing is committed to innovating for the future, leading with sustainability, and developing a culture based on the organization's fundamental values of integrity, quality, and safety. Boeing has corporate operations close to Washington, D.C., and employs more than 140,000 people both domestically and abroad. There are three business units at Boeing Commercial aircraft, defence, and security technologies.

Key Companies in the Space Technology market include

  • Airbus SAS

  • Ball Corporation

  • Boeing

  • Eutelsat Communications SA

  • General Electric

  • Honeywell International Inc.

  • Intelsat

  • IAI

  • Leonardo SpA

  • Lockheed Martin Corporation

  • NEC Corporation

  • Northrop Grumman Corporation

  • Safran

  • SES SA

  • Space Exploration Technologies Corp

  • Space Systems/Loral, LLC

  • Teledyne Technologies Incorporated

  • Thales Group

  • Transdigm Group, Inc.

  • United Technologies Corporation

  • Viasat, Inc.

Space Technology Industry Developments

For Instance, April 2023 Launch of Ball Aerospace's Tropospheric Emissions Monitoring of Pollution (TEMPO) sensor from Florida's Cape Canaveral Space Force Station provides reason for celebration. The first Earth Venture instrument mission from NASA, TEMPO, will offer vital information on air pollution.

For Instance, July 2023 Collaboration on Advanced Microelectronics for Aerospace between Boeing and Intel. Boeing and Intel are collaborating strategically to advance semiconductor technology across the aerospace sector with the goal of developing next-generation microelectronics applications in artificial intelligence, secure computing, and advanced flight capabilities for future products.

Space Technology Market Segmentation

Space Technology Subsystem Outlook

  • Orbit

  • Launch Platform

  • Launch Vehicle

  • Payload

Space Technology End-use Outlook

  • Civil

  • Commercial

  • Military

Space Technology Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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