The in-space manufacturing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
In-Space Manufacturing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The in-space manufacturing market size has grown exponentially in recent years. It will grow from $0.79 billion in 2023 to $0.98 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to increasing demand for space-based services, increasing demand for space exploration, growing needs of the space industry, increasing focus on research and development in the space sector, and rising number of satellites.
The in-space manufacturing market size is expected to see exponential growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to increasing private sector participation, increasing government initiatives, rising funding for space exploration programs, rising interest in space tourism, and rising startups. Major trends in the forecast period include advances in space technology, innovative materials with superior qualities, innovative space manufacturing technologies and processes, integrating robotics, and integrating artificial intelligence (AI).
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Scope Of In-Space Manufacturing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
In-Space Manufacturing Market Overview
Market Drivers –
The rising number of satellites is expected to propel the growth of the in-space manufacturing market going forward. Satellites are artificial objects that are intentionally placed into orbit around earth or other celestial bodies for communication, weather forecasting, navigation, scientific research, earth observation, and military purposes. The rising number of satellites is due to the increasing need for global communication networks, the expansion of 5G services, climate monitoring, and disaster management. In-space manufacturing is a platform for satellites to do critical tasks, such as assembling, repairing, and maintaining other satellites directly in orbit, benefiting from the microgravity environment. For instance, in April 2024, according to Slingshot Aerospace, a US-based software company that provides satellite tracking, space traffic coordination, and space modeling, there were approximately 9,241 active satellites in orbit in 2023, compared to 6,718 at the end of 2022. Therefore, the rising number of satellites drives the in-space manufacturing market.
Market Trends –
Major companies operating in the in-space manufacturing market are focused on developing innovative products, such as space factories to facilitate the production of advanced materials and components in microgravity, which enhances the efficiency and capabilities of space missions. A space factory is a facility or system designed to manufacture products in space, utilizing the unique environmental conditions of outer space, such as microgravity, vacuum, and radiation. For instance, in June 2023, Varda Space Industries, Inc., a US-based space industry company, launched the W-Series 1 Satellite, a spacecraft designed to function as a space factory for pharmaceutical production. The spacecraft has three main components: a satellite bus, a payload module, and a reentry capsule. This mission aims to explore the potential of manufacturing drugs in microgravity, specifically focusing on the active pharmaceutical ingredient ritonavir, used in treatments for HIV. After production, the materials will be brought back to Earth using Varda’s reentry vehicle, which can withstand speeds of up to 19,000 miles per hour.
The in-space manufacturing market covered in this report is segmented –
1) By Product: Perovskite Photovoltaics Cell, Graphene And Solid-State Lithium Batteries, Quantum Dot Display,
2) By Point Of Use: Space, Terrestrial
3) By Material: Metals, Polymers, Ceramics, Composites
4) By Application: Communication Satellites, Medical Implants, Scientific Equipment, Automotive Components
5) By End-User: Commercial, Government And Military
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Regional Insights –
North America was the largest region in the in-space manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in-space manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the in-space manufacturing market are Airbus SAS, Northrop Grumman Corporation, Blue Origin LLC, Sierra Space Corp., Redwire Corporation, Axiom Space Inc., Astroscale Holdings Inc., Honeybee Robotics Ltd., Varda Space Industries Inc., Astrobotic Technology Inc., Nanoracks LLC, Orbit Fab Inc., Astra Space Inc., Xplore Inc., Le Verre Fluore Fiber Solutions, Global Graphene Group Inc., Allevi Inc., Nedstack Fuel Cell Technology B.V., Virgin Galactic Holdings Inc., Momentus Space Inc.
Table of Contents
1. Executive Summary
2. In-Space Manufacturing Market Report Structure
3. In-Space Manufacturing Market Trends And Strategies
4. In-Space Manufacturing Market – Macro Economic Scenario
5. Global In-Space Manufacturing Market Size and Growth
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32. Global In-Space Manufacturing Market Competitive Benchmarking
33. Global In-Space Manufacturing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The In-Space Manufacturing Market
35. In-Space Manufacturing Market Future Outlook and Potential Analysis
36. Appendix
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