Global Space Technology (SpaceTech) Market Size
Overview and Scope
Space technology (SpaceTech) refers to the application of engineering principles to the design, development, manufacture, and operation of devices and systems for space travel and exploration. It is used for space exploration and activities beyond the earth’s atmosphere, including the exploration of other planets, study of the universe, and providing communication and navigation services to support human activities.
Sizing and Forecast
The space technology (SpaceTech) market size has grown strongly in recent years. It will grow from $425.18 billion in 2023 to $462.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to rising demand for space data and services, rocket development, space situational awareness, propulsion systems, satellite constellations, in-space manufacturing.
The space technology (SpaceTech) market size is expected to see strong growth in the next few years. It will grow to $612.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growth of the space sector, advancements in space exploration, emerging space applications, miniaturization of satellites, advancements in launch vehicles. Major trends in the forecast period include development of new technologies, innovations in technology, commercial spaceflight, GPS navigation, weather reporting.
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Segmentation & Regional Insights
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
North America was the largest region in the space technology (SpaceTech) market in 2023. 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.
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Major Driver Impacting Market Growth
The rise in space exploration is expected to propel the growth of the space technology (SpaceTech) market going forward. Space exploration refers to the investigation and study of outer space through the use of space technology, satellites, probes, and manned missions. Space exploration utilizes space technology by employing satellites, rovers, telescopes, and spacecraft to gather data, conduct research, and enable human exploration beyond Earth’s atmosphere. For instance, in June 2023, according to the Satellite Industry Association (SIA), a US-based unified voice of the commercial satellite industry, in 2022, a record-breaking 2,325 satellites were launched into orbit, including 161 in commercial launches, driven by increased affordability and innovation. Of these, 84% were aimed at supporting commercial communications. The revenue from satellite manufacturing saw a 15% growth from 2021 to 2022, with American producers capturing 64% of the global total. Therefore, the rise in space exploration is driving the space technology (SpaceTech) market.
Key Industry Players
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
The space technology (spacetech) market report table of contents includes:
1. Executive Summary
2. Space Technology (SpaceTech) Market Characteristics
3. Space Technology (SpaceTech) Market Trends And Strategies
4. Space Technology (SpaceTech) Market – Macro Economic Scenario
5. Global Space Technology (SpaceTech) Market Size and Growth
…..
32. Global Space Technology (SpaceTech) Market Competitive Benchmarking
33. Global Space Technology (SpaceTech) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Space Technology (SpaceTech) Market
35. Space Technology (SpaceTech) Market Future Outlook and Potential Analysis
36. Appendix
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