Space Technology Market Size
The growth of the global technology market can be attributed to the rising use of small satellites. Furthermore, the increasing adoption of 3D printing for manufacturing satellite parts is expected to drive the market growth. For instance, in 2020, Lockheed Martin Corporation manufactured two large titanium domes for its satellite fuel tanks using 3D printing technology. Additionally, the increasing investments in the promotion of space tourism are expected to drive the market growth.
However, rising concerns related to space debris and high costs associated with the manufacture and launch of satellites are expected to hamper the growth of the market. Moreover, stringent government regulations regarding the launch of satellites are expected to hamper the growth of the market.
The global Space Technology Market has been segmented on the basis of the subsystem, end-use, and region.
Based on the subsystem, the global space technology market has been divided into orbit, launch platform, launch vehicle, and payload. The payload segment is projected to account for the largest share of the market during the forecast period. However, the launch vehicle segment is estimated to expand at the highest CAGR during the forecast period of 2020 to 2027. Increase in the number of satellites being launched by countries such as the US and Russia is anticipated to drive the growth of the segment.
Based on end-use, the market has been classified as civil, commercial, and military. The commercial segment dominated the market in 2020 and is projected to expand at the highest CAGR from 2020 to 2027. Rise in the number of satellites being launched by countries, such as China and India, for applications, namely mapping and navigation, is expected to drive the growth of the segment. For example, in 2020, ISRO launched a navigation satellite, IRNSS-1I from a polar satellite launch vehicle (PSLV). Furthermore, the growing concept of space farming is expected to drive the growth of the segment. For example, NASA deployed the vegetable production system Veggie on the International Space Station (ISS) to produce salad plants. This initiative was undertaken to provide fresh food to astronauts who are on missions for long durations. Hence, the segment is estimated to expand at the highest CAGR during the forecast period.
In terms of region, the global space technology market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for a dominant share of the market in 2018. However, the market in Asia-Pacific is projected to expand at the highest CAGR during the forecast period. Presence of prominent space organizations such as ISRO is driving the growth of the market in the region.
Key Players
The key players in the global space technology market are Ball Corporation (US), Intelsat (Luxembourg), Airbus SAS (Netherlands), Boeing (US), IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Northrop Grumman Corporation (US), Space Exploration Technologies Corp. (US), Space Systems/Loral, LLC (US), Thales Group (France), SES SA (Luxembourg), Viasat, Inc. (US), Safran (France), Leonardo SpA (Italy), General Electric (US), Honeywell International Inc. (US), United Technologies Corporation (US), Teledyne Technologies Incorporated (US), Transdigm Group, Inc. (US), and NEC Corporation (Japan).
Table Of Contents
- Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Space Technology Market, By Subsystem
1.1.2. Global Space Technology Market, By End Use
1.1.3. Global Space Technology Market, By Region
- Market Introduction
2.1. Market Definition
2.2. Scope Of The Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
- Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List Of Assumptions
- Market Insights
- Market Dynamics
5.1. Introduction
5.2. Drivers
5.3. Restraints
5.4. Opportunities
5.5. Challenges
5.6. Market/Technological Trends
5.7. Patent Trends
5.8. Regulatory Landscape/Standards
Global Space Technology Market Research Report: Information by Subsystem (Orbit, Launch Platform, Launch Vehicle and Payload), End-Use (Civil, Commercial and Military) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027 @https://www.marketresearchfuture.com/reports/space-technology-market-8397
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