Space Technology Market Segmentation

The market for space technology has been broken down into segments like subsystem and end-user.

Subsystem-wise, the global space technology market has been considered for launch platform, orbit, payload and launch vehicle. In 2018, the payload segment had formed the largest market, while the launch vehicle segment had been reckoned with the highest potential to achieve the best growth rate in the years ahead. Growing advancements in the field of satellite launch vehicles has led to segmental dominance in the market. To illustrate, the Indian Space Research Organisation (ISRO) had launched a small satellite launch vehicle (SSLV) with a payload capacity of 500 kg, with the ability to back up various orbital drop-offs.

Given the end user segment, the market includes commercial, military and civil. The commercial segment was leading the market in 2018 and can demonstrate the highest CAGR during the conjectured timeframe. This is owing to the rising number of satellites that are being launched by companies across the globe. Case in point, in May 2019, SpaceX developed 60 Starlink satellites that offer high-speed internet connectivity all over the world. Also, the increasing popularity of space tourism has led to the strong growth of the segment over the years.

Space Technology Market Regional Insight

The global space technology market has been geographically split into Europe, North America, Asia Pacific (APAC), and the rest of the World (RoW).

North America is the dominating market for space technology, as noted in 2018, on account of the high concentration of illustrious space organizations like NASA. A number of companies in the United States such as Lockheed Martin Corporation, SpaceX and the Boeing Company are making sizeable investments in spacecraft technologies. With the surging investments accompanied by high government on these technologies, North America is anticipated to maintain its top position in the market during the review period.

APAC is estimated to be the fastest-growing market for space technology during the given timeframe. The regional market benefits from the easy availability of low-cost satellites coupled with advanced technology. In addition, the surging number of space technology start-ups including Exseed Space (India) and Bellatrix Aerospace (India) Private Limited can lead the regional market to greater heights in the forthcoming years.

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 2025 : https://www.marketresearchfuture.com/reports/space-technology-market-8397