Global Spacesuit Market Research Report: by Application [Intravehicular Activity (IVA) and Extravehicular Activity (EVA)], Design (Soft Suit, Hard-Shell Suit, Hybrid Suit and Skin-Tight Suit) and Region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa) - Forecast till 2025
Spacesuits are designed to suit the challenging scenarios in the space that makes survival challenging such as the extreme temperatures and adverse climatic conditions. Manufacturers use a variety of advanced raw materials to develop specialized spacesuits. They invest heavily on R&D for designing safe, convenient, light-weight, and advanced spacesuits while increasing their focus on the development of advanced materials. They strive to provide tailored solutions, with enhanced safety and versatility, to end-users that can stand out in comparison with their competitors.
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Countries across the globe are striving to increase their space activities and have their astronauts equipped with the latest intravehicular and extravehicular spacesuits that can enhance their performance. As a result, governments across the globe are fully convinced and emphasize on optimization of their space activities with the enhanced budgeting. Resultantly, the global spacesuits market is growing pervasively on the global platform.
Acknowledging the kind of traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the global spacesuit market will grow enormously by 2023 registering approximately 8% CAGR throughout the forecast period (2018 to 2023).
Additional factors substantiating the market growth include commercial space missions or operations and growing emphasis on space travel that result in increasing the demand for spacesuits and hence, the growth of the spacesuit market. Moreover, the increasing emphasizes of manufacturers on differentiating their products based on effectiveness, aesthetics, and convenience is fuelling the market growth of spacesuits, increasing the investments.
MRFR has segmented the analysis into four key dynamics; for better understanding: -
By Type: Intravehicular and Extravehicular
By Design: Soft, Hard-shell, Hybrid, and Skin-tight.
By Technology: Flex nozzle, Gimbal nozzle, and Rotating nozzle among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The North American region is projected to continue with its dominance over the global Spacesuit market over the forecast years. The presence of several developers, manufacturers and R&D centers for spacesuits drives the market growth in the region. Substantial technological advancements and uptake alongside the colossal budget for space-based operations foster the market growth in the region. Furthermore, the increasing space research programs and a large number of space-based operations fuel the growth of the market in the region.
The Asia Pacific region accounts for the second-largest market for spacesuits emerging as a rapidly growing market. Increasing participation in space-based programs by countries, such as China, Japan, and India led by the increasing space budget foster the market growth in the region. Countries such as India and South Korea have increased their budgets for space activities contributing towards satellite launch programs and space missions, which, in turn, would propel the growth of the market.
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Fervent players driving the market for Spacesuit include David Clark Company (U.S.), Boeing (U.S.), Honeywell International Inc. (U.S.), NPP Zvezda (Russia), ILC Dover (Ireland), Space Exploration Technologies Corp. (U.S.), Sure Safety India Pvt. Ltd. (U.S.), Final Frontier Design (U.S.), Oceaneering International, Inc. (U.S.), UTC Aerospace Systems (U.S.), and Orbital Outfitters (U.S.).
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