Space Technology Market Overview
Global Space Technology Market Shows A Lot Of Promise And Has The Potential To Achieve A Growth Rate Of Nearly 5.4% From 2019 To 2025, Which Is The Forecast Period, Reveals Market Research Future (MRFR).
Space Technology Market Primary Drivers and Key Barriers
The space industry has manifested into one of the most notable markets across the globe. This industry, across the value chain, is observing disruption due to the influx of latest space systems, technologies as well as products & services. The market is highly competitive, with a rising focus on the development of modern and advanced technologies. Satellite platforms now boast of high agility and robustness on the back of rising execution of software-based satellites, spot beam offerings as well as electric propulsion systems.
The space industry is also transforming, given the surge in innovations in the manufacture as well as the launch of satellites. The worldwide market for space technology is expanding significantly owing to factors like mounting number of satellites launches by countries like Russia, the United States (US), India and China. Various countries around the world are striving to develop small satellites like nanosatellites, microsatellites and CubeSats that feature the latest technologies. In addition, the surging adoption of space farming by renowned space organizations like NASA coupled with the establishment of space hotels can also boost the market demand in the coming years.
Furthermore, the soaring demand for satellites in the military sector for secured communications is inducing vigorous market growth. Citing a reference, in August 2019, the United Launch Alliance (ULA) had developed an Atlas V rocket that carried a satellite for providing jam-resistant secure communication to the US Army. On a different note, rising concerns related to space debris can proceed to create obstacles for market growth in the near future.
Space Technology Market Top Players
Space Technology Market top players in the worldwide market for space technology include Boeing (US), Airbus SAS (Netherlands), Teledyne Technologies Incorporated (US), IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Viasat, Inc. (US), Leonardo SpA (Italy), Space Systems/Loral, LLC (US), Thales Group (France), SES SA (Luxembourg), Northrop Grumman Corporation (US), Safran (France), Transdigm Group, Inc. (US), General Electric (US), Ball Corporation (US), United Technologies Corporation (US), Intelsat (Luxembourg), Honeywell International Inc. (US), NEC Corporation (Japan), Space Exploration Technologies Corp. (US), to mention a few.
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