Spacecraft Market

Global Spacecraft Market Size (2024 to 2032)

The global spacecraft market size is expected to reach USD 6.60 billion in 2024 and USD 10.39 billion by 2029, growing at a CAGR of 5.84% during the forecast period.

A spacecraft is a machine designed in such a way that it can be able to fly in space. It is an artificial satellite that is being tested for various tasks such as planetary exploration, navigation, and communications. The global spacecraft market for space Satellites has seen increasing demand for spacecraft from developed and developing economies. Moreover, only single-to-orbit-level vehicles do not require launch vehicles or a company rocket. Moreover, growing technological advances combined with spacecraft components are likely to offer the majority of the growth to the global spacecraft market in the next six years.

MARKET DRIVERS

Increasing competition among developed economies urges participants to immediately promote space missions, which creates a massive demand for the global spacecraft market.

The global spacecraft market is driven by the expansion of spacecraft and the space program of developed countries. In addition, the increase in government spending is expected to strengthen space operations, further driving the need for spacecraft. Over the last few decades, space exploration programs have gotten a lot of attention, and large countries have dominated the worldwide market by demonstrating their space capabilities. Furthermore, the expansion of space R&D projects has fueled the worldwide spacecraft industry. Likewise, growing cooperation among international space institutions for technology integration and investment reinforces the global market for space missions, driving demand for both human and unmanned spacecraft. The increase in space exploration missions could also be linked to increased government funding and space budgets. Furthermore, the global spacecraft market is expected to benefit from the shrinking of spacecraft components, which would drive application and demand.

MARKET RESTRAINTS

An unauthorized individual can use spacecraft because it can be controlled remotely. It takes longer for radio waves to travel from space to Earth since it functions in space. This will further affect the analysis to take longer. It doesn't provide people with a lot of options. It has a restricted maintenance provision, which reduces its lifespan. Atmospheric health risks due to exposure to radiation are mainly caused by long-term effects, which further limits the global spacecraft market growth in the upcoming years.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Spacecraft Market Analysis By Type

The unmanned spacecraft category now holds the largest market share, which is likely to have during the projection period. Revenues from satellite launches, freight transportation spacecraft, and spacecraft for deploying land rovers for planetary exploration missions, among other things, are included in this part. Satellite launches have grown in recent years to support a variety of uses. Satellite launches are also likely to rise in the following years to support a variety of purposes, including military, commercial (such as telecommunications), and space research. Moreover, the inclusion of Artificial Intelligence (AI) technology in spatial operations enhances the growth of the global spacecraft market.

Global Spacecraft Market Analysis By Application

The commercial segment is anticipated to hold the highest spacecraft market share during the forecast period. Moreover, the commercial part offers the supply of goods and services with the help of equipment to the Earth's orbit or space. Furthermore, owners of these particular services generally have a contract to produce satellites and deliver them to various public and private industries, which form an integral part of the space economy. In addition, to the number of public benefits, commercial airline passengers appear to have the potential to catalyze the introduction of cost reductions. Furthermore, several thoughts have been implemented, like asteroid mines, solar sails, space colonies, and, mobile suits which have the capacity to play a significant key role in the global spacecraft market.

REGIONAL ANALYSIS

The Asia-Pacific is anticipated to generate the highest global spacecraft market share in the next six years. It is majorly due to increasing investments for space from emerging economies, including China, India, Japan, and South Korea. In addition, China is actively investing in space technology to catch up to the United States. The Chinese government and private enterprises are investing heavily in earth observation, satellite communications, and satellite manufacturing. These substantial investments have resulted in the creation and launch of several military and commercial satellites. As a result, China was the second-largest country in terms of operational satellites in orbit, after the United States.

North America tends to have the highest CAGR in the global spacecraft market. The presence of NASA in the region contributes to the region's dominance. NASA's extraterrestrial activities have a considerable budget. The presence of many major market players in the area, such as Lockheed Martin Corporation and Boeing Company, is projected to boost the worldwide spacecraft market's growth in the future years.

KEY MARKET PLAYERS

• The Boeing Company
• Airbus SE
• SpaceX
• Lockheed Martin Corporation
• Space Exploration Technologies Crop.
• Sierra Nevada Corporation
• Berlin Space Technologies GmbH
• Northrop Grumman Corporation
• Thales Alenia Space
• Millennium Space Systems
• OHB System AG

RECENT HAPPENINGSIN THE MARKET

• In April 2021, SpaceX launches 60 more Starlink Satellites, increasing the number of satellites introduced to 300 over a month. These satellites are being introduced as part of the company's goal to launch 1,500 Starlink satellites by 2021.
• On 11 March 2021, Airbus was appointed by the European Commission to study the development of space missions through the Horizon 2020 Plan. This is a precursor to the future creation of large structures in orbit. Direct production in orbit will change the way space systems are designed, built, and used.

By Type

• Manned spacecraft
• Unmanned Spacecraft 

By Application

• Commercial 
• Military 
• Defense

By Region

• North America 
• Asia-Pacific
• Europe 
• Latin America
• Middle-East-America