Market Insights
“The spacecraft market size was US$ 5.9 Billion in 2023 and is likely to grow at an impressive CAGR of 5.9 % in the long run to reach US$ 10.4 Million in 2032”.
Market Dynamics
Introduction
Spacecraft is equipment or vehicle that is built or used for space flying or exploration, for instance beyond the Earth sphere. Spacecraft may be manned, this is, used for people such as the International Space Station (ISS), or unmanned, they include satellites, probes, or rovers. Orbital vehicles are designed with power and propulsion subsystems, positioning devices, and telecommunications apparatus to work in space. They find diverse applications such as research purposes, conveying information, and monitoring the surface of the earth and other planets and satellites. Structures must endure circumstances such as no-pressure environments, radiation hazards, and changing temperatures which must remain operational for long periods.
Peculiarities of the spacecraft market can be explained by the rising interest in space exploration, the development of space technologies, as well as the demand for satellite services. Cognitive Kuwait further notes that growth is being driven by government actors like NASA, as well as private entities like SpaceX, and Blue Origin among others with aims towards lunar exploration, colonization of Mars, and even asteroid mining. Application services are also on the rise, particularly those dealing with communications, navigation, and earth observation which are critically used in telecommunication, defense, and even environment sectors. Moreover, there has been more investment in reusable rocket technology, miniaturization of satellites, and group ventures, and there is growth in cost reduction; this has led to a growth in the expansion of the spacecraft market.
Recent Market JV and Acquisition:
- January 2024: The announcement of the accurate landing technology for return trips was another reason why Japan sent the spacecraft to the Moon to reignite its space mission. Japan Aerospace Exploration Agency, (JAXA) Smart Lander for Investigating Moon (SLIM) touched down on the lunar surface and regained signal with the ground control. Therefore, with the reduction of the cost of launching Japan hopes to conduct more missions in the future.
- November 2023: Sierra Space unveiled its next iteration of the Dream Chaser space shuttle. Dream Chaser can carry seven astronauts at once. The spacecraft hires the services of NASA through a contract agreement to deliver cargo to the ISS seven times. Dream Chaser is reusable up to 15 times and is now in production at the Colorado Facility.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Type Analysis
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Manned Spacecraft and Unmanned Spacecraft
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Unmanned spacecraft are expected to be the demand generator in the coming years.
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Region Analysis
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North America, Europe, Asia-Pacific and Rest of the World
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North America is expected to maintain its reign over the forecast period.
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By Type
“Unmanned spacecraft is expected to remain the dominant type in the market during the forecast period”.
- The spacecraft market is segmented into manned spacecraft and unmanned spacecraft.
- Specifically, manned space explorations or related initiatives are normally much more expensive in terms of cost of construction and manner than unmanned missions, and these facts typically fuel interest in a wide variety of usage such as scientific missions, satellite launches, and others.
- Development of more sophisticated artificial intelligence and smart machines is leading to the exploitation of space-borne systems; more so, unmanned spacecraft for long space missions.
- Development of satellite applications like communications, earth observation, and navigation is fuelling the call for unmanned spacecraft necessary in sending and supporting satellite constellations.
- Rovers and space probes are quite essential, they are used to explore distant planets or other celestial objects because they are technology and not humans, and they can survive otherwise fatal environment conditions.
Regional Analysis
“North America is expected to remain the largest market for spacecraft market during the forecast period”.
- North America most especially the United States has a good market for building spacecraft in its government through agencies such as NASA and the U.S Department of Defence.
- Large-scale private space firms such as SpaceX, Blue Origin, and Boeing, are based in the region to ramp up spacecraft manufacturing and testing for business space explorations.
- North America has infrastructures for space launch services, space research institutions, and technology development for space vehicle production.
- The growth in the need for navigation, communication, and surveillance by the U.S. military fuels the demand for spacecraft in the defense sector of North America, driving demand for spacecraft.
Key Players
The following are the key players in the spacecraft market.
Here is the list of the Top Players (Based on Dominance)
- The Boeing Company
- Airbus
- Lockheed Martin Corporation
- Space Exploration Technologies Corp
- Sierra Nevada Corporation
- QinetiQ Group
- Northrop Grumman Corporation
- Berlin Space Technologies GmbH
- OHB
- Blue Origin
- Maxar Technologies Inc.
- Mitsubishi Electric Corporation
Note: The above list does not necessarily include all the top players of the market.
Are you the leading player in this market? We would love to include your name. Write to us at [email protected]
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global spacecraft market is segmented into the following categories.
Spacecraft Market, by Type
- Manned Spacecraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Unmanned Spacecraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Spacecraft Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s spacecraft market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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