Space Technology Market Expected To Fuel Industry Growth With $731.8 Billion By 2030: Grand View Research Inc.
San
Francisco, 10 June 2024: The Report Space Technology (SpaceTech) Market Size, Share & Trends Analysis
Report By Type (Space Vehicles, Deep-space Communication, In-space Propulsion),
By Agency Type, By Application, By Region, And Segment Forecasts, 2023 - 2030
The global space technology market size
is anticipated to reach USD 731.8 billion by 2030, exhibiting a CAGR of 7.5%
over the forecast period, according to a new study published by Grand View
Research Inc. The market has witnessed remarkable growth in the past few years,
fueled by advancements in scientific research, technological breakthroughs, and
the increasing participation of private companies. The market has experienced
rapid growth due to several factors, including the decreasing cost of satellite
launches and the emergence of private space companies like SpaceX, which has
made space technology (SpaceTech) more accessible and affordable. This has
paved the way for an influx of satellite deployments, leading to enhanced
global connectivity, improved navigation systems, and expanded Earth’s
observation capacities.
Moreover, the increasing demand for
satellite-based services, such as telecommunication, broadcasting, weather
forecasting, and remote sensing, has driven the expansion of the market.
Companies and governments are leveraging satellite technologies to gather
valuable data, monitor climate change, manage disaster response, and provide
internet connectivity to remote regions. There are numerous opportunities for
innovation and commercialization; one promising area is space exploration.
Governments and private entities invest in lunar missions to establish a
sustainable human presence on the Moon. These efforts include resource
utilization, construction of lunar habitats, and scientific research, offering
opportunities for companies to develop novel technologies and services to
support these missions.
Space tourism is another burgeoning
application area in the global market for space technology (SpaceTech).
Companies like Virgin Galactic and Blue Origin have pioneered commercial space travel,
aiming to offer suborbital flights to tourists. This development of the space
tourism sector has presented numerous opportunities for companies to develop
spacecraft, infrastructure, and supporting services for space tourism.
Additionally, the market is witnessing an upsurge in demand for small
satellites, also known as CubeSats. These miniature satellites offer
cost-effective solutions for various applications, including Earth observation,
communication networks, and scientific research. Startups and established
players are capitalizing on this trend by developing advanced small satellite
technologies, opening new avenues for growth and entrepreneurship.
Technological advancements are further
propelling the market’s growth. For instance, the development of more efficient
propulsion systems, such as ion thrusters and reusable rockets, has
significantly reduced the cost of space missions. This has spurred increased
investment and participation from the public and private sectors. On the other
hand, advancements in miniaturization, sensors, and data processing
capabilities have led to the proliferation of nanosatellites and
microsatellites. These smaller satellites offer enhanced maneuverability,
cost-effectiveness, and rapid deployment options, making them ideal for
specific applications.
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Advancements in propulsion systems,
spacecraft design, and robotics are anticipated to facilitate deep space
exploration missions. Such endeavors include crewed missions to Mars, asteroid
mining, and robotic exploration of distant celestial bodies. Developing
advanced life support systems, radiation shielding, and long-duration space
travel technologies is crucial for ambitious missions. Companies like SpaceX, OneWeb,
and Amazon’s Project Kuiper deploy mega-constellations of thousands of small
satellites to provide global broadband internet coverage.
Space Technology
Market Report Highlights
- The space vehicles segment is anticipated
to witness a significant CAGR of over 7.0% during the forecast period, due
to the advancement in technology, increased private sector participation,
and government initiatives
- The commercial agency type segment is
expected to register the fastest CAGR from 2023 to 2030. The growth is attributed
due to the growth of commercialization in the market such as the
deployment of large constellations of satellites to provide global
broadband internet coverage
- North America is anticipated to register
the highest CAGR over the forecast period, due to the emergence of private
space companies such as SpaceX, Blue Origin, and Virgin Galactic which has
contributed toward the growth of the market
- The major companies operating in the
market are Boeing, SpaceX, Virgin Galactic, Blue Origin LLC, and Lockheed
Martin Corporation
The satellite will continue to evolve,
becoming more capable, versatile, and cost-effective; high-resolution imaging,
hyperspectral sensors, and advanced communication systems will enhance Earth’s
observation capabilities. Additionally, the integration of artificial
intelligence and machine learning algorithms into satellite data analysis is
projected to enable real-time insights and predictive analytics in the space
technology (SpaceTech) industry.
Space-based solar power involves capturing
sunlight in space and transmitting it to Earth via microwaves or lasers. This
technology could provide a virtually limitless and clean energy source. Future
space missions will utilize resources available on celestial bodies, such as
the Moon or Mars, to sustain human presence and exploration. ISRU techniques,
including extracting water, oxygen, and other essential resources from regolith
or ice, will be crucial for establishing long-term off-world habitats and
reducing reliance on Earth for supplies.
The microgravity environment of space
offers unique opportunities for manufacturing processes that are not possible
on Earth. Additive manufacturing in space has already demonstrated its
potential for producing complex structures and materials; in the future
space-based manufacturing cloud will lead to advancements in pharmaceuticals,
advanced materials, and even the construction of large-scale structures in
space.
Space Technology (SpaceTech) Market Report
Scope
Report
Attribute |
Details |
The market size
value in 2023 |
USD 442.0
billion |
The revenue
forecast in 2030 |
USD 731.8
billion |
Growth rate |
CAGR of 7.5%
from 2023 to 2030 |
The base year
for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
As space exploration expands and missions
venture farther into the solar systems, reliable and efficient interplanetary
communication will become paramount. Developing an interplanetary internet
infrastructure using laser communications, deep space networks, and autonomous
communication protocols will enable seamless data exchange and coordination
across vast distances. With the growing number of satellites and space debris,
there will be an increasing need for effective debris mitigation and removal
strategies. Advanced technologies such as active debris removal systems,
robotic spacecraft, and orbital cleanup missions will play a vital role in
maintaining a sustainable space environment.
The growth is driven by technological
advancements, increasing private sector participation, and growing government
initiatives. This sector encompasses a wide range of activities, including
satellite manufacturing and operations, launch services, space exploration, and
the development of innovative space-related technologies. The market observed
significant growth due to rapid technological advancements in satellite
technology. Satellites are critical in various sectors, including
telecommunication, navigation, weather forecasting, and Earth observation. The
deployment of communication satellites has gained significant traction with an
ever-increasing demand for high-speed internet connectivity.
List of Key
Players in the Space Technology (SpaceTech) Market
- Airbus SE
- Astra Space Inc.
- Ball Corporation
- Beijing Commsat Technology Development
Co. Ltd.
- Blue Origin LLC
- Boeing
- China Aerospace Science and Technology
Corporation
- General Dynamics Corporation
- Hedron
- Hindustan Aeronautics Limited
- Honeywell International Inc.
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