October 31, 2019 by Market-NewsFlash
The global space technology market is estimated to register a CAGR of nearly 5.4% during the forecast period.
Space Technology Market
The growth of the global technology market can be attributed to the rising use of small satellites. Furthermore, the increasing adoption of 3D printing for manufacturing satellite parts is expected to drive the market growth. For instance, in 2018, Lockheed Martin Corporation manufactured two large titanium domes for its satellite fuel tanks using 3D printing technology. Additionally, the increasing investments in the promotion of space tourism are expected to drive the market growth.
However, rising concerns related to space debris and high costs associated with the manufacture and launch of satellites are expected to hamper the growth of the market. Moreover, stringent government regulations regarding the launch of satellites are expected to hamper the growth of the market.
The global space technology market has been segmented on the basis of subsystem, end use, and region.
Based on subsystem, the global space technology market has been divided into orbit, launch platform, launch vehicle, and payload. The payload segment is projected to account for the largest share of the market during the forecast period. However, the launch vehicle segment is estimated to expand at the highest CAGR during the forecast period of 2019 to 2025. Increase in the number of satellites being launched by countries such as the US and Russia is anticipated to drive the growth of the segment.
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Space Technology Market
Based on end use, the market has been classified as civil, commercial, and military. The commercial segment dominated the market in 2018 and is projected to expand at the highest CAGR from 2019 to 2025. Rise in the number of satellites being launched by countries, such as China and India, for applications, namely mapping and navigation, is expected to drive the growth of the segment. For example, in 2018, ISRO launched a navigation satellite, IRNSS-1I from a polar satellite launch vehicle (PSLV). Furthermore, the growing concept of space farming is expected to drive the growth of the segment. For example, NASA deployed the vegetable production system Veggie on the International Space Station (ISS) to produce salad plants. This initiative was undertaken to provide fresh food to astronauts who are on missions for a long durations. Hence, the segment is estimated to expand at the highest CAGR during the forecast period.
In terms of region, the global space technology market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for a dominant share of the market in 2018. However, the market in Asia-Pacific is projected to expand at the highest CAGR during the forecast period. Presence of prominent space organizations such as ISRO is driving the growth of the market in the region.
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
The key players in the global space technology market are Ball Corporation (US), Intelsat (Luxembourg), Airbus SAS (Netherlands), Boeing (US), IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Northrop Grumman Corporation (US), Space Exploration Technologies Corp. (US), Space Systems/Loral, LLC (US), Thales Group (France), SES SA (Luxembourg), Viasat, Inc. (US), Safran (France), Leonardo SpA (Italy), General Electric (US), Honeywell International Inc. (US), United Technologies Corporation (US), Teledyne Technologies Incorporated (US), Transdigm Group, Inc. (US), and NEC Corporation (Japan).
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