Space Technology Market 2025 - Latest Update, Trends & International News In One Place - Check Out Now
November 29, 2019 by Market-NewsFlash
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 World) — Forecast till 2025
Space Technology Market Highlights
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 the subsystem, end-use, and region.
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Segmentation of the Global Space Technology Market
On the basis of subsystem, the global space technology market has been divided into orbit, launch platform, launch vehicle, and payload. The payload segment dominated the global market in 2018. However, the launch vehicle segment is projected to expand at the highest CAGR during the forecast period. Increasing developments in the field of satellite launch vehicles are expected to drive the growth of the segment. For instance, the Indian Space Research Organisation (ISRO) developed a small satellite launch vehicle (SSLV). The vehicle has a payload capacity of 500 kg and can support multiple orbital drop-offs.
Based on end use, the market has been divided into civil, commercial, and military. The commercial segment dominated the market in 2018 and is expected to register the highest CAGR during the forecast period owing to the increase in the number of satellites being launched by companies worldwide. For example, in May 2019, SpaceX launched 60 Starlink satellites to offer high-speed Internet connectivity across the globe. Furthermore, the growing concept of space tourism is expected to drive the growth of the segment.
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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