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
Market Scenario
Innovations in the manufacture and launch of satellites are driving the evolution of the space industry. The expansion of the global space technology market is attributed to factors such as increase in the number of satellite launches by countries such as the US, Russia, China, and India and rise in development of small satellites such as CubeSats, nanosatellites, and microsatellites. Additionally, the growing adoption of space farming by prominent space organizations such as NASA and the development of space hotels are expected to drive the growth of the market.
Furthermore, the growing demand for satellites by the military forces for secured communications is expected to drive the market growth. For example, in August 2019, The United Launch Alliance (ULA) launched an Atlas V rocket carrying a satellite to provide jam-resistant secure communication to the US Army.However, growing concerns relating to space debris, high costs related to research and development, and stringent government regulations regarding satellite manufacturing are expected to hamper the growth of the market.
The global space technology market is estimated to register a CAGR of nearly 5.4% between 2019 and 2025.
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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.
Key Players
The key players in the global space technology market include 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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