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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 2025Market ScenarioInnovations 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.Free sample report here: https://www.marketresearchfuture.com/sample_request/8397Segmentation of the Global Space Technology MarketOn the basis of subsystem, the global space technology market has been divided into orbit, launch platform, launch vehicle, and payload.
However, the launch vehicle segment is projected to expand at the highest CAGR during the forecast period.
For instance, the Indian Space Research Organisation (ISRO) developed a small satellite launch vehicle (SSLV).
The Falcon 9 rocket with Crew Dragon capsule was successfully launched by SpaceX today.
For all the people who’ve missed the action, Crew Dragon is used to represent SpaceX’s first spacecraft meant to transfer humans to and from the international space station.
The flight is the final test check for the spacecraft.
It would include launch, docking with the ISS, and the reentry into the atmosphere of Earth for recovery.
The Crew Dragon was launched successfully with a test dummy and a very high-tech-zero-g indicator.
Getting in details, the craft would attempt to dock with the international space station tomorrow morning.