Space Technology (SpaceTech) Global Market Report 2024 - By Trends, Size, Share, Drivers, Outlook By 2033

The space technology (SpaceTech) market size has grown strongly in recent years. It will grow from $425.18 billion in 2023 to $462.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to rising demand for space data and services, rocket development, space situational awareness, propulsion systems, satellite constellations, in-space manufacturing.

The space technology (SpaceTech) market size is expected to see strong growth in the next few years. It will grow to $612.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growth of the space sector, advancements in space exploration, emerging space applications, miniaturization of satellites, advancements in launch vehicles. Major trends in the forecast period include development of new technologies, innovations in technology, commercial spaceflight, GPS navigation, weather reporting.

Market Overview -
Space technology (SpaceTech) refers to the application of engineering principles to the design, development, manufacture, and operation of devices and systems for space travel and exploration. It is used for space exploration and activities beyond the earth's atmosphere, including the exploration of other planets, study of the universe, and providing communication and navigation services to support human activities.

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Rising Space Exploration Is Propelling The Space Technology (SpaceTech) Market
The rise in space exploration is expected to propel the growth of the space technology (SpaceTech) market going forward. Space exploration refers to the investigation and study of outer space through the use of space technology, satellites, probes, and manned missions. Space exploration utilizes space technology by employing satellites, rovers, telescopes, and spacecraft to gather data, conduct research, and enable human exploration beyond Earth's atmosphere. For instance, in June 2023, according to the Satellite Industry Association (SIA), a US-based unified voice of the commercial satellite industry, in 2022, a record-breaking 2,325 satellites were launched into orbit, including 161 in commercial launches, driven by increased affordability and innovation. Of these, 84% were aimed at supporting commercial communications. The revenue from satellite manufacturing saw a 15% growth from 2021 to 2022, with American producers capturing 64% of the global total. Therefore, the rise in space exploration is driving the space technology (SpaceTech) market.

Competitive Landscape -
Major companies operating in the space technology (spaceTech) market are The Boeing Company, Lockheed Martin Corporation, Airbus SE, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International Inc., NEC Corporation, Safran S.A., Thales Group, Ball Corporation, Leonardo SpA, SpaceX, Hindustan Aeronautics Limited, Viasat Inc., SES S.A., Maxar Technologies, Eutelsat Communications SA, Sierra Nevada Corporation, OHB System AB, National Aeronautics and Space Administration (NASA), MDA Space, Telesat, Rocket Lab USA Inc., ICEYE Inc., Blue Origin LLC, Beijing Commsat Technology Development Co. Ltd., Astra Space Inc., Virgin Galactic, Hedron

Innovative Satellite Revolutionizes Pollution Monitoring From Geostationary Orbit
Major companies operating in the space technology (SpaceTech) market are focused on developing innovative products such as, aerospace pollution monitoring instrument to strengthen their position in the market. These instruments utilize sensors and detectors to measure and analyze air, water, or soil quality for environmental assessment. For instance, in April 2023, Ball Aerospace & Technologies Corp., a US-based manufacturer of spacecraft, instruments and sensors, radio frequency, and microwave technologies, launched the tropospheric emissions monitoring of pollution (TEMPO), which will observe air quality in geostationary orbit during daylight hours. It offers high spatial resolution measurements of pollutants such as nitrogen dioxide, formaldehyde, and ozone across North America. With its capability to track pollution at micro-urban scales every hour, TEMPO enhances air quality prediction accuracy by 50%.

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Key Segments -
The space technology (spaceTech) market covered in this report is segmented -
1) By Type: Space Vehicles, Spacecraft, Space Stations, Orbital Launch Vehicles, Deep-Space Communications, In-Space Propulsion, Other Types
2) By Application: Navigation And Mapping, Meteorology, Disaster Management, Satellite Communication, Satellite Television, Remote Sensing, Science And Engineering, Military And National Security, Internet Services, Other Applications
3) By End-Use: Government, Military, Commercial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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