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Space Technology (SpaceTech) Market Report 2024: Size, Growth, Trends, Forecast to 2033
Space Technology (SpaceTech) Market Report
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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%.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Space Technology (SpaceTech) Market 2024 Key Insights:
• The Space Technology (SpaceTech) Market is expected to grow to $612.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Space Exploration Is Propelling The Space Technology (SpaceTech) Market
• Innovative Satellite Revolutionizes Pollution Monitoring From Geostationary Orbit
• North America was the largest region in the space technology (SpaceTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space technology (SpaceTech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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