Spacecraft Market Poised for 10.3 % Growth, Set to Hit $24.58 Billion by 2029

Get 15% off on all our 2025 Global Market Reports with code FY25SAVE - Offer valid till March 31st! Which drivers are expected to have the greatest impact on the over the spacecraft market's growth?
Rising expenses in the space sector are anticipated to spur the growth of the spacecraft market. This sector includes industries and activities focused on the development, exploration, and monetization of space, such as satellite services, launch systems, and space expedition. Technological progress, increasing commercial involvement, national security issues, and the potential economic gains from activities based in space are the main drivers of this growing expenditure. Due to the significant expenses associated with research, development, and manufacturing, and the rising demand for space exploration and satellite launching, spacecraft are critical to this increased spending on space. For example, The Space Foundation, a non-profit organization based in the U.S., indicated that in July 2023, the space economy touched $570 billion, up by 7.4% from the adjusted total of $531 billion in 2022. Thus, the expanding expenditure on the space sector is fuelling the growth of the spacecraft market.

Get Your Spacecraft Market Report Here:
https://www.thebusinessresearchcompany.com/report/spacecraft-global-market-report

What is the future CAGR of the spacecraft market, and how will it impact industry expansion?
The size of the spacecraft market has seen significant expansion in the recent past. It is projected to increase from $6.40 billion in 2024 to $6.81 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this growth throughout the historical period include the rise in advancements in space exploration technology, government-led space initiatives, the influence of the cold war space race, the need for satellite communication, commercial space projects, military uses, and global partnerships in space explorations.

Anticipations are high for an extended expansion in the spacecraft market over the upcoming years. The market is projected to swell to $8.64 billion by 2029, experiencing a compound annual growth rate (CAGR) of 6.1%. This surge during the forecast period is presumed to be influenced by factors such as the emergence of private space companies, a surge in demand for satellite-based internet services, evolution in reusable rocket technology, growth in space tourism, multiplied planetary exploration missions, climate monitoring from space, and capital inputs in space-based defense systems. Noteworthy trends during this forecast period comprise advancements in small satellite technology (CubeSats) for communication and earth observation, the emergence of reusable spacecraft to minimize expenses, rising emphasis on deep space exploration, escalated partnerships, and investment in space infrastructure for defense and security objectives.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=21590&type=smp

What are the most significant trends transforming the spacecraft market today?
Key players in the spacecraft market are concentrating their efforts on innovating technologies like advanced solar sail technology with the aim to improve propulsion efficiency, cut down fuel use, and facilitate long-duration space voyages. The principle behind the solar sail technology is that it leverages large reflective sails to trap and utilize the pressure exerted by sunlight (photons) for creating thrust. For instance, in April 2024, the US-based government agency, the National Aeronautics and Space Administration, deployed a solar-powered spacecraft that uses solar energy for its on-board systems and operations in space. This spacecraft comes with solar panels of high efficiency which can generate power even under the dim light conditions in deep space. Its lightweight structure, along with cutting-edge electric propulsion systems, enables it to journey farther and in a more efficient manner compared to the usual chemically powered spacecraft.

Which key market segments comprise the spacecraft market and drive its revenue growth?
The spacecraft market covered in this report is segmented -

1) By Type: Manned Spacecraft, Unmanned Spacecraft
2) By Component: Power Systems, Thermal Control Systems, Propulsion Systems, Payloads, Communication Systems, Guidance And Navigation Systems
3) By End User: Military, Commercial, Defense

Subsegments:
1) By Manned Spacecraft: Space Capsules, Spaceplanes, Space Stations
2) By Unmanned Spacecraft: Satellites, Probes, Landers, Rovers, Cargo Spacecraft

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=21590

What regions are at the forefront of spacecraft market expansion?
North America was the largest region in the spacecraft market in 2024. The regions covered in the spacecraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the spacecraft market?
Major companies operating in the spacecraft market are Boeing Defense, Space & Security, Airbus SE, RTX Corporation, Lockheed Martin Space Systems Company, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corporation, Israel Aerospace Industries Ltd., Thales Alenia Space S.A.S., Maxar Technologies Inc., Blue Origin LLC, RUAG Space AB, Sierra Nevada Corporation, OHB SE, Rocket Lab USA Inc., Planet Labs PBC, Firefly Aerospace Inc., Astroscale Holdings Inc., Korea Aerospace Research Institute, Indian Space Research Organisation, NanoAvionics LLC, Virgin Galactic Holdings Inc., Ball Aerospace & Technologies Corp.

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/customise?id=21590&type=smp

What Is Covered In The Spacecraft Global Market Report?

•Market Size Forecast: Examine the spacecraft market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the spacecraft market for a structured understanding.
•Key Players Overview: Analyze major players in the spacecraft market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the spacecraft market.
•Segment Contributions: Evaluate how different segments drive overall growth in the spacecraft market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the spacecraft market.
•Industry Challenges: Identify potential risks and obstacles affecting the spacecraft market.
•Competitive Landscape: Review strategic developments in the spacecraft market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.