Space Technology (SpaceTech) Market Size Forecast: $646.37 Billion by 2029 | Global Outlook

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What Is the Projected Market Size Valuation of the Space Technology (SpaceTech) Market by 2025?
In recent times, there has been a substantial surge in the size of the space technology (spacetech) market. It is predicted to expand from $462.43 billion in 2024 to $498.44 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%. The factors contributing to this robust growth in the historic period include the escalating demand for space data and services, advancements in rocket development, increased awareness of space situations, the evolution of propulsion systems, the rise of satellite constellations, and advancements in in-space manufacturing.

What Is the Estimated Market Growth Value for the Space Technology (SpaceTech) Industry in 2029?
The spacetech industry is forecasted to experience robust growth in the coming years, expanding to a market size of $646.37 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. Various factors, such as the expansion of the space sector, advancements in space exploration, the rise of new space applications, the miniaturization of satellites, and the improvements in launch vehicles, contribute to the growth expected in this period. The key trends observed for this period include the advent of novel technologies, technological revolutions, commercial space travel, GPS navigation and weather reporting advancements.

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What Are the Growth Drivers and Opportunities in the Space Technology (SpaceTech) Market?
The expected growth in the space technology (SpaceTech) market is anticipated to be fuelled by the surge in space exploration activities. This entails studying and probing outer space using advanced technology like probes, satellites, and manned missions. Instruments such as satellites, rovers, telescopes, and spacecraft are used in space exploration to collect data, conduct scientific studies, and facilitate human exploration beyond Earth's atmosphere. For instance, the Satellite Industry Association (SIA), a representative association for the commercial satellite industry in the US, reported that a record 2,325 satellites were launched in 2022, of which 161 were commercial. This was made possible through enhanced affordability and technological innovation. 84% of these launches were purposed to aid commercial communications. There was a 15% revenue increase from satellite manufacturing from 2021 to 2022, with American manufacturers accounting for 64% of the global total. Therefore, the burgeoning space exploration trend is steering the growth of the space technology (SpaceTech) market.

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What Are the Primary Segments Covered in the Global Space Technology (SpaceTech) Market Report?
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

Subsegments:
1) By Space Vehicles: Manned Space Vehicles, Unmanned Space Vehicles, Lunar Rovers and Landers
2) By Spacecraft: Satellites (Communication, Earth Observation, Navigation), Space Probes and Exploration Craft, Space Tugs and Orbital Platforms
3) By Space Stations: International Space Station (ISS), Future Space Habitats, Orbital Research Stations
4) By Orbital Launch Vehicles: Reusable Rockets, Space Exploration Launch Vehicles, Small Satellite Launchers
5) By Deep-Space Communications: Deep-Space Network (DSN) Technologies, High-Speed Communication Systems for Space Missions, Laser Communication Systems
6) By In-Space Propulsion: Electric Propulsion Systems, Chemical Propulsion Systems, Nuclear Thermal Propulsion
7) By Other Types: Space Robotics and Automation, Space Tourism Technologies, Space Mining and Resource Utilization Technologies

What Are the Top Growth Trends in the Space Technology (SpaceTech) Market?
Leading firms in the SpaceTech sector are prioritizing the creation of innovative products like aerospace pollution monitoring tools, in an attempt to solidify their market standing. These advanced devices make use of sensors and detectors to assess and scrutinize the quality of air, water, or soil for environmental evaluation purposes. For instance, Ball Aerospace & Technologies Corp., an American company specializing in the production of spacecraft, various instruments, and sensors, as well as radio frequency and microwave technologies, in April 2023, launched the Tropospheric Emissions Monitoring of Pollution (TEMPO). This instrument is designed to monitor air quality in geostationary orbit during daylight. It provides detailed measurements of pollutants such as nitrogen dioxide, formaldehyde, and ozone across North America. With the ability to monitor pollution at micro-urban scales on an hourly basis, TEMPO increases the precision of air quality predictions by a substantial 50%.

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Which Companies Are Shaping the Future of the Space Technology (SpaceTech) Market?
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

Which Region Holds the Largest Market Share in the Space Technology (SpaceTech) Industry?
North America was the largest region in the space technology (SpaceTech) market in 2024. 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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