Spacecraft Market to Grow at 5.7% CAGR, Reaching $8.44 Billion by 2029

Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.

Spacecraft Market Outlook: How is the Market Expected to Grow by 2025?
In recent times, the spacecraft market has experienced robust expansion. The market which was valued at $6.4 billion in 2024 is expected to increase to $6.76 billion in 2025, with an impressive compound annual growth rate (CAGR) of 5.6%. This upturn during the historic period can be traced back to several causes such as advancements in space exploration technology, governmental activities in space programs, the space race during the cold war, the requirement for satellite communication, commercial space projects, military utilizations, and global cooperation in space missions.

Spacecraft Market Forecast: What Size Will It Reach By 2029?
Strong expansion is anticipated in the spacecraft market over the coming years, with forecasts suggesting it will reach a value of $8.44 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.7%. The growth anticipated over this period is due to factors such as the emergence of various private space firms, increased need for internet services provided via satellite, progress in the field of reusable rocket technology, the burgeoning space tourism industry, extended planetary exploration missions, space-based climate monitoring, and investment in defense systems in space. Key trends predicted during this timeframe involve the progress in small satellite technology (CubeSats) for uses such as communication and earth tracking, the development of reusable spacecraft to cut costs, a growing focus on deep space exploration, the rise of partnerships, and increased investment in defense and security-related space infrastructure.

Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/spacecraft-global-market-report

Which Key Market Drivers Will Shape Spacecraft Industry Trends in 2025-2029?
The spacecraft market's expansion is anticipated to be driven by the growing investments in the space sector. This sector involves industries and activities that contribute towards space exploration, development, and commercialization, including services related to satellites, space exploration, and launch systems. Factors such as technological progress, increased commercial investments, concerns regarding national security, and the economic potential of space-based initiatives have all contributed to the increased spending in this sector. Given the significant expenditure associated with research, development, and manufacturing in the space domain, spacecrafts have a vital role. The demand for space discovery and satellite deployment also adds to this expenditure. The Space Foundation, a non-profit organization based in the US, reported in July 2023 that the space economy hit a value of $570 billion. This signifies a 7.4% increase from its revised total of $531 billion in 2022. Hence, the surge in the space sector's expenditure is a crucial factor propelling the growth in the spacecraft market.

Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=21590&type=smp

What Are the High-Growth Segments in the Spacecraft Market?
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

Which Global Trends Are Driving Spacecraft Market Expansion?
Leading entities in the spacecraft market are concentrating on the creation of cutting-edge technologies like advanced solar sail technology, with the objective of improving propulsion efficiency, minimizing fuel usage and facilitating more extended space missions. Solar sail technology employs big reflective sails to capture and utilize sunlight (photons) pressure to produce thrust as a way of propelling spacecraft. For example, in April 2024, the US government agency, National Aeronautics and Space Administration, launched a solar-powered spacecraft that uses solar energy to operate its system and perform tasks in space. This spacecraft boasts high-efficiency solar panels that can generate power even in the low-light circumstances of deep space. Its compact design combined with upgraded electric propulsion systems makes it more efficient and allows it to travel further than traditional chemical-powered spacecraft.

Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=21590&type=smp

Who Are the Fastest-Growing Companies in the Spacecraft Industry?
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.

What Is the Regional Outlook for the Spacecraft Market by 2029?
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.

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
Saumya Sahey
Europe: +44 7882 955267,
Asia: +44 7882 955267 & +91 8897263534,
Americas: +1 310-496-7795
Email: saumyas@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.