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Space Technology Market Observes Demand for Satellite-Based Services and Record a CAGR of 6.70%

Dec 15, 2023 3:00 PM ET

Space Technology Market Observes Demand for Satellite-Based Services and Record a CAGR of 6.70%

Space Technology Market Overview

Space Technology Market Size was valued at USD 293.8 Billion in 2022. The Space Technology market industry is projected to grow from USD 313.4846 Billion in 2023 to USD 526.6614934 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023-2032).

Competitive Analysis

The key players of the market are Airbus SAS, Ball Corporation, Boeing, Eutelsat Communications SA, General Electric, Honeywell International Inc., Intelsat, IAI, Leonardo SpA, Lockheed Martin Corporation, NEC Corporation, Northrop Grumman Corporation, Safran, SES SA, Space Exploration Technologies Corp, Space Systems/Loral, LLC, Teledyne Technologies Incorporated, Thales Group, Transdigm Group, Inc., United Technologies Corporation, Viasat, Inc.

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Market Dynamics

Market expansion is being fueled by factors such as the increasing sophistication of satellites. These factors include nanosatellites, microsatellites, and cubesats. Several reasons have contributed to the rapid growth of the business, including the decreasing price of satellite launches and the advent of private space enterprises like SpaceX, which have made space technology (SpaceTech) more widely available and affordable. This has paved the door for a proliferation of satellite launches, which in turn has improved means of communication, navigation, and Earth observation.

Also, more and more people are using services that rely on satellites, such telecommunications, television, weather forecasting, and remote sensing. Businesses and governments rely on satellite technology for data collection, climate change monitoring, disaster response coordination, and internet access in underserved areas. Opportunities for innovation and commercialization abound, and space travel is only one of them. To develop an enduring human presence on the moon, governments and private entities sponsor lunar missions. The use of resources, the construction of lunar dwellings, and the conducting of scientific research all give opportunities for companies to develop innovative technology and services to aid these efforts.

Additionally, CubeSats, or microsatellites, are becoming increasingly popular. Small satellites like this may be used for a variety of purposes at a low cost, including monitoring Earth, establishing communication networks, and conducting research. Startups and established businesses are capitalizing on this trend by developing innovative technologies for small satellites, opening up new potential for development and entrepreneurship.

Market Segmentation

The space technology market segmentation, based on subsystems, includes orbit, launch platform, launch vehicle, and payload.

The space technology market segmentation, based on end-use, includes civil, commercial, and military. 

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Regional Analysis

It is expected that the North American market for space technology would be the most lucrative. Increases in both the number of space missions and the amount of money allocated to them by the government are driving this growth.

Since key market participants in Europe are increasingly teaming together to drive significant growth in the space sector, the European Space Technology market now accounts for the second highest share of the global market. Additionally, the German space technology market retained the highest share, while the British space technology market grew at the quickest rate in Europe.

From 2023 to 2032, the Space Technology Market in Asia-Pacific is projected to expand at the highest CAGR. The surge in demand for space launches for satellite communications, telecommunications, and surveillance systems in the area may be linked to the expansion.

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