Global Space Technology Market 2023-2030

Global Space Technology Market 2023-2030

Global Space Technology Market Size, Share & Trends Analysis Report by Type (Space Vehicles, Deep-Space Communication, In-Space Propulsion, and Others), by Application (Navigation & Mapping, Meteorology, Disaster Management, Satellite Communication, and Others), and by End-Users (Government, Military, and Commercial), Forecast Period (2023-2030)

The global space technology market is anticipated to grow at a CAGR of 8.9% during the forecast period (2023-2030). The space technology market is experiencing significant growth driven by a convergence of technological breakthroughs and scientific progress. This synergy is propelling the development of advanced tools and applications that leverage innovations in space-related fields. Notably, the integration of cutting-edge technologies such as blockchain, artificial intelligence (AI), 3D printing, and materials science is playing a pivotal role in fostering this expansion.

For instance, SpaceX, a prominent player in the space industry, demonstrated the utilization of AI in its Falcon 9 spacecraft. This craft employs an AI autopilot system, enabling it to autonomously execute tasks, including intricate maneuvers like docking with the International Space Station (ISS). This development showcases the integration of AI to enhance the spacecraft's capabilities and efficiency. SpaceX's collaboration with NASA to transport cargo to the ISS further underscores the practical applications of these advancements.

The infusion of technologies such as AI, along with other innovations in fields like blockchain, 3D printing, and materials science, is contributing to the continuous evolution of the space technology market. These advancements not only enable more sophisticated space missions but also have broader implications for technology development across various industries. As these technologies continue to mature and intertwine, they hold the potential to revolutionize the way we explore and utilize space.

Segmental Outlook

The global space technology market is segmented on the type, application, and end users. Based on the type, the market is sub-segmented into space vehicles (spacecraft, satellites, space stations, orbital launch vehicles), deep-space communication, in-space propulsion, and others. On the basis of the application, the market is sub-segmented into navigation & mapping, meteorology, disaster management, satellite communication, and others. Furthermore, on the basis of end-users, the market is sub-segmented into government, military, and commercial. Among the application, the navigation & mapping sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of engaging and innovative technology. The capability of AI-powered satellite navigation systems to drastically cut down on the amount of time required to complete tasks is its main advantage.

The Space Vehicles Sub-Segment is Anticipated to Hold a Considerable Share of the Global Space technology Market

Among the type, the space vehicle sub-segment is expected to hold a considerable share of the global space technology market. The expansion is the result of more frequently occurring spacecraft trips to deliver cargo to the International Space Station (ISS) and the placement of tiny satellites in orbit. The expansion of the space vehicles category can be attributed to these dual factors. For instance, in July 2023, the Zhuque-2 launch vehicle was manufactured by LandSpace, a Beijing-based company that was among the first in China's commercial space industry. This is the first methane-liquid oxygen rocket ever built. In the battle to launch carrier vehicles powered by methane, which is regarded as less polluting, safer, cheaper, and a viable propellant in a reusable rocket, China has surpassed American rivals such as Elon Musk's SpaceX and Jeff Bezos' Blue Origin. This shift towards methane-powered rockets symbolizes a broader trend driving the growth of the space vehicles segment, fueled by the demand for more efficient and sustainable propulsion technologies.

Regional Outlook

The global space technology market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the space technology market across the globe.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Space Technology Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. The market has expanded due to a rising demand for satellite-based services such as communications, television, weather forecasting, and remote sensing. This trend is particularly driven by businesses and governments utilizing satellite technologies to gather crucial data, monitor climate change, coordinate disaster responses, and provide internet access to remote areas. This dynamic landscape presents numerous opportunities for innovation and commercialization, with space exploration standing out as a prominent avenue. Efforts to establish a sustainable human presence on the Moon demonstrate this, as governments and private enterprises invest in lunar missions. An illustrative case is the recent launch of Chandrayaan-3 by the Indian Space Research Organization (ISRO) in July 2023. This mission's primary objective is to develop and showcase the novel technologies necessary for successful extraterrestrial missions. Following an unsuccessful moon landing attempt during Chandrayaan-2's mission four years ago, ISRO is embarking on a second endeavor with Chandrayaan-3.

Further, launch of several deep space exploration missions in the region is further bolstering the advancements in propulsion systems, spacecraft architecture, and robotics. These projects include crewed expeditions to Mars, mining of asteroids, and robotic research of far-off celestial bodies. For ambitious missions, new technologies for long-duration space travel, radiation protection, and life support are essential.

Market Players Outlook

The major companies serving the space technology market include Japan Aerospace Exploration Agency (JAEA), National Aeronautics and Space Administration (NASA), Indian Space Research Organization (ISRO), and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Partnership in space is a unique opportunity to join forces to drive innovation and advancement in the small satellite launch industry. For instance, in June 2023, the commercial arm of the Indian Space Research Organization (ISRO), NewSpace India Limited (NSIL), and Voyager Space Holdings, Inc. signed a Memorandum of Understanding (MOU) to collaborate on spacecraft launch and deployment opportunities on NSIL's Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV).

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global space technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.