The global space economy comprises satellite manufacturing, satellite launch services, ground equipment and consumer reception equipment. Satellite technologies enable applications like global positioning systems (GPS), communication, weather forecasting, earth observation, space science and deep space exploration. With increasing demand for broadband internet connectivity and advancement in miniaturization of satellite components, there is rise in development and launch of small satellites. Small satellites are less expensive to produce and launch. They perform various functions like collecting images of Earth, enabling communication in remote areas and facilitating navigation. Key players operating in the global space economy are SpaceX, Boeing, Lockheed Martin, Airbus, Northrop Grumman, Maxar Technologies, Planet Labs, OneWeb, Rocket Lab, and Virgin Orbit.
The Global Space Economy Market Size Is Estimated To Be Valued At Us$ 518.48 Bn In 2024 And Is Expected To Exhibit A Cagr Of 11% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the global space economy are increasingly investing in research and development activities to develop advanced space technologies. For instance, SpaceX aims to develop fully reusable launch vehicles to reduce the cost of access to space. Boeing is working on a variety of crew and cargo spacecraft to service the International Space Station.
The demand for satellite connectivity and services is growing rapidly driven by increasing mobile device penetration across the world. Satellite internet provides connectivity in remote areas not served by terrestrial networks. This is driving the demand for manufacturing of telecommunication satellites.
Advancements in miniaturization of satellite components have enabled the development of small satellites. Multiple small satellites can be launched simultaneously using a single launch vehicle, reducing the overall launch cost. New spaceplanes and reusable rockets are also bringing down the launch cost, opening up new opportunities in the space economy.
Market Trends
The demand for satellite-based applications for applications like satellite TV and broadband is growing driven by increasing adoption in emerging economies. Satellite manufacturers are developing sophisticated telecommunication and earth observation satellites to capture this demand.
Reusable launch vehicles and rockets are gaining widespread acceptance as they significantly reduce the per unit launch cost compared to expendable launch systems. Companies like SpaceX are proving the technical and economic viability of reusable launch vehicles.
Market Opportunities
Growing private sector investment in space technologies like satellite manufacturing and launch services is opening up new opportunities. Venture capital and private equity funding is supporting start-ups developing technologies for applications in satellite internet, space tourism and in-orbit servicing of satellites.
Advancements in electric propulsion technologies enables development of versatile electric satellites with longer on-orbit lifespans. This is expanding the scope of satellite applications in areas like onboard processing of earth observation data.
Impact Of COVID-19 On The Global Space Economy Market:
The outbreak of COVID-19 has adversely impacted the global space economy market. The nationwide lockdowns and restrictions imposed by various governments to curb the spread of the virus have disrupted global supply chains and led to delays in manufacturing and procurement of key components. This has pushed back the development and launch schedules of upcoming satellite missions and programs. Important space sector events and conferences were either cancelled or moved to virtual forums. Financial constraints faced by space agencies and private players amid economic recession led to budget cuts and postponement of certain projects to future years. However, the demand for space-based connectivity and monitoring services actually increased during the pandemic as people relied more on remote communication technologies. Going forward, companies are streamlining their operations and finding innovative ways to continue operations while ensuring safety of employees. Digital collaboration tools are being used extensively. Overall, the long term growth trajectory of the market remains positive driven by increasing focus on broadband connectivity, earth observation and climate monitoring.
Geographical Regions With Concentration In The Global Space Economy Market:
North America accounts for the largest share of the global space economy market in terms of value, led by the United States. This can be attributed to heavy investments made by NASA as well as private space startups like SpaceX, Blue Origin, Virgin Galactic etc. into various space programmes and technologies. Europe is the second largest market due to presence of major industry players like Airbus, Thales Alenia Space, OHB etc and support provided by European Space Agency (ESA). Asia Pacific region is emerging as an important market for space activities with countries like India and China demonstrating continuous growth and launching their own satellites for communications, earth observation and navigation.
Fastest Growing Region In The Global Space Economy Market:
Asia Pacific region is projected to witness the fastest growth over the forecast period in the global space economy market. This can be accredited to increasing government spending on space programs by emerging economies like India and China to achieve self-reliance in space technologies. Both countries have ambitious long term goals to explore moon and mars. India has recently launched its first human space mission demonstrating growing capabilities. Other Asian countries are also recognizing importance of space applications and investing in small satellite programs. Overall rapid economic expansion and growing demand for space based applications from sectors like telecom, agriculture and disaster management will continue to drive strong momentum for space economy across Asia Pacific.
What are the key data covered in this Global Space Economy Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Space Economy Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Space Economy Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Global Space Economy Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Space Economy Market vendors
FAQ’s
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Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Space Economy Market companies compare in terms of sales, revenue, and prices?
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