Global Spacecraft Market: Overview
The global spacecraft market is likely to witness considerable growth during the timeframe of forecast, from 2019 to 2027. A spacecraft refers to a machine or a vehicle that is designed to fly to and in the outer space. It is a type of artificial satellite that is utilized for a wide range of tasks, which comprise navigation, planetary exploration, communications, transportation of cargo and humans, earth observation, and space colonization. There is a need for launch vehicle for all of the spacecrafts to travel to space. However, only single-stage-to-orbit vehicles do not require launch vehicles or carrier rocket.
The global race for space exploration amongst various countries has resulted in increased spending on the research and development activities of the spacecraft sector. As such, the global spacecraft market is likely to gather momentum from factors that are taking place at an international level. Rapid technological progress coupled with miniaturization of the components of spacecrafts is likely to offer lucrative growth opportunities for the global spacecraft market.
The global spacecraft market has been split based on two important parameters. These are type and region.
Looking for exclusive market insights from business experts? Request a Custom Report
Global Spacecraft Market: Notable Developments
One of the recent market developments related to the global spacecraft market is as mentioned below:
- In August 2018, World’s largest aerospace company, the Boeing Company, has acquired a satellite company to power up its Arlington-based space and defense business. The company that was acquired by the Boeing, Millennium Space Systems, is based out of El Segundo, California. It is expected that this acquisition will bring down the cost of access to space for consumers. Small satellites can be made to travel to the space within 12 to 48 months, which is relatively quick.
Some well-known organizations in the global spacecraft market comprise the below-mentioned:
- The Boeing Company
- Berlin Space Technologies GmbH
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Thales Alenia Space
- Millennium Space Systems
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Global Spacecraft Market: Key Trends
The following drivers, opportunities, and restraints characterize the global spacecraft market during the review period, from 2019 to 2027.
Rapid Technological Progress is Estimated to Bolster Demand
The global spacecraft market is expected to make substantial gains from intense competition between various countries. Across the globe, different countries are launching their own spacecraft to stay ahead of other competing nations. Increased spending toward research and development activities of the spacecraft industry is likely fuel growth of the global spacecraft market. Rapid technological progress made in the sector is likely to open up new avenues of growth for the market in years to come. In addition, the demand for micro and nano satellites is expected to catapult the market toward growth in years to come.
In the global spacecraft market, the segment of unmanned spacecraft is likely to experience tremendous growth over the period of assessment, from 2019 to 2027. Frequent unmanned missions to the Moon and the Mars are now more of a common phenomenon. Several countries are making efforts for the exploration of the moon, which is another growth factor. In addition, the global spacecraft market is also expected to be driven by the launch of several new satellites onto the orbits. Research activities are going on to integrate the technology of artificial intelligence in the development of spacecraft.
Global Spacecraft Market: Geographical Analysis
In the global spacecraft market, it is prophesized that North America will lead the market over the timeframe of forecast. Regional supremacy is due to the presence of NASA in the region. NASA has a very high budget for its extraterrestrial activities. Presence of several leading market players in the region, such as Lockheed Martin Corporation, the Boeing Company are likely to add impetus to the growth of the global spacecraft market in forthcoming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.