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.

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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

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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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold 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.

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Spacecraft Market

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