The space economy market encompasses space-based assets and supporting infrastructure used to enable space-related services. It includes spacecraft, launch vehicles, ground equipment and supporting infrastructure for applications such as satellite-based communication, Earth observation, mapping, navigation, military surveillance, and space exploration. The increasing number of satellites launches by commercial companies such as SpaceX, Blue Origin and others have accelerated the growth of this market. Advancements in miniaturization of components have led to the development of smaller, cheaper satellites catering to a variety of applications such as broadband communication, small satellite constellations, earth imaging, and more.

The global space economy was valued at US$ 518.48 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The growing space economy market is driven by factors such as increased satellite launches and advancements in space technology. One of the key drivers is the increased satellite launches, with 2021 witnessing a total of 147 satellite launches worldwide. The commercial sector accounted for over 80% of these launches, exemplifying growing private investment in the space industry. Development of small satellite technologies has enabled constellations of hundreds of satellites for applications such as broadband internet. SpaceX's Starlink and Amazon's Project Kuiper are aiming to provide global internet coverage through satellite constellations. Advancements in miniaturization and greater processing power are supporting development of smaller, lower-cost satellites and reusable launch vehicles.

These factors have led to greater accessibility and lowered barriers of entry for private companies and nations. Continued innovations in technologies such as solar electric propulsion, reusable rockets and 3D printing will play a major role in shaping the future growth of the space economy market during the forecast period. However, issues regarding orbital debris and regulation of activities in space need to be addressed to facilitate a sustainable growth of the space industry.

SWOT Analysis:

Strength: The space economy market offers opportunities to harness new technologies for communication, agriculture, energy production, environmental monitoring, transportation, and other applications. Many private companies are investing heavily in exploration and commercialization of space. Governments are partnering with private companies to enable cost-effective access to space.

Weakness: The market faces challenges in making space activities eco-friendly and sustainable. Space debris poses risks to satellites and launch vehicles. High costs involved in launching payloads into space can restrain market growth.

Opportunity: Increasing adoption of small satellites for earth observation, communication, and technology demonstration presents opportunities. Emerging applications in broadband internet access, satellite navigation, and in-space manufacturing hold promise. Developing nations are showing greater interest in achieving self-reliance in space technologies.

Threats: Geopolitical rivalries and national security interests of major space powers introduce uncertainties. Dependence on few vendors for critical components increases supply chain risks. Natural space weather events pose hazards to satellites and spacecraft.

Global Space Economy Market Segmentation

  • By Type
  • Satellite Manufacturing & Launching
  • Ground Stations & Equipment
  • Space Launch Services
  • Satellite Services
  • Space Insurance
  • Others
  • By Orbit
  • LEO (Low Earth Orbit)
  • MEO (Medium Earth Orbit)
  • GEO (Geosynchronous Orbit)
  • Beyond GEO
  • By End User
  • Commercial
  • Government & Military
  • Consumer
  • Others
  • By Application
  • Communications
  • Earth Observation & Remote Sensing
  • Technology Development
  • Navigation & Space Science
  • Others
  • By Payload
  • Communication
  • Imaging
  • Navigation
  • Others

 

Key Takeaways:

The global Space Economy Market Size is expected to witness high growth. The market size for 2023 was US$ 518.48 Bn and is forecast to reach US$ 1,054.21 Bn by 2030, expanding at a CAGR of 11.5% during the forecast period.

North America holds the largest share of the space economy market owing to presence of major space companies and increasing governmental spend on space programs in the US and Canada. Asia Pacific space economy market is growing at the fastest pace led by Chinese and Indian space programs which aim to enhance self-reliance in critical space technologies through industrial cooperation.

Key players operating in the space economy market are SpaceX, Boeing, Lockheed Martin, Airbus, Northrop Grumman, Maxar Technologies, Planet Labs, OneWeb, Rocket Lab, and Virgin Orbit. SpaceX and Blue Origin are pursuing reusability of launch vehicles to reduce costs of space access whereas nanosatellite manufacturers like Planet Labs and Spire Global aim to utilize smallsat constellations for earth observation and connectivity applications.

Explorer more information on this topic, Please visit @ https://www.articledistrict.com/growth-accelerated-by-global-space-economy-market/