July 14, 2024

Expanding applications in space missions to drive the growth of the Spacesuit Market

 

The global Spacesuit Market is estimated to be valued at US$ 1.16 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
A spacesuit is a garment worn to keep human alive in the harsh environment of outer space. Spacesuits are primarily used for Extra-Vehicular Activities (EVA) in low Earth orbit and provide protection against cold, vacuum, radiation, and micrometeoroids. Modern spacesuits are individually fitted and characterized by their portability, life support systems, safety features, and flexible construction accommodating movement. Increasing space activities such as commercial tourism, space exploration missions, and satellite servicing operations are fueling the demand for technologically advanced spacesuits across the world.

Market key trends:
One of the key trends in the spacesuit market is the development of lightweight and affordable spacesuits. Major space agencies and companies are focusing on reducing the overall weight of spacesuits through incorporation of advanced materials and technologies. For example, NASA is developing a next-generation spacesuit named Exploration Extravehicular Mobility Unit which is nearly 30% lighter than its predecessor. Similarly, startups like Final Frontier Design and Astroanusutic are developing lightweight spacesuits compatible with commercial space flights. Another important trend is the adoption of 3D printing technologies for rapid prototyping and manufacture of spacesuit components. 3D printing helps reduce production cost and lead times significantly.
Porter’s Analysis:
Threat of new entrants: Low. The spacesuit market requires significant R&D investment and compliance with various safety regulations, which acts as a barrier for new companies.
Bargaining power of buyers: Moderate. The major buyers in this market are government space agencies and large aerospace companies who can negotiate on price and quality standards.
Bargaining power of suppliers: Low. There are a limited number of raw material and component suppliers for spacesuits and switching costs are high due to certification requirements.
Threat of new substitutes: Low. Spacesuits have no substitutes as they are essential equipment for operating in extra vehicular space environment.
Competitive rivalry: High. Key players invest heavily in R&D to develop more advanced spacesuit technologies and gain advantages over competitors.

Key Takeaways:
The global spacesuit market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period 2023-2030, due to increasing space exploration missions by government agencies and private players. The market size for spacesuits was valued at US$ 1.16 BN in 2023.

Regional analysis: North America dominates the global spacesuit market currently due to heavy investments by NASA. Europe is expected to grow at a significant rate led by the growth in national space agencies in countries like Germany, France and UK. Asia Pacific is anticipated to be the fastest growing market with increasing space budgets in countries like China and India.

Key players: The key players operating in the spacesuit market are ILC Dover, David Clark, Oceaneering International, NPP Zvezda, Final Frontier Design, Pacific Spaceflight, Austrian Space Forum (OeWF), and UTC Aerospace Systems. ILC Dover is a leading player focused on developing advanced extravehicular suits. David Clark provides solution from launch and training suits. _______________________________________________________________________