April 12, 2024
Global Space Economy

The Global Space Economy Market Is Experiencing Unprecedented Growth Driven By New Space Technologies

The global space economy encompasses space-based products and services including satellite manufacturing, ground equipment, launch vehicles and services. Satellites provide critical services such as telecommunications, broadband internet, earth observation and navigation. Space technologies play a vital role in enhancing lives on earth through advancements in weather forecasting, climate monitoring, disaster management, natural resource management and connectivity.

The Global Space Economy Market Size Is Estimated To Be Valued At US$ 518.48 Billion In 2024 And Is Expected To Exhibit A CAGR Of 11% Over The Forecast Period 2024-2031.

New space technologies are driving unprecedented growth in both government and commercial space activities. Lower launch costs and miniaturization of technologies have enabled more companies and countries to access space.

Key Takeaways

Key players operating in the global space economy include Spacex, Boeing, Lockheed Martin, Airbus, Northrop Grumman, Maxar Technologies, Planet Labs, Oneweb, Rocket Lab, And Virgin Orbit. Spacex is a leader in launch services with significant cost reductions enabled through reusable rockets. Boeing and Lockheed Martin have dominant positions in satellite manufacturing and services.

The growing demand for broadband connectivity, earth observation data and navigation services is fueling investments in satellite manufacturing and launch. Satellite internet constellations promises to bridge the digital divide and provide internet access globally. New space companies are launching large satellite constellations to provide high-speed broadband internet services.

Countries around the world are increasing national investments in space programs to boost their space economy. The commercial space sector is also expanding globally with private space companies emerging across Europe, India and China. New spaceports are being developed worldwide to support increased small satellite launch demand.

Market Key Trends

Reusable rockets is a major trend enabling significant cost reductions in launch services. SpaceX’s Falcon 9 rocket that can land back on earth after delivering payload to space has transformed the launch market. Reusability helps lower the per-launch costs and increases launch cadence. Other players like Blue Origin and Rocket Lab are also developing reusable launch vehicles. Miniaturization of satellite components is another trend that has enabled the proliferation of small satellites used for a variety of applications like earth observation, internet connectivity and research. The lowered satellite costs has supported the launch of large constellations.

Porter’s Analysis

Threat Of New Entrants: High capital requirements and expertise required act as entry barriers for new players.

Bargaining Power Of Buyers: Few major players control the demand for space products and services limiting the bargaining power of buyers.

Bargaining Power Of Suppliers: Major components are highly specialized restricting alternatives for suppliers.

Threat OF NEW SUBSTITUTES: Inherent advantages restrict alternatives to space-based products and services.

Competitive Rivalry: Intense race for opportunities intensify competition among dominating players.

Geographical Regions

North America currently dominates the global space economy market in terms of value. Major space technology companies based in the US and Canada have received steady government funding over the years enabling them to develop advanced technologies. Asia Pacific region is poised to be the fastest growing market during the forecast period led by increasing investments from China, India and other Asian economies to bolster their indigenous space capabilities. Both government and private sector in Asia are pumping more money into the sector to exploit the opportunities emerging from satellite internet constellations, satellite manufacturing and small satellite launches.

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

Q.1 What are the main factors influencing the Global Space Economy market?
Q.2 Which companies are the major sources in this industry?
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?
Q.5 Which businesses serve as the Global Space Economy market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it