April 24, 2024
Global Space Economy

Global Space Economy Market Is Estimated to Witness High Growth Owing To Rising Investment in Space Exploration

The space economy market involves various commercial space activities such as satellite manufacturing, satellite launch services, and space exploration. Manufacturers are increasingly developing innovative satellites for applications in telecommunication, Earth observation, navigation, and astronomy. Satellites provide crucial communication and navigation services to several industries including aviation, maritime, agriculture, and telecom. For instance, satellite imagery assists farmers in making better-informed decisions about crop health and yield. Additionally, satellites enable real-time monitoring of natural disasters and help manage emergency response efforts.

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

Key Takeaways

Key players operating in the Global Space Economy are Spacex, Boeing, Lockheed Martin, Airbus, Northrop Grumman, Maxar Technologies, Planet Labs, Oneweb, Rocket Lab, And Virgin Orbit. These players are focusing on innovations and developing new technologies to enable sustainable space business. For instance, SpaceX is developing its Starlink satellite network to provide high-speed, low-latency broadband internet globally.

The key opportunities in the market include increasing satellite launches for earth observation, communication, and space tourism. Many countries are also investing heavily to develop indigenous launch capabilities. Additionally, private sector investment in developing reusable rockets and reducing launch costs is opening up new opportunities.

With escalating demand, manufacturers are eyeing global expansion opportunities through partnerships, mergers, and acquisitions. They are setting up manufacturing plants and launching facilities across emerging space markets like India, China, and the Middle East. Several countries have framed regulatory policies to attract private investments and stimulate local space economy activity.

Market Drivers

One of the key drivers for the growth of the global space economy market is rising investment in space exploration and satellite infrastructure development. Both government agencies and private space companies are pumping billions of dollars to enable space mining, asteroid mining, human deep space exploration. For instance, NASA’s budget for 2021 was $23.3 billion focused on space commercialization initiatives like the Artemis programme. Such increased funding is positively impacting the demand for advanced space technologies.

Pest Analysis

Political: Space laws, regulations, policies of governments influence the development of space technologies. Space activities require authorization by relevant national authorities.

Economic: Global economy recovery post pandemic is driving investments in space exploration, communication services, earth observation, thereby boosting the space economy market.

Social: Growing global population and urbanization is fueling the demand for resources, weather monitoring, connectivity. Advancements in space technology are enabling solutions to pressing social issues.

Technological: Advancements in miniaturization, additive manufacturing, robotics, launch systems are making space missions more affordable and accessible. New space technologies are opening up new application areas.

Geographical Concentration Of Value

North America accounts for the largest share of the global space economy market in terms of value, driven by substantial investments and presence of leading space companies in the US.

Fastest Growing Region

Asia Pacific region is poised to witness the fastest growth in the space economy market during the forecast period. This can be attributed to rising investment commitments for space programs from China and India. Expanding space exploration and satellite applications in the region will boost the APAC space economy market.

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