April 17, 2024
Space Capsule Market

Space Capsule Market Trending by Rising International Space Exploration Missions

The space capsule market involves manufacturing of spacecraft capsules that are used to transport crew members and cargo to and from space. Space capsules have heat shields, parachutes and retrorockets to decelerate during atmospheric reentry and water or land landings. They provide pressurized living and working areas for astronauts during space missions. The growing use of space capsules in government, commercial and military space programs is driving the demand for these products.

The Global Space Capsule Market is estimated to be valued at US$ 5.45 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the Space Capsule Market Size are F. Hoffmann-La Roche AG, Novartis International AG, and Pfizer, Inc. These companies are investing heavily in R&D to develop advanced capsules with improved safety, reliability and cost efficiencies.

The growing demand for space exploration missions from government and private space agencies around the world is fueling the adoption of space capsules. Notable launches include NASA’s Orion capsule program for Moon missions and SpaceX’s Crew Dragon capsule for commercial space tourism.

Countries like US, China, Russia, India, Japan and EU nations are expanding their national space programs to advance scientific research and space technologies. This is creating numerous opportunities for manufacturers in international markets to supply next-gen capsules.

Market key trends
One of the key trends witnessed in the space capsule market is the rising use of reusable capsules to reduce launch costs. SpaceX’s Crew Dragon and reusable Falcon 9 rocket are pioneering this technology. The ability to reuse heat shields and other components for multiple missions will make space travel more affordable. Commercial operators are investing in reusable space vehicles to make space tourism mainstream. This will be a major demand driver over the coming years.

Porter’s Analysis
Threat of new entrants: Entry into space capsule market requires high capital investment and strict regulations making threat of new entrants low.

Bargaining power of buyers: Presence of many established players gives buyers good bargaining power in space capsule market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated components and materials required in space capsule manufacturing.

Threat of new substitutes: No close substitute exists for space capsules due to lack of alternative space transport limiting threat of substitutes.

Competitive rivalry: Intense competition exists among major players to develop innovative space capsules.

Geographical Regions
North America currently holds the major share of space capsule market value owing to presence of major space agencies like NASA and private space organizations.

Asia Pacific region is expected to be the fastest growing market for space capsules during forecast period due to increasing investments by countries like China and India in their national space programs fueling demand.

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