New York, United States , May 16, 2023 (GLOBE NEWSWIRE) -- The Global Space Exploration Market Size is to grow from USD 486 Billion in 2022 to USD 1879 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.21% during the projected period.
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Astronomy and space technology are used to examine the huge expanse of the celestial body outside Earth's atmosphere utilizing spacecraft with and without humans, and the information gained is utilized to expand our understanding of the vast expanse of space. Government space exploration programs have tremendously benefited the general public while also promoting science, functioning as markers of national status and might, boosting national security, and growing military might. There are some indications of impending change, including as news reports about SpaceX, Blue Origin, and other private corporations launching their own rockets and building satellite networks. The government's support for space exploration is low, and the high costs of research, travel, living, and working in space are somewhat limited. Furthermore, private investment and funding in space-based activities have increased, particularly for the development of transportation systems, Earth-orbiting ecosystems, space-related tourism opportunities, and asteroid mining, resulting in increased demand for the space exploration market from private sectors. The space exploration market is expected to grow over the forecast period as a consequence of lower launch costs, continuing technological advancements, and increased commercialization in the space industry.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Space Exploration Market Size, Share, and COVID-19 Impact Analysis, By Space Technology (Rockets, Landers, Robots, Satellites, Orbiters, Others), By Mission Type (Manned Mission and Unmanned Mission), By Exploration Type (Moon Exploration, Transportation, Orbital Infrastructure, Mars Exploration, Others), By End-Use (Government Space Agencies, Commercial, Military, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Description Here:
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The satellite segment is dominating the market with the largest revenue share over the forecast period.
On the basis of space technology, the global space exploration market is segmented into the rockets, landers, robots, satellites, orbiters, and others. Among these, the satellite segment is dominating the market with the largest revenue share of 34.9% over the forecast period. Increased demand for low-Earth geosynchronous-based services, satellite Earth observation images, and a rise in the number of space exploration missions are driving this growth.
The unmanned mission segment is witnessing significant CAGR growth over the forecast period.
On the basis of mission type, the global space exploration market is segmented into manned missions and unmanned missions. Among these, the unmanned mission segment is witnessing significant CAGR growth over the forecast period. Unmanned expeditions to the moon and Mars are regularly contemplated.
The moon exploration segment accounted the largest revenue share of more than 57.2% over the forecast period.
On the basis of exploration type, the global space exploration market is segmented into moon exploration, transportation, orbital infrastructure, mars exploration, and others. Among these, the moon exploration segment is dominating the market with the largest revenue share of 57.2% over the forecast period. The growing number of worldwide space exploration efforts and operations has bolstered the moon exploration mission significantly.
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The commercial segment is dominating the market with the largest market share of 47.8% over the forecast period.
On the basis of end-use, the global space exploration market is segmented into government space agencies, commercial, military, and others. Among these, the commercial segment is dominating the market with the largest market share of 47.8% over the forecast period. Due to increased private sector expenditure, the commercial segment is likely to hold the greatest share of the space exploration market throughout the forecast period.
North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. NASA's enormous space exploration spending, as well as significant amounts committed by commercial enterprises, can be attributed to the region's expanding need for space exploration market growth. Asia Pacific, on the other hand, is expected to grow the quickest throughout the projection period, owing to technological developments and an increase in the number of space exploration operations by significant governments in the region. China, India, and Japan all conduct cutting-edge space missions and have demonstrated success with a range of space endeavours.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Space Exploration Market include MAXAR Technologies Inc., Astrobotic, Ispace, Nanoracks LLC, Axelspace Corporation, NASA, SpaceX, Rocket Lab Ltd, Airbus Defense & Space, Moon Express, Roscosmos, Masten Space Systems, Blue Origin, Deep Space Industries, Thales Alenia Space, IHI AEROSPACE CO LTD., Planetary Resources, The Boeing Company, NEC Space Technologies, Astroscale Holdings Inc., Sierra Nevada Corporation, Northrop Grumman Corporation, Lockheed Martin Corporation, General Dynamics, Raytheon Technologies Corporation, and among others.
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Recent Developments
In February 2023, Blue Origin's New Glenn has been granted the Escape and Plasma Acceleration and Dynamics Explorers (ESCAPADE) contract by NASA's Launch Services Program (LSP). ESCAPADE is a dual spacecraft project to study Mars' magnetosphere as part of NASA's Small Innovative Missions for Planetary Exploration (SIMPLEx) program. ESCAPADE is a Class D mission that will explore the transport of solar wind energy through Mars' unique hybrid magnetosphere. The task order for providing launch service for ESCAPADE is part of NASA's Venture-Class Acquisition of Dedicated and Rideshare (VADR) launch services contract.
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