New York, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global Space Insurance Market Size is to Grow was valued at insignificant in 2022 to significant Share by 2032, at a Compound Annual Growth Rate (CAGR) of 16.7% during the projected period. The rising adoption of space missions and projects in various applications such as commercial, scientific research, military, satellite communication, earth observation, and others in several end-users including government, private companies, non-profit organizations, research institutions, and others is expected to boost the demand for the space insurance market during the forecast period.
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Space insurance, also known as satellite insurance or space risk insurance, is a type of specialist insurance that covers the risks associated with space-related activities such as launch, in-orbit operations, and various stages of spacecraft or satellite missions. Because space missions involve enormous costs, highly advanced equipment, and severe dangers, space insurance is an essential component of governmental and private organizations that participate in them. Insurance serves as a safety net, allowing entities to go on dangerous space missions with confidence. Furthermore, as space commercialization accelerates, space insurance supports private sector investment and engagement, which is becoming increasingly vital. Several causes, including expanded space operations, commercialization of space, legislative restraints, and technology improvements, have all contributed to the expansion of the space insurance business. It is a constantly expanding sector that requires a thorough understanding of space technology, risk management, and actuarial research. The growing number of public and private space missions is boosting the demand for space insurance. As satellite launches increase and private companies enter the space industry, the demand for space insurance grows. Moreover, developments in aeronautical technology permit more complicated and demanding missions.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Space Insurance Market Size, Share, and COVID-19 Impact Analysis, By Type (Manufacturing, Pre-launch, Launch, On-orbit, De-orbit, Others), By Coverage (Third-Party Liability, In-Orbit Coverage, Payload Recovery, Salvage Debris Removal, Claims Assistance, Others), By Application (Commercial, Scientific Research, Military, Satellite Communication, Earth Observation, Others), By End-User (Government, Private Companies, Non-Profit Organizations, Research Institutions, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The launch segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global space insurance market is segmented into manufacturing, pre-launch, launch, on-orbit, de-orbit, and others. Among these, the launch segment is dominating the market with the largest revenue share of 38.6% over the forecast period. The launch phase of a space vehicle's life cycle comprises some of the most serious hazards, demanding comprehensive insurance coverage. Because of the significant costs associated with a disastrous launch, insurance plans in this industry attract premiums that account for a sizable market share.
The in-orbit coverage segment is witnessing significant CAGR growth over the forecast period.
On the basis of coverage, the global space insurance market is segmented into third-party liability, in-orbit coverage, payload recovery, salvage debris removal, claims assistance, and others. Among these, the in-orbit coverage is witnessing significant CAGR growth over the forecast period. This is owing to the fact that a satellite in orbit has a functioning lifespan of several years, during which time the satellite becomes vulnerable to a variety of hazards. In-orbit insurance protects the spacecraft's owner against the financial consequences of a complete or partial failure of the spacecraft throughout its working life in space.
The satellite communication segment is expected to hold the largest share of the Global Space Insurance Market during the forecast period.
Based on the application, the global space insurance market is classified into commercial, scientific research, military, satellite communication, earth observation, and others. Among these, the satellite communication segment is expected to hold the largest share of the space insurance market during the forecast period. Communication satellites account for a significant share of all satellite launches and are a critical component of global communication infrastructure. Communication satellite insurance, which covers a variety of utilities such as broadcasting, telecommunications, and internet access, is included in the satellite communication segment.
The private companies segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-user, the global space insurance market is segmented into government, private companies, non-profit organizations, research institutions, and others. Among these, the private company’s segment is dominating the market with the largest revenue share of 57.2% over the forecast period, driven by the growth of commercial space activities. Risks such as production, launch, on-orbit operations, third-party liability, and many others can be covered by private company insurance. With the growing commercialization of space and increased participation in space activities by a wide range of businesses, this sector of the insurance market is expected to grow significantly over the projected period.
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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. North America has long been a major player in the global space industry, with the United States at the forefront, creating a significant demand for space insurance. On the contrary, Asia Pacific is predicted to grow the fastest throughout the projection period, with China, India, and Japan leading the space insurance market. The increased involvement of commercial firms in space operations, as well as the expanding number of space missions, are projected to assist the expansion of this region's space insurance industry. During the forecast period, the Europe market is expected to rise at a significant CAGR.
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 Insurance Market include AXA XL, Swiss Re, SpaceCo, Lloyds of London, Marsh Inc., Allianz Global Corporate & Specialty (AGCS), Atrium Underwriting, AIG (American International Group), Zurich Insurance Group, Aon Space Insurance, and many others.
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Key Market Developments
- On April 2023, Tokio Marine Holdings, Inc. has formed a financing and commercial collaboration with Axelspace Holdings Inc., a startup in the space business sector, to create innovative space insurance products and services. Axelspace's data on the development and manufacturing of microsatellites will be analyzed by TMNF in order to produce new space insurance products specialized for microsatellites. Furthermore, TMNF will work with AxelLiner, an Axelspace service that will assist develop a digitalized space insurance platform to improve user experience during the insurance procurement process.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Space Insurance Market based on the below-mentioned segments:
Space Insurance Market, Type Analysis
- Manufacturing
- Pre-launch
- Launch
- On-orbit
- De-orbit
- Others
Space Insurance Market, Coverage Analysis
- Third-Party Liability
- In-Orbit Coverage
- Payload Recovery
- Salvage Debris Removal
- Claims Assistance
- Others
Space Insurance Market, Application Analysis
- Commercial
- Scientific Research
- Military
- Satellite Communication
- Earth Observation
- Others
Space Insurance Market, Application Analysis
- Government
- Private Companies
- Non-Profit Organizations
- Research Institutions
- Others
Space Insurance Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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