by The Global Space Economy involves various technologies and services associated with space exploration and commercial opportunities in space. From satellite communication and earth observation to satellite manufacturing and launch services, the space economy plays a vital role in enabling technologies like GPS, telecommunication networks as well as disaster management and climate change monitoring. It encompasses a variety of industries including satellite services, support services, manufacturing, launch services amongst others.
The Global Space Economy Market 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. SpaceX and Boeing are leading space companies developing rockets and spacecraft to ferry astronauts and cargo to the International Space Station. Lockheed Martin is a US security, aerospace and defense company known for developing satellites and spacecrafts. Companies like Airbus and Northrop Grumman are involved in manufacturing communication and earth observation satellites. Planet, Maxar and BlackSky provide earth observation data and imagery services to commercial and government clients. OneWeb, SpaceX’s Starlink and Amazon’s Project Kuiper are engaged in developing mega constellations of broadband satellites to provide global internet connectivity. Virgin Orbit and Rocket Lab enable small satellite launches using their dedicated small satellite launch vehicles.
The growing demand for broadband connectivity, earth observation data and remote sensing applications is fuelling the growth of the Space Economy. Many countries are developing their own satellite communication and earth observation capabilities to gain strategic and economic advantages. Commercial satellite service providers and new space startups are launching large satellite constellations to provide affordable high-speed internet globally. Earth observation data finds use in several applications like mapping, urban planning, agriculture, energy, maritime and disaster management.
The space economy is witnessing increased global expansion as more countries and private players get involved in space activities. Countries like China and India have demonstrated their advanced space capabilities through lunar and interplanetary missions. The entry of private spaceflight companies has opened up access to low-earth orbit and beyond. Many governments are developing national space policies and programs to accelerate their participation in the global space economy. Emerging space-faring nations are catching up with established space powers by indigenously developing launch vehicles and satellites. This has led to diversification and growth of the worldwide space industry landscape.
Market Key Trends
Increased commercialization is one of the key trends driving the growth of the global space economy. Traditionally dominated by government agencies, the space sector is witnessing a gradual shift towards the private sector with commercial space stations, satellite internet constellations and space tourism ventures. Private companies are leveraging innovative technologies and cost-effective approaches to make access to space affordable for commercial applications. This has enabled entrepreneurs to explore space-based business opportunities in diverse domains like in-orbit satellite services, space resources utilization and in-space manufacturing. Further advancement in public-private partnerships is expected to accelerate the commercial development of cislunar space.
Porter’s Analysis
Threat of new entrants: Space technology has massive entry barriers like high capital requirement and technical expertise. Bargaining power of buyers: Due to presence of many established players, buyers have moderate bargaining power. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components. Threat of new substitutes: Threat of substitutes is low as space technology requires specialized components and infrastructure. Competitive rivalry: Intense competition exists among major players to gain contracts from government and commercial customers.
Geographical Regions
North America holds the largest share currently due to high investments and presence of major players in the US. NASA and US Department of Defense are major customers funding space missions and satellites.
The Asia Pacific region is expected to grow the fastest owing to increasing investments by China and India in both government and private sector space programs. China aims to achieve self-reliance in space technology and become a leader. India has ambitious programs for satellite launches and planetary exploration at lower costs.
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’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Space Economy and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Space Economy 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 vendors
FAQ’s
Q.1 What are the main factors influencing the Global Space Economy?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Space Economy’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: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
