Space Economy Market Size to Touch Around US$ 1,110.84 Billion 2030, Recording a CAGR of 8.9% | Report by CoherentMI

Burlingame, Dec. 20, 2023 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Space Economy Market is estimated to value at US$ 518.48 Billion in the year 2023, and is anticipated to reach a US$ 1,110.84 Billion by 2030, with growing at a CAGR of 8.9% during forecast period 2023-2030.

The Space Economy market is expected to witness high growth due to increasing investments in space research and exploration. Governments and private organizations across the globe are investing heavily in space programs to explore new technologies, gather scientific data, and exploit commercial opportunities.

One driver for the growth of the space economy is the increasing number of satellite launches for communication, navigation, remote sensing, and meteorology. The demand for satellite-based services and applications is rapidly increasing, driving the need for more satellite launches. Furthermore, the emergence of new players in the private space exploration industry is also contributing to market growth.

Another driver is the ongoing advancements in space technology. Technological advancements such as reusable rockets, miniaturized satellites, and advanced propulsion systems are reducing the cost of space missions and opening up new opportunities for commercial space activities.

Key Market Takeaways:

• Space Economy Market Size is anticipated to witness a CAGR of 11.5% during the forecast period 2023-2030, owing to the growing demand for satellite-based services and technological advancements in space technology.
• On the basis of the type, the satellite manufacturing and launching segment is expected to hold a dominant position, owing to the increasing demand for satellites in various sectors.
• On the basis of the orbit, beyond GEO is expected to dominate the market due to the growing need for long-distance communication and observation capabilities.
• In terms of the end-user, the government and military segment is expected to dominate, as defense and surveillance applications rely heavily on satellite technology.
• In terms of application, the communications segment is expected to dominate due to the increasing need for global connectivity.
• North America is expected to hold a dominant position in the space economy market, as the region has a strong presence of key players and a well-developed space industry.
• Key players operating in the space economy market include SpaceX, Boeing, Lockheed Martin, Northrop Grumman, Airbus, Maxar Technologies, Planet Labs, OneWeb, Rocket Lab, Virgin Orbit, Relativity Space, Blue Origin, Sierra Nevada Corporation, AST & Science, Spire Global, Momentus Space, Firefly Aerospace, Astranis, Redwire, and Made in Space. These companies are actively engaged in satellite manufacturing, launching, and providing various satellite services. With the increasing demand for satellite-based services, these key players are expected to witness significant growth in the space economy market.
  

Read the complete market research report, "Space Economy Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.

Market Trends:

One key trend in the space economy market is the growing commercialization of space. With advancements in technology and decreasing costs, more companies are entering the space industry to offer commercial space services such as satellite internet, earth observation, and space tourism. This trend is driving competition in the market and creating new business opportunities.

Another trend is the increasing focus on sustainable space activities. With concerns over space debris and environmental impact, there is a growing emphasis on sustainable practices in space missions. This includes the use of eco-friendly propellants, development of reusable rockets, and implementation of measures to mitigate space debris.

Recent Developments:

• In September 2022, SpaceX successfully launches Falcon Heavy rocket for us space force, marking a milestone in space exploration.
• In March 2022, Rocket Lab's Electron rocket successfully deployed satellite for Hawk Eye 360's RF monitoring constellation.

Market Opportunities:

Increasing Demand for Satellite Manufacturing & Launching

The satellite manufacturing and launching segment is expected to hold a dominant position in the space economy market. This segment includes the manufacturing of satellites as well as their launch into space. With the growing demand for satellite-based services such as communication, navigation, and Earth observation, there is a significant need for satellite manufacturing and launching. This presents a lucrative market opportunity for companies operating in this sector.

Dominance of Beyond GEO Orbit

The beyond GEO (Geosynchronous Orbit) segment is anticipated to dominate the space economy market. Beyond GEO orbit refers to orbits that are farther away from Earth than the geosynchronous orbit. With the advancements in space technology and the increasing need for long-distance communication and observation, the demand for satellites operating in beyond GEO orbits is expected to rise. This presents a market opportunity for companies specializing in beyond GEO satellite services.

Global Space Economy Market Segmentation:

• By Type
  • Satellite Manufacturing & Launching
  • Ground Stations & Equipment
  • Space Launch Services
  • Satellite Services
  • Space Insurance
  • Others
• By Orbit
  • LEO (Low Earth Orbit)
  • MEO (Medium Earth Orbit)
  • GEO (Geosynchronous Orbit)
  • Beyond GEO
• By End User
  • Commercial
  • Government & Military
  • Consumer
  • Others
• By Application
  • Communications
  • Earth Observation & Remote Sensing
  • Technology Development
  • Navigation & Space Science
  • Others
• By Payload
  • Communication
  • Imaging
  • Navigation
  • Others
• By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa
      

Buy this premium report now (Discount Up to 25%) @ https://www.coherentmi.com/industry-reports/global-space-economy-market/buyNow

Top Questions Answered in this Report:

1. What factors are impeding the growth of the Space Economy Market?
2. What are the primary drivers fueling the growth of the Space Economy Market?
3. Which segment dominates as the leading component in the Space Economy Market?
4. Who are the key players actively participating in the Space Economy Market?
5. Which region is expected to take the lead in the Space Economy Market?
6. What is the projected CAGR of the Space Economy Market?

In conclusion, the space economy market presents opportunities for growth in the satellite manufacturing and launching segment, as well as in beyond GEO orbits. With the increasing demand for satellite-based services and advancements in space technology, key players in the market are poised to benefit. Additionally, the dominance of the government and military segment and the communications application further contribute to the growth of the space economy market.

Find More Trending Reports Below:

Middle East and Central Asia Creator Economy Market is Segmented By Content Type (Videos, Live Streaming, Music, Podcasts, Blogging, Others), By Revenue Source (Advertising, Subscriptions, Merchandise, Sponsorships, Tipping/Donations, Affiliate Marketing, Others), By Platform (Video, Audio, Social Media, Ecommerce, Crowdfunding, Others) The report offers the value (in USD million) for the above-mentioned segments.

E Corner System Market is Segmented By Component Type (Antenna, Transponder, Amplifier, Frequency Converter, Diplexer, Multiplexer, Others) By Satellite Type (LEO, MEO, GEO, Others), By End-use Industry (Commercial, Government & Military, Others), By Application (Communication, Earth Observation & Remote Sensing, Science & Exploration, Navigation & Mapping, Surveillance & Security, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) The report offers the value (in USD billion) for the above-mentioned segments.

Global Healthcare Data Storage Market is Segmented By Type (Direct Attached Storage , Network Attached Storage (NAS), Storage Area Network), By Architecture (Block Storage, File Storage, Object Storage, Hyperscale Storage, Software-Defined Storage), By Deployment (On-premise, Cloud, Hybrid), By End User (Healthcare Providers, Healthcare Payers, Pharmaceutical & Biotechnology Companies, CROs & CDMOs, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The report offers the value (in USD billion) for the above-mentioned segments.

About Us:

At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.