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What is the current size and annual growth rate of the spacecraft market?
The spacecraft market size has grown strongly in recent years. It will grow from $6.40 billion in 2024 to $6.81 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increasing advancements in space exploration technology, government space programs, the cold war space race, satellite communication needs, commercial space ventures, military applications, and international collaborations in space missions.
The spacecraft market size is expected to see strong growth in the next few years. It will grow to $8.64 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rise of private space companies, increasing demand for satellite-based internet services, advancements in reusable rocket technology, space tourism growth, expanded planetary exploration missions, climate monitoring from space, and investments in space-based defense systems. Major trends in the forecast period include advancements in small satellite technology (CubeSats) for communication and earth observation, development of reusable spacecraft to reduce costs, expanding focus on deep space exploration, increasing partnerships, and investments in space infrastructure for defense and security purposes.
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Which major factors have contributed to the expansion of the spacecraft market?
The increasing expenditure on the space sector is expected to propel the growth of the spacecraft market going forward. The space sector encompasses industries and activities related to the development, exploration, and commercialization of space, including satellite services, launch systems, and space exploration. The increasing expenditure on the space sector is driven by technological advancements, growing commercial interest, national security concerns, and the potential for economic benefits from space-based activities. Spacecraft play a crucial role in increasing space sector expenditure due to the high costs of research, development, and manufacturing and the growing demand for space exploration and satellite deployment. For instance, in July 2023, according to The Space Foundation, a US-based nonprofit organization, the space economy reached $570 billion, marking a 7.4% increase from the revised 2022 total of $531 billion. Therefore, increasing expenditure on the space sector is driving the growth of the spacecraft market.
How is the spacecraft market segmented?
The spacecraft market covered in this report is segmented –
1) By Type: Manned Spacecraft, Unmanned Spacecraft
2) By Component: Power Systems, Thermal Control Systems, Propulsion Systems, Payloads, Communication Systems, Guidance And Navigation Systems
3) By End User: Military, Commercial, Defense
Subsegments:
1) By Manned Spacecraft: Space Capsules, Spaceplanes, Space Stations
2) By Unmanned Spacecraft: Satellites, Probes, Landers, Rovers, Cargo Spacecraft
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Spacecraft Market Share And Industry Analysis Report 2025-2034
Who are the top competitors in the spacecraft market?
Major companies operating in the spacecraft market are Boeing Defense, Space & Security, Airbus SE, RTX Corporation, Lockheed Martin Space Systems Company, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Space Exploration Technologies Corporation, Israel Aerospace Industries Ltd., Thales Alenia Space S.A.S., Maxar Technologies Inc., Blue Origin LLC, RUAG Space AB, Sierra Nevada Corporation, OHB SE, Rocket Lab USA Inc., Planet Labs PBC, Firefly Aerospace Inc., Astroscale Holdings Inc., Korea Aerospace Research Institute, Indian Space Research Organisation, NanoAvionics LLC, Virgin Galactic Holdings Inc., Ball Aerospace & Technologies Corp.
Which key trends are expected to influence the spacecraft market in the coming years?
Major companies operating in the spacecraft market are focused on developing innovative technologies, such as advanced solar sail technology, to enhance propulsion efficiency, reduce fuel consumption, and enable longer-duration space missions. Solar sail technology is a method of spacecraft propulsion that uses large, reflective sails to capture and harness the pressure of sunlight (photons) to generate thrust. For instance, in April 2024, the National Aeronautics and Space Administration, a US-based government agency, launched solar-powered spacecraft that harness solar energy to power its systems and operations in space. This spacecraft is equipped with high-efficiency solar panels, capable of generating power even in the low-light conditions of deep space. Its lightweight design, coupled with advanced electric propulsion systems, allows it to travel farther and more efficiently than traditional chemically powered spacecraft.
Which regional trends are influencing the spacecraft market, and which area dominates the industry?
North America was the largest region in the spacecraft market in 2024. The regions covered in the spacecraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Spacecraft Market Report 2025 Offer?
The spacecraft market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A spacecraft refers to a vehicle or device designed for travel or operation in outer space. They are used for a variety of purposes, including satellite communication, Earth observation, space exploration, and scientific research. Spacecraft can be either crewed or uncrewed and are equipped with systems that allow them to navigate, communicate, and perform tasks in the extreme environment of space.
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Spacecraft Market Share And Industry Analysis Report 2025-2034
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