Space Technology Market Overview
The global space technology market shows a lot of promise and has the potential to achieve a growth rate of nearly 5.4% from 2019 to 2025, which is the forecast period, reveals Market Research Future (MRFR).
Space Technology Market Primary Drivers and Key Barriers
The space industry has manifested into one of the most notable markets across the globe. This industry, across the value chain, is observing disruption due to the influx of latest space systems, technologies as well as products & services. The market is highly competitive, with a rising focus on the development of modern and advanced technologies. Satellite platforms now boast of high agility and robustness on the back of rising execution of software-based satellites, spot beam offerings as well as electric propulsion systems.
The space industry is also transforming, given the surge in innovations in the manufacture as well as the launch of satellites. The worldwide market for space technology is expanding significantly owing to factors like mounting number of satellites launches by countries like Russia, the United States (US), India and China. Various countries around the world are striving to develop small satellites like nanosatellites, microsatellites and CubeSats that feature the latest technologies. In addition, the surging adoption of space farming by renowned space organizations like NASA coupled with the establishment of space hotels can also boost the market demand in the coming years.
Furthermore, the soaring demand for satellites in the military sector for secured communications is inducing vigorous market growth. Citing a reference, in August 2019, the United Launch Alliance (ULA) had developed an Atlas V rocket that carried a satellite for providing jam-resistant secure communication to the US Army. On a different note, rising concerns related to space debris can proceed to create obstacles for market growth in the near future.
Space Technology Market Top Players
Space Technology Market top players in the worldwide market for space technology include Boeing (US), Airbus SAS (Netherlands), Teledyne Technologies Incorporated (US), IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Viasat, Inc. (US), Leonardo SpA (Italy), Space Systems/Loral, LLC (US), Thales Group (France), SES SA (Luxembourg), Northrop Grumman Corporation (US), Safran (France), Transdigm Group, Inc. (US), General Electric (US), Ball Corporation (US), United Technologies Corporation (US), Intelsat (Luxembourg), Honeywell International Inc. (US), NEC Corporation (Japan), Space Exploration Technologies Corp. (US), to mention a few.
Global Space Technology Market Research Report: Information by Subsystem (Orbit, Launch Platform, Launch Vehicle and Payload), End-Use (Civil, Commercial and Military) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025 : https://www.marketresearchfuture.com/reports/space-technology-market-8397