The global spacesuit market is expected to reach USD 413.2 million by 2023 at a CAGR of 7.63% during the forecast period of 2018 to 2023. Factors such as the development of lightweight spacesuits and rise in space exploration missions are driving the growth of the market. However, the high cost of spacesuits is expected to restrain market growth during the forecast period.
Extensive research has been conducted on the global spacesuit market, which has been segmented by application and design.
Based on application, the global spacesuit market has been segmented into intravehicular activity (IVA) and extravehicular activity (EVA). The intravehicular activity (IVA) segment is expected to the larger market whereas the extravehicular activity (EVA) segment is projected to register the higher CAGR during the forecast period.
By design, the global spacesuit market has been classified as soft suit, hard-shell suit, hybrid suit, and skin-tight suit. The soft suit segment is expected to be the largest and exhibit a CAGR of 8.43% during the forecast period.
The prominent players in the global spacesuit market are Collins Aerospace (US), SpaceX (US), NPP Zvezda AO (Russia), Final Frontier Design (US), Sure Safety India Ltd (India), Garrett AiResearch (US), Boeing (US), David Clark Company (US), and Oceaneering (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
In June 2018, NASA signed a contract with Final Frontier Design to develop a low-cost personal life support system for spacesuits that would use commercial off-the-shelf components and be discarded after use.
In December 2017, Starfighters Aerospace (SFA) and Final Frontier Design (FFD) signed an agreement to provide the system definition review and integration of a spacesuit with the F-104 Starfighter aircraft.
In April 2017, Oceaneering developed the third prototype of a constellation spacesuit for NASA.
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