by The space economy involves all the commercial space activities and related industries that directly or indirectly support organizations and government agencies engaged in space-related services, research and manufacturing of products. It covers applications that span across communication satellites, earth observation satellites, navigation satellites, launch vehicles and supporting infrastructure on the ground. Growing demand for broadband internet connectivity has boosted the satellite communications industry. Moreover, miniaturization of technologies has enabled the development of small satellites that can be mass manufactured at low costs. This has driven the deployment of small satellite constellations for applications such as earth observation, communication and navigation. Companies are developing new satellites every year with incremental upgrades in sensors, communication capabilities and orbit raising abilities.
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 is a leader in the launch services industry with its reusable Falcon 9 and Falcon Heavy rockets.
The increasing deployment of small satellites for earth observation, communication and navigation has opened new opportunities for satellite manufacturing companies. Constellations with hundreds to thousands of small satellites will drive the need for mass production of cost-effective satellite buses and payloads.
North America and Europe currently dominate the Space Economy. However, private sector spaceflight is becoming more global with companies from China, India, Japan and others increasingly participating in satellite launch and manufacturing markets. EmergingSPACE, a new industry vertical focused on in-space infrastructure and space resources utilization, may upend traditional models and accelerate international collaboration.
Market Drivers
The growing requirements of broadband connectivity, especially in remote areas as well as for aircraft and maritime vessels has boosted the demand for communication satellites. Satellite Internet companies are launching large Low Earth Orbit (LEO) constellations of hundreds or even thousands of small satellites to provide global coverage. The successful deployment of SpaceX’s Starlink and OneWeb constellations has validated this business case. More companies are expected to join this emerging small satellite communications market in the coming years.
PEST Analysis
Political: Space exploration activities are primarily funded and regulated by national space agencies such as NASA, ESA, ISRO, etc. Regulations regarding private participation, licensing norms frequently impact businesses.
Economic: Changes in GDP growth, funding for space agencies, private investments determine the economic landscape. The economic value of space assets and services is increasing rapidly.
Social: Rising awareness about space innovation and technologies is positively impacting the market. Demand for broadband connectivity, Earth observation services is growing across end-use verticals.
Technological: Emerging technologies like reusable rockets, satellite constellations, in-orbit servicing are enabling lower launch costs and greater access. Additive manufacturing and robotics also contribute to new opportunities.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global space economy market currently, led by the United States. This can be attributed to healthy investments by NASA and private space companies in this region. Emerging opportunities in areas like national security, Earth observation also boost the North American market.
Fastest Growing Regional Market
The Asia Pacific region is expected to witness the highest growth over the forecast period. This is led by rising investments from countries like China, India to strengthen their national space capabilities. Growing collaborations with global players additionally support the rapid growth of the Asia Pacific space economy market.
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, 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, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
