The spacecraft market is expected to register a CAGR of over 12% during the forecast period.
- The global race among the countries for space exploration and an increase in spending in the space sector are expected to be the key driving factors for the market during the forecast period.
- The leading countries in space exploration, like the US and Russia, despite their competitive rivalry, are coming together in the space sector for venturing new space projects. This may support the growth of the spacecraft market during the forecast period.
- Growing technological advancements in spacecraft technologies and the efforts for the miniaturization of the spacecraft components are likely to provide growth opportunities for the market in the years to come.
Key Market Trends
The Unmanned Spacecraft Segment is Expected to Have the Highest Market Share During the Forecast Period
In terms of segmentation by type, the unmanned spacecraft segment is expected to have more share in the spacecraft market during the forecast period. Unmanned missions are now frequently being planned onto the Moon and Mars. Although a few countries in the world are capable of going to as far as Mars, many countries are trying to explore the Moon. Even the launch of new satellites into the orbits may drive the market for unmanned spacecraft in the years to come. Additionally, research is being done to infuse artificial intelligence technologies in developing the spacecraft. For instance, in January 2018, NASA granted funds to the University of Akron in Ohio for developing spacecraft, which can "think" for themselves using deep-learning artificial intelligence (AI) process that works over an Ethereum blockchain network. The factors, like the unmanned spacecraft being cheaper than manned spacecraft, and safer, are also making many countries to go for these spacecraft than the manned ones.
North America is Expected to Lead the Market During the Forecast Period
Currently, North America has the highest market share in the spacecraft market, mainly due to high space budget by NASA. Additionally, many companies in the United States, like The Boeing Company, Lockheed Martin Corporation, and SpaceX are making huge investments in spacecraft technologies. In March 2018, NASA was given a grant of as much as USD 20.74 billion for the fiscal year 2018 by the US Government. With investments and government spending amounting to sums as much as this, North America is expected to continue its dominance in the spacecraft market during the forecast period.
Competitive Landscape
The Boeing Company, SpaceX, Airbus SE, Lockheed Martin Corporation, and Thales Alenia Space are some of the prominent players in the market. Strategic collaborations and partnerships between both established companies and smaller startups are projected to drive the technology transfer between the companies in the years to come. For instance, in November 2018, NASA announced that it is partnering with nine US aerospace companies to send small robotic landers to the Moon. The companies include prominent players, like Lockheed Martin Corporation, and other companies, like Astrobotic, Moon Express, Masten Space Systems, Deep Space Systems, Draper, Firefly Aerospace, Intuitive Machines, and Orbit Beyond. Many of these companies are comparatively small aerospace companies. Some of the companies have partnered with other organizations for their projects. For example, Draper previously announced a partnership with Japanese startup ispace, General Atomics, and Spaceflight Industries, all of whom may work together to create lander capabilities for NASA. Another company, Moon Express announced that it would also be teaming up with other companies, like Sierra Nevada Corporation, NanoRacks, Paragon Space Development Corporation, and Odyssey Space Research to manufacture its lunar landers.
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