Dublin, April 20, 2022 (GLOBE NEWSWIRE) — The report “Global Space Economy Market: Analysis by customer type, by application, by value chain, by region size and trends with impact of COVID-19 and forecasts until 2026” has been added to from ResearchAndMarkets.com offer.
The global space economy market in 2021 is valued at US$388.50 billion and is expected to reach US$540.75 billion by 2026
Space is becoming increasingly critical for a growing number of countries. Not only is the space economy expected to grow at growth rates above GDP, but space has also become a strategic domain for national defense and security, climate change and connectivity.
According to the OECD, the space economy market can be defined as “the set of activities and the use of resources that create value and benefits for human beings during the exploration, research , understanding, management and use of space”. Globally, the space industry is growing, with a record number of countries and commercial companies engaging in space programs.
Currently, the deployed space infrastructure enables the development of new services, which in turn enable new applications in sectors such as meteorology, energy, telecommunications, insurance, transport, maritime, aviation and urban development, leading to additional economic and societal benefits. .
The space economy has grown in popularity mainly due to deep space exploration and the proliferation of commercial players in the industry. The space economy market is expected to grow at a CAGR of 6.84% during the forecast period 2022-2026.
Global Space Economy Market Dynamics:
The global space economy market is driven by the proliferation of commercial players in the industry as private companies have supplanted several government space agency operations due to lower prices and shorter manufacturing lead times.
Additionally, the market has grown over the past few years, driven by factors such as increasing government funding for space programs worldwide, infrastructure development in the space economy, growing demand for cargo spacecraft, the growing demand for satellite launches and fast deep space. exploration.
The growing amount of space junk has been a challenge for the market as it could pose a potential threat of damage to active satellites as well as new space launches. Moreover, the market has faced some challenges, namely finding an appropriate regulatory framework, etc.
As research and exploration in space has progressed, the emerging concept of space tourism has made a positive note in the market, with various private companies getting involved to make this concept a reality in the near future. .
More market trends are believed to grow the space economy market over the forecast period, which may include growing demand for uninterrupted internet, introduction of space resource utilization (SRU ), the rapid increase in small satellites, micro and small launch operations, the development of in-space manufacturing, rapid technological advancements in asteroid mining, the growing demand for payload data and telemetry, the growing relationship between space and climate change, the growing demand for Earth observation (EO) data, and the advancement of the interplanetary transportation system.
Competitive landscape and recent developments:
The global space economy market is a fragmented market. The global market has multiple players, both government agencies and private companies. The market is likely to witness new private startups in the coming years. The space economy sector has seen a progressively higher participation of private companies in space activities.
Key emerging global market players such as Astra, Blue Origin, Relativity, Rocket Labs, SpaceX, and Virgin Orbit were also benchmarked, based on launch site, focus, top customers, and top investors.
Market Segmentation Analysis:
- The commercial space segment held the highest share of 76.00% in 2021, due to the proliferation of commercial players in the space economy.
- The satellite communications segment is the fastest growing segment with a CAGR of 7% during the forecast period 2022-2026, driven by the growing need to expand the communications technology infrastructure in the remote areas.
- Due to the growing demand for uninterrupted internet access, the consumer broadband segment is the fastest growing segment with a CAGR of 25% over the forecast years of 2022-2026.
- The North America Earth Observation Space Economy Market held the largest share of nearly half of the global market in 2021, primarily driven by higher number of research studies and investments in course in the market. On the other hand, Africa & Middle East satellite navigation space economy market is the emerging region of the global market, growing at a CAGR of 11% owing to collaboration between Africa and the EU resulting in the implementation of satellite navigation technologies which have the potential to have a markedly positive effect on economic growth.
The key players in the global space economy market are:
- Space Exploration Technologies Corp.
- Blue Origin, LLC
- Virgin Galactic Holdings, Inc.
- National Administration of Space and Aeronautics
- Boeing Company
- relativity space
- Northrop Grumman Corporation (Orbital Sciences Corporation)
- Astra Space, Inc.
- Firefly Aerospace Inc.
- rocket lab
Main topics covered:
2.1 Spatial economics: an overview
2.1.1 Definition of spatial economy
2.1.2 Segments of the space economy
2.1.3 Measurement of spatial economy
2.1.4 Evolution of the space economy
2.1.5 Benefits of space saving
2.2 Spatial economy: segmentation by customer type
2.3 Space Economy: Segmentation by Application
2.4 Spatial economy: segmentation by value chain
3. Global Market Analysis
3.1 Global Space Economy Market: An Analysis
3.2 Global Space Economy Market: Application Analysis
3.3 Global Space Economy Market: Value Chain Analysis
4. Regional Market Analysis
4.1 North America Space Economy Market: An Analysis
4.2 European Union 27 (EU27) Space Economy Market: An Analysis
4.3 Space economy market outside the European Union-27: an analysis
4.4 Asia-Pacific Space Economy Market: An Analysis
4.5 South America and the Caribbean Space Economy Market: An Analysis
4.6 Africa and Middle East Space Economy Market: An Analysis
5. Impact of COVID
5.1 Impact of COVID-19 on the Global Space Economy Market
5.2 Post-COVID-19 impact
6. Market dynamics
6.1 Engine of growth
6.1.1 Development of government space programs around the world
6.1.2 Infrastructure development in the space economy
6.1.3 Cargo spacecraft demand
6.1.4 Multiplication of commercial players in the space economy
6.1.5 Increase in satellite launches
6.1.6 Deep space exploration
6.1.7 Falling satellite manufacturing costs
6.2.1 Growing problem of space debris
6.2.2 Need for an appropriate regulatory framework
6.3 Market trends
6.3.1 Growing demand for uninterrupted internet
6.3.2 Growing popularity of space tourism
6.3.3 Advancement of New Entrant Micro-Launcher Systems
6.3.4 Asteroid mining
6.3.5 Space Resource Utilization (SRU)
6.3.6 Manufacturing in space
6.3.7 Growing relationship between space and climate change
6.3.8 Growing demand for Earth Observation (EO) data
6.3.9 Interplanetary transport
6.3.10 Payload and telemetry data
7. Competitive landscape
7.1 Global Space Economy Market Players: Key Comparison
7.2 Global Space Economy Market: Commercial Space Companies
7.3 Global Space Economy Market: Comparison of Government Agencies
8. Company Profiles
8.1 Overview of activities
8.2 Business strategy
For more information about this report visit https://www.researchandmarkets.com/r/l7yotr