|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The spacecraft market is anticipated to register a CAGR of over 8% during the forecast period (2021 - 2026).
Although the space industry is less exposed to disruptions caused by the COVID-19 pandemic as compared to other major industries, the impact is still felt in the market, with launches getting postponed, supply chains being disrupted, workforce becoming scarce due to the imposed lockdowns, access to finance issues threatening the survival of start-ups, and events getting canceled.
The growth in space investments by various countries worldwide for space exploration, commercial and military applications is driving the growth of the spacecraft market during the forecast period.
Various players in the market in countries, like China, the United States, India, and major European countries, are collaborating towards the development of advanced space projects. This is expected to generate demand for new space vehicles in the coming years.
The development of advanced technologies has led to the miniaturization of the spacecraft components and a reduction in overall manufacturing cost, which may support the growth of the market.
Scope of the Report
A spacecraft is a vehicle used in outer space to support a wide range of applications, such as communications, navigation, earth observation, space exploration, meteorology, and transportation of humans and cargo. The market includes satellites, cargo transporters, and human and crew spaceflight. The market is segmented by type into manned and unmanned spacecraft. The report also covers the size and forecasts for the market in major countries across different regions. The market sizing and forecasts have been provided in value (USD billion).
Key Market Trends
Unmanned Spacecraft Dominates the Market in Terms of Market Share
The unmanned spacecraft segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. The segment includes revenues from the launch of satellites, cargo transportation spacecraft, and spacecraft for deployment land rovers for planetary exploration missions, among others. Over the past few years, satellite launches have increased to support various applications. Furthermore, satellite launches are expected to increase in the coming years to support various applications, including military, commercial (like telecommunication), space exploration, etc. In this regard, the Space Development Agency, established in 2019, announced its plan to launch nearly 1,000 satellites in orbit by FY 2026. In October 2020, the Space Development Agency (SDA) awarded a USD 149 million contract to SpaceX to design, manufacture, and launch a new military satellite capable of tracking and providing early warnings of hypersonic missile launches. A similar contract worth USD 193 million was also awarded to L3Harris during the same timeframe. A total of eight satellites are scheduled to be manufactured by both the companies and are meant to be the first crucial part of the SDA’s Tracking Layer Tranche 0, which is designed to provide missile tracking for the Defense Department from space using infrared sensors. Such launches are expected to drive the growth of the segment in the coming years.
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Asia-Pacific is Expected to Generate the Highest Demand During the Forecast Period
Asia-Pacific is expected to generate the highest demand for spacecraft during the forecast period. This is majorly due to increasing space investments from the countries in the region, like China, India, and Japan, among others. China is rapidly investing in the space sector to surpass the United States. Earth observation, satellite communications, and satellite manufacturing are some of the major investment areas of the Chinese government and private companies. These robust investments have led to the development and launch of various satellites for the military and commercial sectors. China was the second-largest country after the United States, in terms of the number of operational satellites (approximately 400 satellites) in orbit. According to the China Aerospace Science and Technology Corporation (CASC), approximately 4,000 satellites are expected to be developed and launched by the country in the next five to ten years. In this regard, in May 2020, China successfully completed the launch of the Long March-5B rocket designed to eventually transport astronauts into space. Similarly, India was developing Gaganyaan, a crewed orbital spacecraft under Indian Human Spaceflight Programme. Due to the effect of the COVID-19 pandemic, the launch of the manned demonstration of the Gaganyaan manned mission has been delayed to 2023. The first unmanned spaceflight launch is delayed to December 2021, and the second to 2022-2023. Similar investments to further develop the space sector is expected to accelerate the growth of the region during the forecast period.
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The spacecraft market is highly fragmented, with many players. The prominent players in the spacecraft market are The Boeing Company, Airbus SE, Lockheed Martin Corporation, Space Exploration Technologies Corp. and Sierra Nevada Corporation. Strategic collaborations and partnerships between both established companies and smaller startups are projected to drive the technology transfer between companies in the future. In March 2020, NASA announced that the space agencies entered into a partnership with nine university teams to develop advanced small spacecraft technologies, which are likely to further extend their capabilities to human and robotic lunar exploration missions. Furthermore, due to the high growth opportunities of the space sector, many new startups and companies have been venturing into the sector through satellite manufacturing programs in the commercial sector and manned and unmanned systems development programs. This is increasing the competition in the market for existing players.
In April 2021, SpaceX launched a new batch of 60 Starlink satellites increasing the total number of satellites launched to 300 over a period of one month. These satellites were launched as part of the company’s aim to launch a total of 1,500 Starlink satellites in 2021.
In July 2020, the UK Ministry of Defence (MoD) awarded a USD 630 million contract to Airbus Defence and Space for constructing a new telecommunications satellite as a stop-gap to bolster military capabilities ahead of the introduction of a new generation of spacecraft scheduled to start entering service by 2025. Under the terms of the contract, the fully indigenous satellite may be based on Airbus’ Eurostar Neo spacecraft and is scheduled to launch in 2025.
In June 2020, Airbus Defense and Space signed a contract worth USD 658.34 million (GBP 500 million) with the UK Ministry of Defense (MOD) to extend and enhance the Skynet fleet. This is expected to involve the development, manufacture, assembly, integration, and launch of a military communications satellite, Skynet 6A, planned for launch in 2025.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD billion)
5.1 By Type
5.1.1 Manned Spacecraft
5.1.2 Unmanned Spacecraft
5.2 By Geography
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.2.3 Asia Pacific
220.127.116.11 South Korea
18.104.22.168 Rest of Asia Pacific
5.2.4 Latin America
22.214.171.124 Rest of Latin America
5.2.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Airbus SE
6.2.3 Lockheed Martin Corporation
6.2.4 Space Exploration Technologies Corp.
6.2.5 Sierra Nevada Corporation
6.2.7 Northrop Grumman Corporation
6.2.8 Berlin Space Technologies GmbH
6.2.9 OHB SE
6.2.10 Blue Origin
6.2.11 Maxar Technologies Inc.
6.2.12 Mitsubishi Electric Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Spacecraft Market market is studied from 2018 - 2026.
What is the growth rate of Spacecraft Market?
The Spacecraft Market is growing at a CAGR of >8% over the next 5 years.
Which region has highest growth rate in Spacecraft Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Spacecraft Market?
North America holds highest share in 2020.
Who are the key players in Spacecraft Market?
The Boeing Company, Airbus SE, Lockheed Martin Corporation, Space Exploration Technologies Corp., Sierra Nevada Corporation are the major companies operating in Spacecraft Market.