|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The spacecraft market is expected to witness a CAGR of over 8% during the forecast period 2022-2027.
The space industry was less exposed to disruptions caused by the COVID-19 pandemic as compared to other major industries. There was no drop in the total launches in 2020 and 2021 as compared to the pre-pandemic year of 2019. Nevertheless, in 2020, the industry faced issues like supply chain disruptions, workforce scarcity, limited access to finance that threatened the survival of startups, etc., due to the imposed lockdowns and the reduced economic activity.
The increase in space investments by various countries globally for space exploration and commercial and military applications is expected to continue to drive 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 on developing advanced space projects. This is expected to generate demand for new space vehicles over the coming years.
The development of advanced technologies has led to the miniaturization of spacecraft components and a reduction in overall manufacturing costs, which may support the market’s growth in the years to come.
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 Dominating the 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 the deployment of 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 US Space Development Agency, established in 2019, announced its plan to launch nearly 1,000 satellites in orbit by FY 2026. In February 2022, the Space Development Agency (SDA) announced that it had awarded three prototype agreements worth approximately USD 1.8 billion to establish the foundation for Tranche 1 Transport Layer (T1TL), a mesh network of 126 optically-interconnected space vehicles (SV) that provide a resilient, low-latency, high-volume data transport communication system, and be ready for launch starting in September 2024. Such developments are expected to drive the segment’s growth over the coming years.
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Asia-Pacific 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 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), about 4,000 satellites are expected to be developed and launched by the country in the next five to ten years. China is also focusing on its space station and is performing several manned supply missions in this regard. In June 2021, China launched three astronauts into orbit to begin the occupation of the country's new space station. It is China's longest crewed space mission to date and the first in nearly five years. Similarly, India has been developing Gaganyaan, a crewed orbital spacecraft under Indian Human Spaceflight Programme. Due to the COVID-19 pandemic, the launch of the manned demonstration of the Gaganyaan manned mission was postponed to 2023. The first uncrewed spaceflight launch was delayed to Q4 2022, and the second crewed mission to 2023. Similar investments from other countries to further develop the space sector are expected to accelerate the region's growth 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 market players are projected to drive the technology transfer between companies in the future. For instance, NASA's commercial crew program is a partnership between key players in the market, including SpaceX, Boeing, and NASA, to fly astronauts to the International Space Station. Furthermore, due to the high growth opportunities in 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.
The Boeing Company
Lockheed Martin Corporation
Space Exploration Technologies Corp.
Sierra Nevada Corporation
· In March 2022, NASA announced that its first crewed landing of the Artemis program was delayed to 2026 due to the time needed to develop and test the human landing system and NASA's next-generation spacesuits.
· In September 2021, the Indian government announced that the first phase of the Gaganyaan mission was expected to be launched by the end of 2022 or early 2023. The spacecraft was originally planned to be launched by 2022 but was delayed due to the COVID-19 pandemic.
· In September 2021, China launched Tianzhou-3, an unmanned cargo spacecraft from the Long March-7 Y4 rocket, to deliver supplies to the under-construction space station Tiangong.
· In April 2021, SpaceX launched a new batch of 60 Starlink satellites, thus, increasing the total number of satellites launched over one month to 300. These satellites were launched as part of the company’s aim to launch a total of 1,500 Starlink satellites in 2021.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
1.3 Currency Conversion Rates for USD
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2027
3.2 Market Share by Type, 2021
3.3 Market Share by Geography, 2021
3.4 Structure of the Market and Key Participants
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 and Forecast by Value - USD billion, 2018 - 2027)
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
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
Frequently Asked Questions
What is the study period of this market?
The Spacecraft Market market is studied from 2018 - 2027.
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 2021.
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.