Spacecraft Market Size (2024 - 2029)

The market size of the spacecraft industry is projected to grow, driven by increased global investments in space exploration and commercial and military applications. Despite challenges such as supply chain disruptions and workforce scarcity due to the COVID-19 pandemic, the industry remained resilient with no drop in total launches. Collaboration on advanced space projects by major players in various countries is expected to generate demand for new space vehicles. Furthermore, the development of advanced technologies leading to the miniaturization of spacecraft components and a reduction in manufacturing costs is likely to support market expansion in the future.

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Market Size of Spacecraft Industry

Spacecraft Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 6.91 Billion
Market Size (2029) USD 8.39 Billion
CAGR (2024 - 2029) 3.95 %
Fastest Growing Market Latin America
Largest Market North America

Major Players

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*Disclaimer: Major Players sorted in no particular order
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Spacecraft Market Analysis

The Spacecraft Market size is estimated at USD 6.91 billion in 2024, and is expected to reach USD 8.39 billion by 2029, growing at a CAGR of 3.95% during the forecast period (2024-2029).

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.

Spacecraft Industry Segmentation

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 and geography. By type, the market is segmented into manned and unmanned spacecraft. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market sizing and forecasts have been provided in value (USD billion).

By Type
Manned Spacecraft
Unmanned Spacecraft
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle-East and Africa
Saudi Arabia
Turkey
Egypt
Rest of Middle-East and Africa

Spacecraft Market Size Summary

The Spacecraft Market is projected to experience substantial growth over the forecast period. The industry has remained resilient amidst the disruptions caused by the COVID-19 pandemic, with no significant decline in total launches. However, challenges such as supply chain disruptions and workforce scarcity have threatened the survival of some startups. The market's growth is expected to be driven by increased investments in space exploration and commercial and military applications by various countries globally. Collaboration on advanced space projects by market players in countries like China, the United States, India, and major European countries is anticipated to generate demand for new space vehicles in the coming years. The spacecraft market is highly fragmented, with numerous players including The Boeing Company, Airbus SE, Lockheed Martin Corporation, Space Exploration Technologies Corp., and Sierra Nevada Corporation. The industry is characterized by strategic collaborations and partnerships, which are expected to drive technology transfer between companies in the future. The emergence of new startups and companies venturing into the sector through satellite manufacturing programs in the commercial sector and manned and unmanned systems development programs is increasing competition for existing players. This trend is expected to continue, further driving the growth of the market.

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Spacecraft Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Manned Spacecraft

      2. 2.1.2 Unmanned Spacecraft

    2. 2.2 By Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 United Kingdom

        2. 2.2.2.2 Germany

        3. 2.2.2.3 France

        4. 2.2.2.4 Russia

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Rest of Latin America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 Turkey

        3. 2.2.5.3 Egypt

        4. 2.2.5.4 Rest of Middle-East and Africa

Spacecraft Market Size FAQs

The Spacecraft Market size is expected to reach USD 6.91 billion in 2024 and grow at a CAGR of 3.95% to reach USD 8.39 billion by 2029.

In 2024, the Spacecraft Market size is expected to reach USD 6.91 billion.

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Spacecraft Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)