Market Trends of Spacecraft Industry
Unmanned Spacecraft Holds Highest Shares in the Market
The unmanned spacecraft segment is projected to have the highest share in the spacecraft market, and it is expected to continue its dominance during the forecast period. The growth is attributed to the increasing expenditure on space sector and increasing satellite launch programs from space agencies across the globe.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. For instance,In December 2022, Space Cargo Unlimited, a Luxembourg-based company signed a contract with Thales AleniaSpace to develop a reusable unmanned spacecraft that will be used for production in orbit. Under the contract, the REV1 spacecraft will make its maiden flight in 2025. The spacecraft which has a size of a compact car will be able to carry up to 1,000 kg of payload.Thus, growing expenditure on space sector and development of robotic spacecraft drive the growth of the market during the forecast period.
North America to Dominate the Market During the Forecast Period
North America is expected to dominate the spacecraft market during the forecast period. This is majorly due to rising expenditure on space sector, increasing number of satellite launches for commercial and defense applications, and growing space exploration activities from NASA and SpaceX drive the growth of the market during the forecast period. In 2022, the United States Government spent approximately USD 62 billion on its space programs, making it the country with the highest space expenditure in the world. In 2022, there were total 186 orbital launches took place in which US tops the list with 87 launches. Out of the total launches, 61 of them were performed by SpaceX. The company carried out 60 launches of the Falcon 9 rocket and 1 launch of the Falcon Heavy rocket. Also, Canada is increasing its focus to enhance space capabilities and design and development of advanced manned and unmanned spacecraft for various missions. The Canadian Space Agency (CSA) released its 2022-23 Departmental Plan in which the agency planning to spend USD 388.3 million for its upcoming 2022-23 fiscal year. For instance, In April 2023, Canada proposed to develop robotic lunar rover for Artemis. The government announced its intent to spend USD 1.2 billion million for thirteen years, starting in 2024, to develop a 'lunar utility vehicle' that support human exploration of the moon. Developments such as these will be driving the growth of spacecraft market in this region
