The global race among the countries for space exploration and an increase in expenditure in the space sector are the main factors which are expected to drive the market during the forecast period.
August 17th, 2018: The spacecraft market is expected to witness a CAGR of around 12% from 2018 - 2023, as per a new report published by Mordor Intelligence, LLP. According to the report, the global space race among various countries and the need for faster satellite-based communication, along with the initiatives taken by various space agencies for space exploration, are the main factors that are driving the current market. However, high investment costs in the industry and the increasing quantity of orbital debris around the earth, along with other environmental factors, are expected to hinder the growth of the market during the forecast period.
According to the report, the unmanned spacecraft segment is expected to continue its current dominance in the market, due to the fact that many unmanned missions are being planned to places far away from the earth. Also, the space exploration to places far away cannot be done with humans onboard, because of the unpredictable conditions there. Missions are also being planned to reach the surface of the sun, for which, unmanned spacecraft are required. Thus, the unmanned spacecraft segment is expected to hold a larger market share. Geographically, North America currently has a larger market share, due to high investments of the United States in space missions and continuous flow of funds to NASA, which enables it to continue the R&D in space missions.
To know more about the coverage of the Spacecraft Market report, click the below link:
Key Insights from the Spacecraft Market Report:
The report Spacecraft Market – Segmented by Type and Geography
Spacecraft market, segmented by type
Spacecraft market, segmented by geography
Middle East & Africa
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