Space Technology (SpaceTech) Global Market Report 2024

The space technology (SpaceTech) market size has grown strongly in recent years. It will grow from $425.18 billion in 2023 to $462.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The historical growth can be attributed to the increasing demand for space data and services, advancements in rocket development, improvements in space situational awareness, enhancements in propulsion systems, the deployment of satellite constellations, and the emergence of in-space manufacturing capabilities.

The space technology (SpaceTech) market size is expected to see strong growth in the next few years. It will grow to $612.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to the expansion of the space sector, advancements in space exploration technologies, the emergence of new space applications, the miniaturization of satellites, and improvements in launch vehicle capabilities. Major trends in the forecast period include the development of new technologies, technological innovations, the growth of commercial spaceflight opportunities, advancements in GPS navigation systems, and improvements in weather reporting capabilities.

The growth of the space technology (SpaceTech) market is expected to be propelled by the increasing focus on space exploration. Space exploration involves the exploration and study of outer space using various technologies such as satellites, probes, and manned missions. These endeavors utilize space technology to gather data, conduct research, and enable human exploration beyond Earth's atmosphere. For example, in June 2023, the Satellite Industry Association (SIA) reported a record-breaking 2,325 satellites launched into orbit in 2022, including 161 in commercial launches, driven by increased affordability and innovation. Of these, 84% were aimed at supporting commercial communications. Revenue from satellite manufacturing experienced a 15% growth from 2021 to 2022, with American producers capturing 64% of the global total. Hence, the rise in space exploration is fueling the growth of the space technology (SpaceTech) market.

Key players in the space technology (SpaceTech) market are focusing on developing innovative products to strengthen their market position. One such innovation is the aerospace pollution monitoring instrument, which utilizes sensors and detectors to measure and analyze air, water, or soil quality for environmental assessment. For example, in April 2023, Ball Aerospace & Technologies Corp., a US-based manufacturer of spacecraft and technologies, launched the tropospheric emissions monitoring of pollution (TEMPO) instrument. TEMPO observes air quality in geostationary orbit during daylight hours, providing high spatial resolution measurements of pollutants such as nitrogen dioxide, formaldehyde, and ozone across North America. With its capability to track pollution at micro-urban scales every hour, TEMPO enhances air quality prediction accuracy by 50%.

In June 2023, York Space Systems, a US-based developer of small-scale spacecraft platforms, acquired Emergent Space Technologies Inc. for an undisclosed amount. This acquisition is expected to bolster York's software capabilities and enhance its mission design for defense, civil, and intelligence community programs. Emergent Space Technologies Inc. specializes in developing mission software and guidance, navigation, and control (GN&C) solutions for multi-spacecraft missions.

Major companies operating in the space technology (spacetech) market are The Boeing Company, Lockheed Martin Corporation, Airbus SE, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International Inc., NEC Corporation, Safran S.A., Thales Group, Ball Corporation, Leonardo SpA, SpaceX, Hindustan Aeronautics Limited, Viasat Inc., SES S.A., Maxar Technologies, Eutelsat Communications SA, Sierra Nevada Corporation, OHB System AB, National Aeronautics and Space Administration (NASA), MDA Space, Telesat, Rocket Lab USA Inc, ICEYE Inc, Blue Origin LLC, Beijing Commsat Technology Development Co. Ltd, Astra Space Inc, Virgin Galactic, Hedron.

North America was the largest region in the space technology (SpaceTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space technology (spacetech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the space technology (spacetech) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Space technology, often referred to as SpaceTech, involves the application of engineering principles to the design, development, manufacture, and operation of devices and systems for space travel and exploration. It serves various purposes, including space exploration and activities beyond the Earth's atmosphere, such as the exploration of other planets, the study of the universe, and the provision of communication and navigation services to support human activities.

The primary types of space technology include space vehicles, spacecraft, space stations, orbital launch vehicles, deep-space communications, in-space propulsion, and other related categories. A space vehicle is a craft capable of traveling in outer space, serving as a satellite around the sun and transporting payloads such as satellites, space stations, and scientific instruments into space. Applications of space technology span navigation and mapping, meteorology, disaster management, satellite communication, satellite television, remote sensing, science and engineering, military and national security, internet services, and others. End users include government, military, and commercial entities.

The space technology (SpaceTech) research report is one of a series of new reports that provides space technology (SpaceTech) market statistics, including the space technology (SpaceTech) industry's global market size, regional shares, competitors with an space technology (SpaceTech) market share, detailed space technology (SpaceTech) market segments, market trends and opportunities, and any further data you may need to thrive in the space technology (SpaceTech) industry. This space technology (SpaceTech) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The space technology (SpaceTech) market consists of revenues earned by entities by providing services such as earth observation, navigation and positioning, space tourism, space debris tracking and management, and communication services. The market value includes the value of related goods sold by the service provider or included within the service offering. The space technology (SpaceTech) market also includes sales of satellites, spacecraft, space suits, spacecraft components, telescopes, payloads and instruments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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