Read our Study on Deep Space Exploration and Technology Market | Bis Research

The space sector has been undergoing numerous developments since the past years, due to several factors such as cost effective systems due to technological advances, increasing private investments by emerging players in the industry, increasing need for better communication and connectivity. Moreover, the increased application of space technologies for investigation on weather, surveillance for the military sector, and real-time imaging requirements by different sectors are also leading to the evolution of the space industry. In order to cater to the aforementioned applications, an increase in the number of satellites are launched every year. For the same, the industry has also witnessed a demand for small satellites, which allow for enhanced operations as well as cost-effective missions. In addition to this, upgraded launch vehicles with heavy lift capabilities are being developed. 

Major space agencies as well as private space companies are focused on developing reusable launch vehicles, which can provide cost efficiency as well as reduce space debris. Prominent space agencies such as the National Aeronautics and Space Administration (NASA), European Space Agency (ESA), China National Space Administration (CNSA), Japan Aerospace Exploration Agency (JAXA), Roscosmos State Corporation for Space Activities (Russian Space Agency) and the Indian Space Research Organisation (ISRO) are looking toward the development of earth independence which includes human presence beyond low Earth orbit and cislunar space and onto Mars. A deep space exploration mission ranges from two to three years with safe return of the crew to Earth. 

Deep space exploration includes both planetary explorations as well as human spaceflight and habitation explorations. Both these explorations require extensive support of various systems such as robotic systems to conduct various scientific investigations. The objectives for conducting deep space exploration is to expand human presence into space, increase planetary exploration capabilities, increase the ability to deploy assets and resources, support astronauts during space missions, and enhance effectiveness of human operations.

Factors Affecting the Global Deep Space Exploration and Technology Market:

The deep space exploration and technology market is expected to showcase a significant growth during the forecast period 2020-2030. Factors attributing to the growth of the market include increasing space budgets by various government agencies, rising demand for deep space exploration small satellites, emergence of private players in the space sector, and huge investments made by them. However, the market is also facing a challenge wherein the cost associated with deep space exploration systems is high. 

Global Deep Space Exploration and Technology Market Size:

In terms of value, the global deep space exploration and technology market is estimated to be $29.37 billion in 2020 and is projected to reach $54.71 billion by 2030 at a CAGR 6.42% during the forecast period 2020-2030. The growth in the deep space exploration and technology market is highly driven by the increasing number of missions planned by various space agencies. These missions aim at investigating the various intended celestial bodies such as Earth’s moon, Mars, Jupiter’s moons, Saturn’s moons, the Sun, and asteroids. The purpose of these missions is to understand the planet’s atmosphere and properties as well as look for possibility of life.

North America: A Forefront Region in Deep Space Exploration and Technology Market:

The deep space exploration and technology market has witnessed different market dynamics across various regions of the globe. Moreover, majority of the prominent space companies manufacturing systems and technology are based in this region. The following figure represents the global deep space exploration and technology market by region. It includes North America, Europe, Asia-Pacific, and Rest-of-the-World.

Competitive Landscape:

Deep space exploration is one of the emerging space activities with the leading players actively partnering with each other to support various missions. Key players that are actively participating in the deep space exploration and technology market are Airbus Defence & Space, Lockheed Martin, Boeing, Northrop Grumman, Thales Alenia Space, MAXAR Technologies, Sierra Nevada Corporation, SpaceX, Astrobotic, and Blue Origin, among others.

Key Questions Answered in this Report:

•  What are the major forces that tend to increase the demand for the global deep space exploration and technology during the forecast period, 2020-2030? 

•  What are the major challenges inhibiting the growth of the global deep space exploration and technology market?  

•  Which are the key players in the global deep space exploration and technology market? 

•  What is the estimated revenue generated by the global deep space exploration and technology market by segments (subsystem, technology mode, application, mission type, and end user) in 2020, and what are the estimates for the time period 2020-2030? 

•  What are the industry trends in the global deep space exploration and technology market?

•  How is the industry expected to evolve during the forecast period 2020-2030? 

•  What are the new strategies adopted by the existing market players to catalyze deep space exploration? 

•  What are the major opportunities that the deep space exploration and technology stakeholders foresee?

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