Space technology market is anticipated to grow at a CAGR of 8.9% during the forecast period (2023-2030). The space technology market is experiencing significant growth driven by a convergence of technological breakthroughs and scientific progress. This synergy is propelling the development of advanced tools and applications that leverage innovations in space-related fields. Notably, the integration of cutting-edge technologies such as blockchain, artificial intelligence (AI), 3D printing, and materials science is playing a pivotal role in fostering this expansion.
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For instance, SpaceX, a prominent player in the space industry, demonstrated the utilization of AI in its Falcon 9 spacecraft. This craft employs an AI autopilot system, enabling it to autonomously execute tasks, including intricate maneuvers like docking with the International Space Station (ISS). This development showcases the integration of AI to enhance the spacecraft’s capabilities and efficiency. SpaceX’s collaboration with NASA to transport cargo to the ISS further underscores the practical applications of these advancements.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Space Technology Market by Type
- Space Vehicles
- Spacecraft
- Satellites
- Space Stations
- Orbital Launch Vehicles
- Deep-Space Communication
- In-space Propulsion
- Others (Support Infrastructure, Procedures)
Global Space Technology Market by Application
- Navigation & Mapping
- Meteorology
- Disaster Management
- Satellite Communication
- Others (Space Medicine, Information Technology)
Global Space Technology Market by End-Users
- Government
- Military
- Commercial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Airbus SE
- Astra Space Inc.
- Ball Corp.
- Beijing Commsat Technology Development Co., Ltd.
- General Dynamics Corp.
- Hindustan Aeronautics Ltd.
- Honeywell International, Inc.
- ICEYE
- Lockheed Martin Corp.
- Maxar Technologies Inc.
- Northrop Grumman Corp.
- OHB System AG
- Rocket Lab USA
- Sierra Nevada Corp.
- Space Exploration Technologies Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global space technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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