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Space Economy Market Size to Touch Around US$ 1,110.84 Billion 2030, Recording a CAGR of 8.9% | Report by CoherentMI

CMI
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CMI
CMI

The space economy refers to all the commercial space activities and industrial activity associated with it. It includes space-based products, services, infrastructure and applications ranging from satellite telecommunications, space science and space tourism among others.

Burlingame, Dec. 20, 2023 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Space Economy Market is estimated to value at US$ 518.48 Billion in the year 2023, and is anticipated to reach a US$ 1,110.84 Billion by 2030, with growing at a CAGR of 8.9% during forecast period 2023-2030.

The Space Economy market is expected to witness high growth due to increasing investments in space research and exploration. Governments and private organizations across the globe are investing heavily in space programs to explore new technologies, gather scientific data, and exploit commercial opportunities.

One driver for the growth of the space economy is the increasing number of satellite launches for communication, navigation, remote sensing, and meteorology. The demand for satellite-based services and applications is rapidly increasing, driving the need for more satellite launches. Furthermore, the emergence of new players in the private space exploration industry is also contributing to market growth.

Another driver is the ongoing advancements in space technology. Technological advancements such as reusable rockets, miniaturized satellites, and advanced propulsion systems are reducing the cost of space missions and opening up new opportunities for commercial space activities.

Key Market Takeaways:

  • Space Economy Market Size is anticipated to witness a CAGR of 11.5% during the forecast period 2023-2030, owing to the growing demand for satellite-based services and technological advancements in space technology.

  • On the basis of the type, the satellite manufacturing and launching segment is expected to hold a dominant position, owing to the increasing demand for satellites in various sectors.

  • On the basis of the orbit, beyond GEO is expected to dominate the market due to the growing need for long-distance communication and observation capabilities.

  • In terms of the end-user, the government and military segment is expected to dominate, as defense and surveillance applications rely heavily on satellite technology.

  • In terms of application, the communications segment is expected to dominate due to the increasing need for global connectivity.

  • North America is expected to hold a dominant position in the space economy market, as the region has a strong presence of key players and a well-developed space industry.

  • Key players operating in the space economy market include SpaceX, Boeing, Lockheed Martin, Northrop Grumman, Airbus, Maxar Technologies, Planet Labs, OneWeb, Rocket Lab, Virgin Orbit, Relativity Space, Blue Origin, Sierra Nevada Corporation, AST & Science, Spire Global, Momentus Space, Firefly Aerospace, Astranis, Redwire, and Made in Space. These companies are actively engaged in satellite manufacturing, launching, and providing various satellite services. With the increasing demand for satellite-based services, these key players are expected to witness significant growth in the space economy market.

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