Spacesuit market is anticipated to grow at a considerable CAGR of 7.5% during the forecast period (2024-2031).A spacesuit is a complex system of clothing, equipment, and environmental systems that are designed to keep astronauts alive and comfortable in the harsh environment of space.Factors such as a rise in space exploration programs, an increase in the space industry budget, and advancements in material science boost the growth of the spacesuit market. However, high manufacturing and maintenance costs, and a lack of standardization areanticipated to hinder market growth. On the other hand, growth in space tourism provides a remarkable growth opportunity for the market players operating in the market.

Market Dynamics

Increasing Commercial Space Tourism

The rise in space missions has increased interest in space travel among the general public. This has created a market for space travel as people are willing to pay for the opportunity to experience space travel for themselves. The growth of space travel has created new economic opportunities for businesses and governments. Advances in technology have made space travel more accessible to ordinary people. Companies like Virgin Galactic and Blue Origin are developing spacecraft that can carry passengers into orbit. This allows people to experience weightlessness and see the earth from a unique perspective. 

For instance, in 2021, Virgin Galactic completed its first fully crewed flight to space. Other companies in the space industry announced plans to offer space tourism flights in the future. Moreover, in February 2023, the Indian Space Research Organization (ISRO) announced its plans to launch space tourism,such developments are expected to provide significant opportunities for the growth of the market. 

Substantial Growth in Investment for Space Exploration Missions

Countries globally are investing more inspace exploration projects. Because of a rise in space exploration missions and projects, the Asia-Pacific and European regions are expected to drive global market growth. Moreover, the next-generation space suits are lighter and more mobile, providing astronauts with greater comfort and safety. Also, space projects indicate a country's strength in the aeronautics sector, resulting in an increase in investment and chances for leading market participants to increase output. Wearables, a urine collection transfer assembly, a pharmaceutical support assembly, and an air pressure control helmet make up these spacesuits. The spacesuits also protect astronauts from the harsh conditions of space, such as micrometeorites and rapid temperature changes. 

Market Segmentation

Our in-depth analysis of the global spacesuit market includes the following segments by type, product, and application:

• Based on type, the market is segmented into IVA suits and EVA suits.

• Based on material, the market is segmented into soft shell, hard shell, hybrid suits,and skintight suits.

• Based on application, the market is segmented intointravehicularactivity,and extravehicular activity.

EVA Suits is Projected to Emerge as the Largest Segment

TheEVA suitssegment is expected to hold the largest share of the market. The demand for EVA suits has grown as a result of the increase in extravehicular activities, and it is expected to develop rapidly during the forecast period. In the coming years, the development of new spacesuits for human space exploration initiatives is expected to drive the segment's growth. IVA suits (used inside pressurizedspacecraft) and EVA suits are also included in the market analysis (used outside spacecraft for exploration and repair of the spacecraft).The EVA suits (Extravehicular Mobility Unit (EMU) suits) are more sophisticated and provide environmental protection, communications, mobility, and life support for astronauts. The development of new spacesuits for human space exploration programs is anticipated to propel the growth of the segment in the coming years.

Hybrid Suits Segment to Hold a Considerable Market Share

The suggested hybrid and intelligent spacesuits are built on the principles of improving dexterity and motion, reparability, and sensor integration to communicate with the environment and identify spacesuit degradation. The proposed hybrid technology will enhance dexterity, comfort, and a sense of normalcy to enable scientific and exploration operations on planetary missions like those envisaged on Mars's surface by integrating full-body soft-robotic components into the gas-pressurized spacesuit. Such elements are predicted to increase demand for hybrid spacesuits, which in turn, will boost the market growth during the forecast period.

Regional Outlook

The globalspacesuitmarket is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific to Grow at the Fastest CAGR

The Asia-Pacific countries like China, Japan, and India, among others, are moving ahead with their human space exploration plans to send humans for planetary exploration in the coming years. China, under its human space exploration program, planned to construct and operate a space station in low earth orbit (LEO). The country plans to complete the construction of the space station by 2024. Furthermore, the China National Space Administration also announced thatcarry out human exploration of the moon by the 2030s. Also, the Indian Space Research Organisation (ISRO) announced to send four astronauts for its human mission planned to be launched in 2022. 

Global Spacesuit Market Growth by Region 2024-2031

North America Holds Major Market Share

Among all the regions, North America holds a significant share as it generates the highest demand for satellite services globally, with the US, Canada, and Mexico being the region's major markets for space-based programs. These countries have advanced infrastructures and are involved in various space programs. Along with private entities, NASA is developing new human-crewed spacecraft and reusable satellite launch vehicles that will be able to transport astronauts and private citizens to space on successive occasions. Such emerging developments will nurture the regional market during the forecast period while channelingsubstantial investments both for the development and procurement of new-generation spacesuits.NASA has been developing advanced spacesuits for future human-crewed space missions by collaborating with private companies like Boeing and ILC Dover. NASA and ILC Dover are engaged in the development of Tron spacesuits (Z-2), which will enhance the deep space exploration capabilities of astronauts by incorporating advanced technologies like water evaporation systems and regenerable carbon dioxide removal systems. Such spacesuits ensure more efficiency for the crew, especially in terms of the breathing process and temperature regulation.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global spacesuitmarket includeCollins Aerospace, David Clark Co., ILC Dover LP, and Boeing,among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance,in June 2022, the Boeing Company unveiled the new Starliner suit that is expected to be used for space missions including EVA applications onboard the space exploration programs scheduled ahead. 

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global spacesuitmarket. 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.