The global space technology market is anticipated to grow at a CAGR of 8.9% during the forecast period (2023-2030). This growth is fueled by the rising demand for satellite-based services, such as communications, television, weather forecasting, and remote sensing. the utilization of satellite technologies extends to crucial data collection, climate change tracking, disaster response coordination, and providing internet access to remote areas. This dynamic landscape is fortified by noteworthy innovations and launches. For instance, in June 2023, Erisha Space Pvt. Ltd. announced its groundbreaking satellite launch in 2024, which promises transformative contributions to environmental studies and sustainable development. Armed with advanced image processing tools and artificial intelligence/machine learning frameworks, this satellite will offer comprehensive remote sensing, Geographic Information Systems (GIS), and photogrammetry solutions across diverse industries. Simultaneously, numerous satellite launches have ushered in the era of Low Earth Orbit (LEO) connectivity and the expansion of space-based internet. One such instance is the March 2023 launch by the Indian Space Research Organization (ISRO), deploying 36 OneWeb satellites via Launch LVM-3. This endeavor marks ISRO's second launch for OneWeb, demonstrating the growing role of collaboration between businesses and governments.
Browse the full report description of “Space Technology Market Size, Share & Trends Analysis Report by Type (Space Vehicles, Deep-Space Communication, In-Space Propulsion, and Others), by Application (Navigation & Mapping, Meteorology, Disaster Management, Satellite Communication, and Others), and by End-Users (Government, Military, and Commercial), Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/space-technology-market
Furthermore, Companies like Bright Ascension Ltd. are contributing to the sector's growth by developing highly integrated space software products. Their recent achievement of deploying three more flight software systems on SpaceX Transporter 8 mission has expanded their in-orbit spacecraft count to 44. This underscores the drive to make commercial space software more accessible and user-friendly, benefitting a wide spectrum of industries, including disaster management, agriculture, transportation, and defense. In April 2023, Bengaluru-based Elena Geo Systems introduced an indigenous chip for NavIC-based satellite navigation, enhancing India's strategic independence and reducing dependency on external navigation systems. With potential applications in disaster relief, agriculture, and military operations, this chip harnesses the capabilities of the Indian Regional Navigation Satellite System (IRNSS), or NavIC, satellites.
Hence, the global space technology market is entering a phase of remarkable growth, propelled by innovations, collaborations, and the increasing utilization of satellite-based services. With expanding horizons across various sectors, the industry is set to redefine connectivity, accessibility, and technological advancements on a global scale.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Application
o By End-Users
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Japan Aerospace Exploration Agency (JAEA), National Aeronautics and Space Administration (NASA), Indian Space Research Organization (ISRO), and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Space Technology Market Report Segment
By Type
• Space Vehicles
o Spacecraft
o Satellites
o Space Stations
o Orbital Launch Vehicles
• Deep-Space Communication
• In-Space Propulsion
• Others (Support Infrastructure, Procedures)
By Application
By End Users
Global Space Technology Market Report Segment by Region
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
• Latin America
• Middle East & Africa
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