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Spacecraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4622695
  • Report
  • April 2022
  • Region: Global
  • 85 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Airbus SE
  • Blue Origin
  • Maxar Technologies Inc.
  • OHB SE
  • QinetiQ
  • Sierra Nevada Corporation

The spacecraft market is expected to witness a CAGR of over 8% during the forecast period (2022 - 2027).



The space industry is less exposed to disruptions caused by the COVID-19 pandemic as compared to other major industries. There is no drop in the total launches in the years 2020 and 2021 as compared to that of the pre-pandemic 2019. Nevertheless, in 2020, the industry faced issues like supply chain disruptions, workforce scarcity, limited access to finance threatening the survival of start-ups, etc., due to the imposed lockdowns and the reduced economic activity.



The growth in space investments by various countries worldwide for space exploration, commercial and military applications is expected to continue to drive the growth of the spacecraft market during the forecast period.



Various players in the market in countries, like China, the United States, India, and major European countries, are collaborating towards the development of advanced space projects. This is expected to generate demand for new space vehicles in the coming years.



The development of advanced technologies has led to the miniaturization of the spacecraft components and a reduction in overall manufacturing cost, which may support the growth of the market in the years to come.



Key Market Trends


Unmanned Spacecraft Dominates the Market in Terms of Market Share


The unmanned spacecraft segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. The segment includes revenues from the launch of satellites, cargo transportation spacecraft, and spacecraft for deployment land rovers for planetary exploration missions, among others. Over the past few years, satellite launches have increased to support various applications. Furthermore, satellite launches are expected to increase in the coming years to support various applications, including military, commercial (like telecommunication), space exploration, etc. In this regard, the US Space Development Agency, established in 2019, announced its plan to launch nearly 1,000 satellites in orbit by FY 2026. In February 2022, the Space Development Agency (SDA) announced that it has awarded three prototype agreements worth approximately USD1.8 billion to establish the foundation for Tranche 1 Transport Layer (T1TL), a mesh network of 126 optically-interconnected space vehicles (SV) that provide a resilient, low-latency, high-volume data transport communication system, and be ready for launch starting in September 2024. Such developments are expected to drive the growth of the segment in the coming years.



Asia-Pacific is Expected to Generate the Highest Demand During the Forecast Period


Asia-Pacific is expected to generate the highest demand for spacecraft during the forecast period. This is majorly due to increasing space investments from the countries in the region, like China, India, and Japan, among others. China is rapidly investing in the space sector to surpass the United States. Earth observation, satellite communications, and satellite manufacturing are some of the major investment areas of the Chinese government and private companies. These robust investments have led to the development and launch of various satellites for the military and commercial sectors. China was the second-largest country after the United States, in terms of the number of operational satellites (approximately 400 satellites) in orbit. According to the China Aerospace Science and Technology Corporation (CASC), approximately 4,000 satellites are expected to be developed and launched by the country in the next five to ten years. Chins is also focusing on its space station and is performing several manned supply missions in this regard. In June 2021, China has launched three astronauts into orbit to begin the occupation of the country's new space station. It is China's longest crewed space mission to date and the first in nearly five years. Similarly, India was developing Gaganyaan, a crewed orbital spacecraft under Indian Human Spaceflight Programme. Due to the effect of the COVID-19 pandemic, the launch of the manned demonstration of the Gaganyaan manned mission has been delayed to 2023. The first uncrewed spaceflight launch is delayed to Q4 2022, and the second crewed mission to 2023. Similar investments from other countries to further develop the space sector is expected to accelerate the growth of the region during the forecast period.



Competitive Landscape


The spacecraft market is highly fragmented, with many players. The prominent players in the spacecraft market are The Boeing Company, Airbus SE, Lockheed Martin Corporation, Space Exploration Technologies Corp. and Sierra Nevada Corporation. Strategic collaborations and partnerships between the market players are projected to drive the technology transfer between companies in the future. For instance, NASA's commercial crew program is a partnership between key players in the market, including SpaceX, Boeing, and NASA to fly astronauts to the International Space Station. Furthermore, due to the high growth opportunities of the space sector, many new startups and companies have been venturing into the sector through satellite manufacturing programs in the commercial sector and manned and unmanned systems development programs. This is increasing the competition in the market for existing players.



Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Airbus SE
  • Blue Origin
  • Maxar Technologies Inc.
  • OHB SE
  • QinetiQ
  • Sierra Nevada Corporation

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
1.3 Currency Conversion Rates for USD
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2027
3.2 Market Share by Type, 2021
3.3 Market Share by Geography, 2021
3.4 Structure of the Market and Key Participants
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size and Forecast by Value - USD billion, 2018 - 2027)
5.1 By Type
5.1.1 Manned Spacecraft
5.1.2 Unmanned Spacecraft
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Russia
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Rest of Latin America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 Turkey
5.2.5.3 Egypt
5.2.5.4 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Airbus SE
6.2.3 Lockheed Martin Corporation
6.2.4 Space Exploration Technologies Corp.
6.2.5 Sierra Nevada Corporation
6.2.6 QinetiQ
6.2.7 Northrop Grumman Corporation
6.2.8 Berlin Space Technologies GmbH
6.2.9 OHB SE
6.2.10 Blue Origin
6.2.11 Maxar Technologies Inc.
6.2.12 Mitsubishi Electric Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • The Boeing Company
  • Airbus SE
  • Lockheed Martin Corporation
  • Space Exploration Technologies Corp.
  • Sierra Nevada Corporation
  • QinetiQ
  • Northrop Grumman Corporation
  • Berlin Space Technologies GmbH
  • OHB SE
  • Blue Origin
  • Maxar Technologies Inc.
  • Mitsubishi Electric Corporation
Note: Product cover images may vary from those shown

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