The of the global space exploration and technology market distant is expected to reach USD 630.23 billion in 2028 and register a CAGR of 7.3% during the forecast period, according to the latest analysis from Emergen Research. The market revenue growth is mainly driven by factors such as high private funding in the space sector, advancements in artificial intelligence (AI) and digital technologies, increasing efforts of various space agencies to engage in deep space exploration missions and growing public sector interests. .
Advances in deep space exploration and technology lead to an increasing number of missions planned by various space agencies to investigate celestial bodies such as Earth’s moon, the surface of Mars, the moon of Jupiter, the moon of Saturn, the sun and the asteroids. The success of space exploration missions depends on the unique capabilities of humans, and rapid decision-making, cognitive adaptability and versatility are essential requirements in such activities. Robots are also used to achieve exploration goals that can benefit mankind. Deep space exploration has led to immense technological and scientific advances in health and medicine, transportation, consumer goods, energy and the environment, information and industrial applications. These are other key factors that are expected to drive the market revenue growth in the future.
The unmanned segment accounted for the largest revenue share in 2021, as unmanned missions are more frequently scheduled for lunar and Mars exploration. Additionally, unmanned spacecraft are cheaper and safer to launch and operate. A number of countries are opting for unmanned spacecraft missions due to these advantages and benefits. The launch of new satellites into orbit is further expected to boost the growth of the global unmanned spacecraft market to a large extent during the forecast period.
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. Some of the main actors operating in the deep space exploration and technology are:
Airbus Defense & Space, Lockheed Martin Corporation, The Boeing Company, SpaceX, Blue Origin, Northrop Grumman Corporation, Thales Alenia Space, Astrobotic, MAXAR Technologies, Inc. and Sierra Nevada Corporation
Scope of the search:
segments covered in this report are:
- Tech Mode Outlook (Revenue, USD Billion; 2021-2028)
- Outlook App (Revenue, USD Billion; 2021-2028)
- Lunar exploration
- Orbital infrastructure
- exploring mars
- (Revenue, USD Billion; 2021-2028)
- Propulsion System
- navigation and guidance
- command and control
- Propulsion System
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- On April 9, 2022, SpaceX launched the first fully private crew for the International Space Station. The flight has been called a milestone in the commercialization of spaceflight and is the result of a partnership between Space X, Axiom and NASA. NASA provided the launch site and will also take responsibility for the astronauts as they begin their eight-day mission of biomedical and scientific research while the spaceflight is in orbit.
- North America accounted for the largest revenue share in 2021 and is expected to maintain its dominance over other regional markets during the forecast period. The robust revenue growth can be attributed to NASA’s increased space budget and high investment from private companies. Additionally, the presence of a number of private companies such as The Boeing Company, Lockheed Martin Corporation, SpaceX and Blue Origin in the United States are focused on making significant investments in spacecraft technologies and initiatives. . This, coupled with significant government spending, is expected to continue to support North American market revenue growth over the forecast period.
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. principles of data distribution and triangulation to assess factors such as changing consumer inclination, existing knowledge base, market valuation, and verified sources. These aspects could play a crucial role in the potential growth of the global sector.
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