Dublin, Feb. 05, 2025 (GLOBE NEWSWIRE) — The “Spacecraft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F” report has been added to ResearchAndMarkets.com’s offering.
The Spacecraft Market was valued at USD 6.95 Billion in 2024, and is expected to reach USD 9.24 Billion by 2030, rising at a CAGR of 4.86%.
The global spacecraft market is experiencing significant growth due to rapid technological advancements and increasing demand for satellite-based services. The rise in satellite miniaturization and reusable launch vehicles has enabled the development of more efficient and cost-effective spacecraft, broadening accessibility to small and emerging players in the space industry. For instance, in 2023, reusable launch vehicle development achieved significant milestones despite challenges like Virgin Orbit’s shutdown and layoffs at Astra.
U.S. national security programs provided a boost, with the Space Force’s Phase 3 National Security Space Launch program offering 70 launches between 2027 and 2032. This opened opportunities for more companies to compete for government contracts. SpaceX led the way with a record 18th launch and recovery of a Falcon 9 booster in November, and continued progress on its Starship program, although its second flight ended in failure. Relativity Space pivoted to its larger, reusable Terran R after the failure of its Terran 1, with $1.2 billion in pre-sold launch agreements. Stoke Space also made progress with its Hopper2 prototype, reaching 9 meters in September as part of its Nova rocket development.
Demand for communication, navigation, and Earth observation services is soaring, driven by the growing reliance on satellite networks for data transmission, disaster management, and climate monitoring. Governmental and private sector investments in space exploration missions, such as lunar and Martian expeditions, further underscore the market’s expansion. The surge in space tourism and the increasing adoption of reusable spacecraft are also contributing to the dynamic growth trajectory of the industry.
Several key drivers underpin the growth of the spacecraft market. The rapid commercialization of space activities has led to a surge in private sector participation, fostering innovation and reducing cost. Investments in space technologies such as advanced propulsion systems, modular spacecraft design, and autonomous navigation are accelerating the pace of development. Furthermore, the growing need for global connectivity has intensified the deployment of satellite constellations, such as low Earth orbit (LEO) systems, to support high-speed internet access in remote areas. These developments are complemented by international collaborations and policy frameworks designed to ensure the sustainable use of space resources, unlocking new market opportunities.
Despite the promising outlook, the spacecraft industry faces challenges that could hinder its growth. The increasing issue of space debris poses a significant risk to operational satellites and future missions, necessitating robust mitigation strategies and active debris removal technologies. High development and launch cost remain a barrier for smaller players, despite the advent of cost-saving measures like reusable rockets. Moreover, regulatory complexities, including spectrum allocation and orbital traffic management, add layers of difficulty for stakeholders. Addressing these challenges through innovative solutions and collaborative efforts will be pivotal in sustaining the growth of the global spacecraft market.
Key Market Trends
Miniaturization of Satellites and Spacecraft
The trend toward smaller satellites and spacecraft is transforming the industry. CubeSats and nanosatellites are lightweight, cost-effective, and versatile, making them ideal for commercial and scientific applications. These compact spacecrafts can be launched in large numbers, enabling constellations that provide global coverage for communication, navigation, and Earth observation. Miniaturization reduces manufacturing and launch cost, allowing smaller companies and research institutions to participate in space missions. This trend is democratizing access to space and driving innovation in satellite and spacecraft design.
Emergence of Space Tourism
Space tourism is gaining momentum as companies like Virgin Galactic and Blue Origin offer commercial flights to the edge of space. These suborbital journeys provide civilians with a unique experience of weightlessness and stunning views of Earth. The rise of space tourism is spurring innovation in spacecraft design, focusing on passenger safety, comfort, and affordability. While still in its early stages, the potential for space tourism to grow into a multi-billion-dollar industry is attracting significant investments and interest from stakeholders.
Expansion of Lunar and Martian Missions
Interest in lunar and Martian missions is driving the development of advanced spacecraft designed for interplanetary travel. Governments and private entities are planning missions to establish lunar bases, extract resources, and conduct scientific research. Mars exploration is gaining attention as agencies aim to send humans to the planet in the coming decades. These missions require next-generation spacecraft equipped with cutting-edge propulsion, life-support systems, and autonomous capabilities. The expansion of these missions is pushing the boundaries of technology and redefining humanity’s relationship with space exploration.
Regional Insights
North America was the dominant region in the global spacecraft market in 2024, driven by its strong focus on technological advancement, extensive infrastructure, and robust governmental support. The region leads in spacecraft development and deployment, supported by well-established space programs and a high level of investment in space exploration, satellite systems, and defense capabilities. North America’s leadership is bolstered by significant funding allocated to research and development, enabling the creation of innovative technologies that enhance the performance, efficiency, and reliability of spacecraft.
The demand for spacecraft in North America is fueled by a diverse range of applications, including communication, navigation, Earth observation, and scientific research. Satellites launched for telecommunications play a critical role in expanding connectivity, while Earth observation satellites support climate monitoring, disaster management, and agricultural optimization. These missions require advanced spacecraft capable of meeting the region’s high standards for precision and reliability. Defense initiatives also contribute significantly, as the strategic importance of space in national security drives the development of advanced military spacecraft for surveillance and reconnaissance.
North America benefits from a well-developed supply chain and manufacturing ecosystem, which supports the rapid production and deployment of spacecraft. Collaborative efforts between government agencies, private companies, and academic institutions create a dynamic environment for innovation and market growth. The region’s focus on space exploration is another critical factor, with ongoing missions aimed at planetary research, asteroid mining, and interplanetary travel. These projects rely on cutting-edge spacecraft equipped with autonomous systems, advanced propulsion technologies, and robust designs to withstand the challenges of deep-space missions.
In the commercial sector, the rising demand for satellite-based services is a major driver for spacecraft development in North America. Communication satellites provide high-speed internet access to underserved regions, while navigation satellites enhance precision in transportation and logistics. The rapid expansion of satellite constellations for low Earth orbit applications highlights the region’s commitment to maintaining its competitive edge in the global market.
Key Market Players
- The Boeing Company
- Airbus
- Lockheed Martin Corporation
- Space Exploration Technologies Corp
- Sierra Nevada Corporation
- QinetiQ Group
- Northrop Grumman Corporation
- Berlin Space Technologies
- Blue Origin
- Mitsubishi Electric Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $6.95 Billion |
| Forecasted Market Value (USD) by 2030 | $9.24 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/huzp3c
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