Deep Space Exploration and Technology Market Size to Reach USD 630.23 Billion in 2028 | Increasing Number of Private Companies Investing in Space Sector will Drive Industry Demand Says, Emergen Research
VANCOUVER, B.C., May 12, 2022 /PRNewswire/ -- The deep space exploration and technology market size is expected to reach USD 630.23 Billion in 2028 and register a CAGR of 7.3% over the forecast period, according to recent analysis by Emergen Research. Steady market revenue growth can be attributed to increasing number of missions planned by various space agencies and rising funding from both private and government space agencies in deep space exploration missions and space-related programs.
Deep space exploration has led to development of newer technologies being integrated with deep learning and Artificial Intelligence (AI) capabilities. More advanced equipment and systems such as heavy lift launchers, human and robotic servicing, and autonomous space operations are being developed and tested and such initiatives are expected to continue to support revenue growth of the market over the forecast period.
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Public funded space exploration has resulted in development and design of more reliable and efficient propulsion systems and spacecraft, and this reduces potential of system failure and increases success rates of missions. Such investments have enabled development of viable Earth-orbiting habitats, success of missions with the objective to make space tourism a reality, and for tracking and exploring potential of mining of asteroids in space.
Private companies are increasingly participating in the space exploration sector, and the number of partnerships among government and private space agencies and contracts and sub-contracts – including for procurement of various ancillary parts and small equipment, software development, and robotic gadgets – have increased in the recent past. Companies such as Amazon and SpaceX have laid down plans to colonize Earth's moon and Mars, respectively. At the same time, the pursuit of space tourism continues is expected to increase manufacturing and production of spacecraft and make space missions cheaper in the near future.
The artificial satellites segment accounted for largest revenue share in the global market in 2021 due to high demand for low earth orbit-based services and Earth observation imagery, and increasing number of space exploration missions. Requirement of high-resolution Earth imaging has increased across verticals for various purposes, including for monitoring agricultural fields, detection of climatic changes, meteorology, and disaster mitigation. The U.S. government is the largest buyer of satellite imagery, and U.S.-based private firms and companies based in other countries have increased investments in the satellite sector.
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Emergen Research has segmented the global deep space exploration and technology market based on technology mode, application, subsystem, mission type, end use, and region:
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