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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Some Key Highlights From Report  

• On 15 December 2020, Thales Alenia Space and Telespazio signed a contract for two additional cosmo-skymed second-generation satellites. The two new satellites built by Thales Alenia Space would ensure constellation completion and full operational capacity of SAR (Synthetic Aperture Radar) observation services.
• On 25 September 2019, Spacebit, which is a U.K.-based company, signed an agreement with Astrobotic to begin commercial and scientific lunar exploration with its first mission in 2021 on the Peregrine lunar lander and to mark the beginning of a new era in commercial space exploration of Britain.
• Asia Pacific market is expected to register the fastest revenue CAGR among the regional markets during the forecast period due to rapid increase in industrial, technological, and economic initiatives in countries in the region. India's space programme has attracted worldwide attention for its increased development and extraordinary explorations, such as Mars Orbiter Mission, Chandrayaan-2 Mission, AstroSat Mission, and Aditya-L1 Mission. With ISRO's cutting-edge technologies and ambitious missions, there is higher scope for contributions to operational missions and satellite navigations.
• Some major companies in the global deep space exploration and technology market report include 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.

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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:

• Technology Mode Outlook (Revenue, USD Billion; 2021–2028)
• Rockets
• Landers
• Robots
• Satellites
• Orbiters
• Application Outlook (Revenue, USD Billion; 2019-2028)
• Moon Exploration
• Transportation
• Orbital Infrastructure
• Mars Exploration
• Subsystem Outlook (Revenue, USD Billion; 2019-2028)
• Propulsion System
     a.  Chemical
     b.  Non-Chemical
• Navigation & Guidance System
• Command & Control System
• Others
• Mission Type Outlook (Revenue, USD Billion; 2019-2028)
• Manned Mission
• Unmanned Mission
• End Use Outlook (Revenue, USD Billion; 2019-2028)
• Government Space Agencies
• Commercial
• Military

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• Regional Outlook (Revenue, USD Billion; 2019–2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• BENELUX
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• Israel
• South Africa
• Turkey
• Rest of MEA

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