Space Habitat Market to grow by USD 169.38 million from 2023 to 2028; Adoption of reusable launch vehicles to drive the growth- Technavio

NEW YORK, Nov. 14, 2023 /PRNewswire/ -- The space habitat market is expected to grow by USD 169.38 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 11.31% during the forecast period. The market is segmented by end-user (government and private), technology (inflatable and non-inflatable), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions of the market's growth. View Free PDF Sample Report

The adoption of reusable launch vehicles is a key factor driving market growth. The term "reusable launching vehicles" refers to a system in which the space vehicle is launched from the atmosphere and will be used for future launches. These systems have the greatest benefit of saving substantial costs, time, resources, and effort because they will not be required to design or build a new launch system for future launches. Hence, these factors are expected to drive market growth during the forecast period.

Key Highlights:

• The report recognizes the following as some of the key players in the space habitat market: AI SpaceFactory, Axiom Space Inc., Bigelow Aerospace LLC, Foster and Partners Group Ltd., Gravitics, ILC Dover LP, Lockheed Martin Corp., NANORACKS, Northrop Grumman Corp., Sierra Nevada Corp., The Boeing Co., and VAST SPACE LLC
• Space Habitat Market is concentrated in nature.
• Market to observe 9.0% YOY growth in 2024.

Market Dynamics:

Major Trend

• Provision to recycle resources in space is a major trend in the market.
• All available resources in the spacecraft need to be reused or recycled as part of a cost-reduction strategy.
• In addition, sustainability must be considered throughout the use of all techniques and resources on board.

Significant Challenges

• Insufficient infrastructure and integrated technology for space colonization are significant challenges restricting market growth. 
• The creation of an autonomous, sustainable space environment is one of the most important challenges facing the market for space habitat as there are fewer technologies and less infrastructure to support people's settlement.
• In addition, to keep people's settlements alive, resources need to be replenished from the earth at the right times such as water, food, oxygen, and so on.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The government segment is estimated to witness significant growth during the forecast period. To carry out experiments in microgravity, life science, material, and particle physics, space agencies use habitats on the ISS. Furthermore, to advance science and technology, governments are funding research projects. In addition, conditions, and systems like those of the ISS or any other spacecraft are simulated in these training facilities. Moreover, deep space exploration missions to the Moon, Mars, and beyond have been planned by government agencies such as NASA and Roscosmos. It is also considered by governments of countries like India that there should be bases on the moon for scientific research and exploration. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports

The aerostructures market size is estimated to grow at a CAGR of 6.78% between 2023 and 2028. The market size is forecast to increase by USD 23.71 billion.

The satellite market size is estimated to grow at a CAGR of 3.31% between 2023 and 2028. The market size is forecast to increase by USD 14,526.87 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio