Spacesuit Market size to grow by USD 183.94 million from 2022 to 2027 | The priority for establishing enhanced connectivity systems to boost market growth - Technavio
NEW YORK, Aug. 22, 2023 /PRNewswire/ -- The spacesuit market is to grow by USD 183.94 million between 2022 and 2027; and register a CAGR of 8.28%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Product, Type, and Geography. North America is estimated to contribute 54% to the growth of the global market during the forecast period. US, Canada, and Mexico are the major contributors to the market in the region. These countries possess advanced infrastructure and engage in various space activities. These advancements will benefit the regional market, attracting significant investment for the creation and purchase of next-generation spacesuits. Hence, these factors are expected to drive market growth in the region during the forecast period. Technavio offers an up-to-date analysis of the current global market scenario and the overall market environment. View Sample Report
The report also covers the following areas:
Spacesuit Market 2023-2027: Segmentation
- Product
- Hybrid Suits
- Hard-shell Suits
- Soft-shell Suits
- Type
- EVA Suits
- IVA Suits
- Geography
- North America
- Europe
- APAC
- Middle East And Africa
- South America
The market share growth by the hybrid suits segment will be significant during the forecast period. The hybrid suits combine hard and soft components to exploit the strengths of both. Current EVA suits often adopt this approach. Additionally, the proposed hybrid technology aims to amplify flexibility, comfort, and natural movement for planetary missions like Mars. To achieve this, full-body soft robotic parts must be integrated into the pressurized spacesuit. Hence, these factors are expected to drive segment growth during the forecast period.
Spacesuit Market 2023-2027: Company Analysis and Scope
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To help businesses improve their market position, the spacesuit market provides a detailed analysis of around 15+ companies operating in the market. Some of these companies include Axiom Space Inc., David Clark Co., Global Effects Inc., ILC Dover LP, Oceaneering International Inc., Osterreichisches Weltraum Forum, PACIFIC SPACEFLIGHT, Raytheon Technologies Corp., Rostec, Sure Safety (India) Ltd., and The Boeing Co.
Company Offering
- Axiom Space Inc. - The key offerings of the company include exploration extravehicular activity service spacesuits.
- David Clark Co. - The company offers pressure suits, helmets, and ancillary equipment for the aerospace program.
- ILC Dover LP - The company offers planetary extravehicular space suit which is designed for aerospace projects.
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Spacesuit Market 2023-2027: Market Dynamics
Key Drivers
The priority for establishing enhanced connectivity systems is a key factor driving market growth.
Major Trends
Investments in the development of wearable tech glasses are major trends in the market. The aerospace and defense sectors are increasingly adopting smart technologies and augmented reality solutions. For example, NASA has partnered with Osterhout Design Corporation to create smart glasses for astronauts, for both ground and space missions. In addition, these HUDs provide access to flight data and personalized information, thereby improving efficiency in their respective areas. Hence, the increasing investment in development is expected to drive market growth during the forecast period.
Significant Challenges
The limited number of consumers is a significant challenge restricting market growth.
Spacesuit Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist spacesuit market growth during the next five years
- Estimation of the spacesuit market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the spacesuit market
- Analysis of the market's competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of spacesuit market companies
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Table of Contents
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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SOURCE Technavio
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