(MENAFN- GlobeNewsWire - Nasdaq) The Orbital Spaceflight Market Size was valued at USD 13.7 Billion in 2023 and the Global Orbital Spaceflight Market Size is expected to reach USD 21.2 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Northrop Grumman Innovation Systems, Blue Origin, Scaled Composites, SpaceX, The Spaceship Company, Sierra Nevada Corporation, ARCA Space, PD Aerospace, Boeing, Copenhagen, and Other Key Vendors.
New York, United States , April 18, 2024 (GLOBE NEWSWIRE) -- The Global Orbital Spaceflight Market Size to Grow from USD 13.7 Billion in 2023 to USD 21.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.46% during the forecast period.
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In the space sector, commercial entities were becoming more prevalent than merely government organisations. This shift led to the emergence of numerous commercial companies offering satellite placement, space tourism, orbital launch services, and other space-related services. Technological developments were driving down the cost of launching payloads into orbit, particularly in the field of reusable rocket technology, which was spearheaded by commercial enterprises. The decline in launch costs has made space more accessible to a wider range of customers, including small satellite operators, academic institutions, and commercial businesses. International cooperation in space exploration and utilisation has increased as a result of partnerships between government space agencies, for-profit companies, and international organisations. These partnerships have stimulated innovation and raised the potential for space operations.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the " Global Orbital Spaceflight Market Size By Range [Low Earth Orbit (LEO), Medium Earth Orbit (MEO) and Geostationary Orbit (GEO)], By Spacecraft Type (Orbital, Rover, Lander), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Range
The low earth orbit (LEO) segment accounted for the largest market share over the forecast period 2023 to 2033. The advancements in CubeSat technology and satellite miniaturisation have reduced the initial barriers to low-Earth orbit satellite deployment. Because small satellites and CubeSats are becoming more and more affordable for a range of applications, including commercial services, technology demonstration, and scientific research, there is an increasing demand for launch services to low-Earth orbit (LEO). LEO is an ideal orbit for Earth observation and remote sensing projects since it is low in the atmosphere and close to Earth. Satellites in low Earth orbit can record meteorological trends, monitor environmental changes, capture high-resolution pictures, and assist with relief efforts in the event of a disaster. Due to the growing demand for Earth observation data for applications in agriculture and urban planning, the LEO segment is growing.
Insights by Spacecraft Type
The orbital segment is dominating the market with the largest market share over the forecast period 2023 to 2033. The primary purpose of orbital spaceflight is to send satellites into various orbits, including low Earth orbit (LEO). The increased demand for satellite-based services including navigation, Earth observation, telecommunications, and remote sensing has led to an increase in satellite placement missions. Orbital spaceflight is critical to space exploration programmes like crewed voyages to the International Space Station (ISS), robotic exploration of other planets and celestial bodies, and space science research. Government space agencies, commercial companies, and international collaborations are driving the expansion of space exploration missions and operations. Because companies are pursuing a range of commercial endeavours in space, the market for orbital spaceflight is growing as a result of the commercialization of space.
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Insights by Region
North America is anticipated to dominate the Orbital Spaceflight Market from 2023 to 2033. The United States leads the world in orbital spaceflight because to its extensive history of space exploration and the vibrant ecosystem of government agencies, commercial companies, and academic institutions that support innovation. NASA, the nation's space agency, is crucial to the development of science, technology, and space exploration. North America is a centre for technological research and satellite production, with North American businesses leading the industry in both areas. These companies design, build, and launch a wide range of satellites for use in communication, science, national security, and Earth observation. Advanced technology developed in North America is driving innovations in satellite architecture, on-board instruments, and propulsion systems.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Several Asia-Pacific countries are emerging as space powers with their ambitious space exploration programmes and satellite deployment schemes. Chinese, Indian, Japanese, and South Korean space technology has advanced significantly, especially in satellite launches, lunar exploration, and space technology development. Satellite-based applications like remote sensing, navigation, Earth observation, and telecommunications are becoming increasingly necessary in the Asia-Pacific area. Satellite data and services are being used by governments, corporations, and academic institutions to track environmental changes, promote economic growth, and address a range of societal problems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Players in the Global Orbital Spaceflight Market Size include Northrop Grumman Innovation Systems, Blue Origin, Scaled Composites, SpaceX, The Spaceship Company, Sierra Nevada Corporation, ARCA Space, PD Aerospace, Boeing, Copenhagen, and Other Key Vendors.
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Recent Market Developments
In June 2022, Pioneering space infrastructure company D-Orbit and Isar Aerospace reached a legally binding agreement for launch services. Launched in 2023 from its launch base in Andoya, Norway, the company's Spectrum rocket designed for small and medium-sized satellites and satellite constellations will put D-Orbit's ION satellite carrier into sunsynchronous orbit.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Orbital Spaceflight Market, Range Analysis
Low Earth Orbit (LEO) Medium Earth Orbit (MEO) Geostationary Orbit (GEO)
Orbital Spaceflight Market, Spacecraft Type Analysis
Orbital Spaceflight Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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