(MENAFN- PR Newswire)
NEW YORK, June 26, 2024 /PRNewswire/ -- The global spacesuit market size is estimated to grow by USD 231.1 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
9.45%
during the forecast period. Implementation of 3D
printing technologies
is driving market growth,
with a trend towards
emergence of space travel concept. However,
high development costs
poses a challenge. Key market players include Axiom Space Inc., David Clark Co., Global Effects Inc., ILC Dover LP, Oceaneering International Inc., Osterreichisches Weltraum Forum, PACIFIC SPACEFLIGHT, RTX Corp., Rostec, Sure Safety (India) Ltd., and The Boeing Co..
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Technavio has announced its latest market research report titled Global spacesuit market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies-
View the snapshot of this report
| Spacesuit Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
| Market growth 2024-2028 |
USD 231.1 million |
| Market structure |
Concentrated |
| YoY growth 2022-2023 (%) |
8.42 |
| Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
| Performing market contribution |
North America at 58% |
| Key countries |
US, Russia, China, UK, and Canada |
| Key companies profiled |
Axiom Space Inc., David Clark Co., Global Effects Inc., ILC Dover LP, Oceaneering International Inc., Osterreichisches Weltraum Forum, PACIFIC SPACEFLIGHT, RTX Corp., Rostec, Sure Safety (India) Ltd., and The Boeing Co. |
Market Driver
The global spacesuit market is poised for growth due to increasing investments from major vendors such as SpaceX, Boeing, Virgin Galactic, and Airbus. With the rising demand for space tourism, these companies are expanding their offerings and developing advanced technologies. For instance, Boeing invested USD20 million in Virgin Galactic, while Blue Origin has invested over USD2.5 billion in the New Glenn rocket. These developments will drive the growth of the spacesuit market during the forecast period.
The spacesuit market is currently experiencing significant growth due to various space exploration initiatives. Key components of spacesuits include materials for extreme temperature regulation, such as insulation and heat shields. Advanced technologies like articulated joints and lightweight materials are trending, enabling greater mobility and comfort for astronauts. Activity sensors and connectivity technology are also important, allowing real-time monitoring and communication. The market is competitive with key players focusing on innovation and cost-effectiveness. The future of spacesuits lies in their ability to adapt to diverse environments and support extended missions.
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Market
Challenges
The spacesuit market faces challenges due to high development costs and minimal product differentiation. With a few vendors dominating the market, new entrants are limited. The profit margin is low due to high production costs. The risks of developing new-generation spacesuits are high, as the costs of implementing new designs are complex. Flight tests for trials are expensive and time-consuming, potentially hindering market growth. Despite future demand, the market may remain saturated with few players and limited product development initiatives.
The spacesuit market faces several challenges in providing advanced technology and comfort for astronauts. Extravehicular activities (EVAs) require suits that can withstand extreme temperatures and pressures. Lightweight materials are crucial for mobility, but they must also provide adequate protection. The complexity of suit systems, including communication and life support, adds to the challenge. Commercially available technologies, such as conductive materials and advanced filtration systems, are essential for suit development. The need for customization and durability also presents challenges. Soft materials like fabric and composite materials are used for comfort and flexibility, but they must be strong enough to withstand the rigors of space travel. The combination of these factors necessitates continuous research and innovation in the spacesuit industry.
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Segment Overview
This spacesuit market report extensively covers market segmentation by
Product
1.1 Hybrid suits
1.2 Hard-shell suits
1.3 Soft-shell suits
Type
2.1 EVA suits
2.2 IVA suits
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1
Hybrid suits-
The spacesuit market is experiencing growth due to the adoption of hybrid suit designs. These suits combine the benefits of hard and soft shells, offering improved maneuverability and durability. NASA's EMU suit on the ISS is an example, featuring soft-shelled lower limbs and a hard fiberglass upper torso. Hybrid suits also integrate advanced features such as dexterity enhancement, sensor integration, and reparability. The integration of full-body soft-robotic components into gas-pressurized spacesuits is predicted to further increase demand for these suits during the forecast period.
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Research Analysis
The Spacesuit Market encompasses the design, production, and distribution of Extravehicular Mobility Units (EMUs) and Intravehicular Activity suits (IVAs) for spaceflight missions. These suits are essential for astronauts during EVA (Extravehicular Activity) and IVA (Intravehicular Activity) on the International Space Station (ISS) and Space Shuttles. Lightweight spacesuits are increasingly popular for crewed commercial spaceflights, enabling greater mobility and comfort. Advanced technologies such as Wi-Fi, GPS, and augmented reality technology are integrated into spacesuits, enhancing communication and functionality. Communication carrier assemblies and smart glasses are also utilized to improve communication and situational awareness during spacewalks. Spacesuit designers continue to innovate, focusing on lightweight materials and advanced features to meet the evolving needs of the space industry.
Market Research Overview
The Spacesuit Market encompasses the design, production, and distribution of advanced protective gear used for space exploration. These suits are essential for astronauts to withstand extreme temperatures, pressures, and other hazardous conditions in space. The market is driven by the increasing demand for space travel and exploration, leading to significant advancements in suit technology. Key features of modern spacesuits include flexibility, lightweight materials, and advanced life support systems. The market also caters to various applications, such as spacewalks, re-entry, and extravehicular activities. The future of the Spacesuit Market lies in continuous innovation and development to meet the evolving needs of space exploration.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Hybrid Suits
Hard-shell Suits
Soft-shell Suits
Type
Geography
North America
Europe
APAC
Middle East And Africa
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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SOURCE Technavio
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