The global spacecraft market is likely to witness considerable growth during the timeframe of forecast, from 2019 to 2027. A spacecraft refers to a machine or a vehicle that is designed to fly to and in the outer space. It is a type of artificial satellite that is utilized for a wide range of tasks, which comprise navigation, planetary exploration, communications, transportation of cargo and humans, earth observation, and space colonization. There is a need for launch vehicle for all of the spacecrafts to travel to space. However, only single-stage-to-orbit vehicles do not require launch vehicles or carrier rocket.
The global race for space exploration amongst various countries has resulted in increased spending on the research and development activities of the spacecraft sector. As such, the global spacecraft market is likely to gather momentum from factors that are taking place at an international level. Rapid technological progress coupled with miniaturization of the components of spacecrafts is likely to offer lucrative growth opportunities for the global spacecraft market.
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Global Spacecraft Market: Notable Developments
One of the recent market developments related to the global spacecraft market is as mentioned below:
- In August 2018, World’s largest aerospace company, the Boeing Company, has acquired a satellite company to power up its Arlington-based space and defense business. The company that was acquired by the Boeing, Millennium Space Systems, is based out of El Segundo, California. It is expected that this acquisition will bring down the cost of access to space for consumers. Small satellites can be made to travel to the space within 12 to 48 months, which is relatively quick.
Some well-known organizations in the global spacecraft market comprise the below-mentioned:
- The Boeing Company
- Berlin Space Technologies GmbH
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Thales Alenia Space
- Millennium Space Systems
Global Spacecraft Market: Key Trends
The following drivers, opportunities, and restraints characterize the global spacecraft market during the review period, from 2019 to 2027.
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Rapid Technological Progress is Estimated to Bolster Demand
The global spacecraft market is expected to make substantial gains from intense competition between various countries. Across the globe, different countries are launching their own spacecraft to stay ahead of other competing nations. Increased spending toward research and development activities of the spacecraft industry is likely fuel growth of the global spacecraft market. Rapid technological progress made in the sector is likely to open up new avenues of growth for the market in years to come. In addition, the demand for micro and nano satellites is expected to catapult the market toward growth in years to come.
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