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| Space Capsules Market Demand |
The global Space Capsule Market is estimated to be valued at US$ 4.73 Billion in 2023 and is
expected to exhibit a CAGR of 12.6% over
the forecast period 2023 - 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The space capsule market comprises reusable and disposable space capsules that
aid in carrying astronauts and cargo to space. Reusable space capsules such as
Crew Dragon by SpaceX have allowed launching and landing capabilities to be
brought down significantly, providing more cost-effective access to space.
These capsules find application in exploratory missions to ISS, satellite
servicing, space tourism, and sample return from other planets. Reduced costs
combined with advancements in other complementary technologies are propelling
growth of the space capsule industry.
Market key trends:
One of the key trends driving growth in the space capsule market is the rising
adoption of reusable space vehicles. Companies like SpaceX are spearheading
efforts to develop fully and rapidly reusable rockets and spacecrafts to
further cut costs and increase payload capacities to space. SpaceX's Crew
Dragon and Cargo Dragon are at the forefront of this shift, with multiple
successful crewed and uncrewed ISS resupply missions carried out to date. Rapid
reusability allows substantially increasing flight rates and reducing costs to
make space more accessible. This is expected to usher a new era of private
spaceflight and commercial exploration activities going forward.
Porter’s Analysis:
Threat of new entrants: The Space
Capsules Market Demand requires high R&D investments and proven
track record to gain customers' trust, lowering the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to
limited options and differentiated products offered by manufacturers.
Bargaining power of suppliers: Few specialized component suppliers gives them
higher bargaining power against capsule manufacturers.
Threat of new substitutes: No viable substitutes available presently minimizing
the threat of substitutes for space capsules.
Competitive rivalry: Intense competition exists among major players to win
lucrative government contracts and commercial projects.
Key Takeaways:
The global space capsule market is expected to witness high growth, exhibiting CAGR of 12.6% over the forecast period
2023 - 2030, due to increasing space commercialization activities. The US
dominates the market currently with major players based in the country and
substantial government funding for space programs.
Regional analysis:
North America is expected to remain the largest market for space capsules
during the forecast period. Presence of prominent players such as SpaceX,
Boeing, and Lockheed Martin provides impetus to new space missions and
satellite launches from the region. Rapid growth is anticipated in the Asia
Pacific region led by emerging space programs of China and India.
Key players analysis:
Key players operating in the space capsule market are SpaceX, Boeing, Sierra
Nevada Corp., Lockheed Martin, Northrop Grumman, Blue Origin, Virgin Galactic,
Exos Aerospace, Firefly Aerospace, ULA, Rocket Lab, Vector Launch, Orbex,
Relativity Space, Arianespace, IHI Aerospace, Mitsubishi Heavy Industries,
Dynetics, Energia, and Thales Alenia Space. Major players are developing
reusable capsules and light weighted designs to reduce space transportation
costs.
Read More: https://www.trendingwebwire.com/space-capsules-market-is-estimated-to-witness-high-growth/