Report Code: A10721 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Spacecraft Market
Request Now !A spacecraft is a machine that is designed to fly in outer space. It is a space vehicle or an artificial satellite that is explored to attain a wide range of tasks such as planetary explorations, navigations, communications, and transportations. The global spacecraft market has been witnessing significant demand from developed and developing economies, owing to a substantial rise in space exploration missions. Leading nations are justifying their competitive rivalry by proving their dominance in space missions and programs. In addition, new space projects call for new joint venture agreements between governments and private companies to foster the growth and efficiency of space missions. Moreover, advancements in spacecraft technologies are proliferating the growth of the global spacecraft market.Â
COVID-19 Scenario Analysis:Â
The global market for spacecraft is driven by rise in space exploration missions and upsurge in space budgets of developed nations. Growth in competition among the nations is urging the major participants to rapidly foster space missions, which in turn creates a significant demand for the global spacecraft market. In addition, rise in government spending is expected to bolster the space missions, substantially driving the demand for spacecraft. Moreover, among the manned and unmanned segment, the automated spacecraft reduce the need for astronauts is anticipated to dominate the global market, owing to similar space exploration missions. Â
The global spacecraft market trends are as follows:
The space exploration programs have gained rapid consideration over the past few decades where major nations dominate the global market by justifying their space capabilities. In addition, growth in space R&D programs have proliferated the growth of the global spacecraft market. Moreover, rapid collaborations among international space institutions for the integration of technologies and investment is bolstering the global market for space missions, which in turn is fueling the demand for manned as well as unmanned spacecraft. Rise in space exploration missions could also be attributed to the increment in space budget and government spending. Furthermore, miniaturization of the components of spacecraft is likely to drive the application and demand for the global spacecraft market.Â
The global spacecraft market has been broadly bifurcated into manned and unmanned spacecraft where the unmanned segment is anticipated to take a lead during the forecasted period, owing to rise in frequency of unmanned space missions planned onto the Mars and Moon. In addition, the space programs that have not been successful in reaching the Mars are also creating a significant demand as the entry of satellites into orbits need to be monitored for further communication via spacecraft. Further, the incorporation of Artificial Intelligence (AI) technologies in the space exploration missions is boosting the growth of the global spacecraft market.Â
Key Benefits of the Report:
Questions Answered in the Spacecraft Market Research Report:
Spacecraft Market Report Highlights
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Key Market Players | The Boeing Company, Space Exploration Technologies Corp., Northrop Grumman Corporation, Berlin Space Technologies GmbH, IHI Corporation, Millennium Space Systems, Airbus SE, Lockheed Martin Corporation, Thales Alenia Space, OHB System AG. |
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