Global Space Exploration Market Insights Forecasts to 2032

• The Global Space Exploration Market Size was valued at USD 486 Billion in 2022.
• The Market is growing at a CAGR of 16.21% from 2022 to 2032
• The Worldwide Space Exploration Market is expected to reach USD 1879 Billion by 2032
• Asia Pacific is expected to grow the fastest during the forecast period

The Global Space Exploration Market Size is expected to reach USD 1879 Billion by 2032, at a CAGR of 16.21% during the forecast period 2022 to 2032.

Astronomy and space technology is used to investigate the immense expanse of the celestial body beyond Earth's atmosphere using spacecraft with and without people and to use the information gathered to increase our understanding of the vast expanse of space. Government space exploration initiatives have helped the general public greatly while also advancing science, serving as markers of national prestige and power, increasing national security, and developing military might. Space exploration activity, on the other hand, has prospered in areas where the private sector might benefit from space operations, most notably the use of satellites as telecommunication relays. There are some signs of coming change, such as repeated news reports about SpaceX, Blue Origin, and other private companies launching their own rockets and constructing satellite networks.

Furthermore, people are aware that their way of life and place in the world may soon change as a result of space exploration, which is broadly defined as human-beneficial activities conducted in space or on other planets. These previously reserved for government agencies operations are now available to the private sector as a result of recent advances in manufacturing, propulsion, and launching that have made space exploration far simpler and more cost-effective. Lower pricing has pushed major aerospace companies to seek out cutting-edge alternatives that were previously prohibitively expensive or difficult. Technological developments have also sparked investors' interest, resulting in an increase in space exploration missions during the last decade.

Driving Factors

Technological improvements and scientific convergence are driving developments in the space exploration market, while advances in space are driving the growth of cutting-edge tools and uses. The space exploration market has continued to increase as a result of developments in blockchain technology, artificial intelligence (AI), 3D printing, materials science, nanotechnology, and biotechnology. Additionally, as launch costs fall and the potential of smaller satellites rises, new capabilities for space exploration and direct societal benefits on Earth are emerging.

The government's support for space exploration is relatively modest, and the significant costs associated with research, travel, living, and working in space are somewhat constrained. Furthermore, private investment and funding in space-based activities have been increasing, particularly for the growth of transportation systems, Earth-orbiting ecosystems, space-related tourism opportunities, and asteroid mining, which has led to higher demand for the space exploration market from private sectors. In addition, developments in new technologies such as AI and quantum computing have recently driven demand for small satellites. The proliferation of small satellites has resulted in a rise of sensors, anticipating the advent of new enterprises that use remote sensors in space to gather photographs and power devices on Earth. As a result of reduced launch costs, continued technological advances, and increasing commercialization in the space industry, the space exploration market is predicted to develop over the forecast period.

Restraining Factors        

However, space exploration confronts a wide range of obstacles, including high total expenses, an increased likelihood of failure, an overcrowded radio-frequency spectrum, and growing quantities of space or space debris, to highlight. Therefore, it is necessary to develop and invest to practice secure and workable solutions that are permissible for all individuals and organizations. Governments of nations like India, Brazil, and some of the Gulf countries are anticipated to join in projects and programs focused on space exploration as the expenditures for components and supplies for manufacturing rockets, spacecraft, and space expeditions decrease to a certain extent. These and other elements are anticipated to restrain the expansion of the space exploration market throughout the anticipated time frame.

Market Segmentation

By space technology Insights

The satellite segment is dominating the market with the largest revenue share over the forecast period.

On the basis of space technology, the global space exploration market is segmented into the rockets, landers, robots, satellites, orbiters, and others. Among these, the satellite segment is dominating the market with the largest revenue share of 34.9% over the forecast period. This growth is due to increased demand for low-Earth geosynchronous-based services, satellite Earth observation pictures, and an increase in the number of space exploration missions. For a multitude of uses, including monitoring agricultural fields, spotting climatic changes, meteorology, and disaster mitigation, the demand for high-resolution Earth imagery has increased across verticals. The majority of the world's satellites are imported from China, India, and South Korea. Agriculture, insurance, financial trading, hedge funds, the energy and military industry, maritime, resource management, and the media are likely to fuel market expansion during the projection period. Defense communication also makes use of satellites. Furthermore, Governments are installing satellites to monitor the military forces of other countries.

By Mission Type Insights

The unmanned mission segment is witnessing significant CAGR growth over the forecast period.

On the basis of mission type, the global space exploration market is segmented into manned missions and unmanned missions. Among these, the unmanned mission segment is witnessing significant CAGR growth over the forecast period. Unmanned missions to explore the Earth's moon and Mars are frequently considered. Unmanned spacecraft missions are also less costly and riskier than manned operations. Furthermore, during the forecast period, the launch of new satellites into orbit will increase demand for unmanned spacecraft.

By Exploration Type Insights

The moon exploration segment accounted the largest revenue share of more than 57.2% over the forecast period.

On the basis of exploration type, the global space exploration market is segmented into moon exploration, transportation, orbital infrastructure, mars exploration, and others. Among these, moon exploration segment is dominating the market with the largest revenue share of 57.2% over the forecast period. The expanding number of global space exploration initiatives and operations has considerably strengthened the moon exploration mission. For example, the international space industry is working on the Artemis program, a multi-mission campaign to advance human space exploration deeper into space, to the Moon, and then to Mars. The program is an international partnership directed by NASA, with contributions from the European Space Agency (ESA), the Canadian Space Agency (CSA), and the Japan Aerospace Exploration Agency, as well as the participation of various enterprises. The initiative also establishes the groundwork for future space exploration to more distant places such as Mars.

By End-Use Insights

The commercial segment is dominating the market with the largest market share of 47.8% over the forecast period.

On the basis of end-use, the global space exploration market is segmented into government space agencies, commercial, military, and others. Among these, commercial segment is dominating the market with the largest market share of 47.8% over the forecast period. Due to rising investment from the private sector, the commercial segment is expected to hold the largest share of the space exploration market over the forecast period. The space exploration market has garnered a great deal of attention from governments from many countries, but also the corporate sector. Partnerships between the private and public sectors will reduce mission costs while also enabling long-term space exploration. Furthermore, descending launch and space equipment prices have attracted emerging competitors into the space exploration market, and business organizations from a wide range of industries are starting to employ satellite technology as well as access space resources to encourage creativity and cost-effectiveness in their terrestrial offerings and services.

Regional Insights

North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with more than 38.7% market share over the forecast period. The substantial space exploration funding of NASA and significant funds invested by commercial companies can be ascribed to the rising demand for space exploration market growth in the region. Furthermore, in the United States, individual enterprises for example the Boeing Company, the Lockheed Martin Corporation, SpaceX, and Blue Origin Space Corporation have invested heavily in spacecraft technologies for space exploration. The North American space exploration market is likely to continue to grow its advantage over other nearby markets over the projected time frame as a result of both strong government funding and investment from the private sector.

Asia Pacific, on the other hand, is predicted to develop the fastest throughout the projection period, owing to advancements in technology and a rising number of space exploration activities by major nations in the region. The countries of China, India, and Japan all operate leading-edge space missions and have additionally proven successful with a variety of space initiatives. India in particular emerged as the first nation in the Asia-Pacific region to make it to Mars, Japan has been conducting a space exploration program for several years, and China has carried out a series of missions involving the rover landing and explorations of both the lunar surface and Mars. The ongoing pace of planning to be a space-faring race is driving major advancements in technology and materials, propulsion systems, R&D, and increased government funding for space exploration and related technologies, which is expected to support market revenue growth of the Asia Pacific space exploration market over the forecast period.

The Europe market is expected to register a substantial CAGR growth rate during the forecast period. Earth observations, satellite-based navigation, interaction, exploration of space, and development are every domain where the European Space Programme carries out space-related missions. Through investments in critical infrastructure and emerging technologies, it boosts and promotes the development of creativity and business competitiveness.

List of Key Market Players

• MAXAR Technologies Inc.
• Astrobotic
• Ispace
• Nanoracks LLC
• Axelspace Corporation
• NASA
• SpaceX
• Rocket Lab Ltd
• Airbus Defense & Space
• Moon Express
• Roscosmos
• Masten Space Systems
• Blue Origin
• Deep Space Industries
• Thales Alenia Space
• IHI AEROSPACE CO LTD.
• Planetary Resources
• The Boeing Company
• NEC Space Technologies
• Astroscale Holdings Inc.
• Sierra Nevada Corporation
• Northrop Grumman Corporation
• Lockheed Martin Corporation
• General Dynamics
• Raytheon Technologies Corporation

Key Market Developments

• On April 2023, Venturi Astrolab will work with NASA's Glenn Research Center in Cleveland and the Johnson Space Center in Houston to demonstrate a long-lasting, freezing-resistant lunar rover tire. Mission planners may be able to examine additional lunar areas for rover exploration and lengthier trips as a result of the architecture.

• On November 2022, NASA disclosed a contract change with SpaceX to advance the Starship human landing mechanism. SpaceX was originally selected by NASA to develop a lunar lander capable of transporting astronauts between lunar orbit and the Moon's surface as part of the Artemis III mission, which marked humanity's first return to the Moon since the Apollo program's final mission in 1972, but will now support a second human landing demonstration as part of NASA's Artemis IV mission.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Space Exploration Market based on the below-mentioned segments:

Space Exploration Market, Space Technology Analysis

• Rockets
• Landers
• Robots
• Satellites
• Orbiters
• Others

Space Exploration Market, Mission Type Analysis

• Manned Mission
• Unmanned Mission

Space Exploration Market, Exploration Type Analysis

• Moon Exploration
• Transportation
• Orbital Infrastructure
• Mars Exploration
• Others

Space Exploration Market, By End-Use

• Government Space Agencies
• Commercial
• Military
• Others

Space Exploration Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• 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