In Space Manufacturing Servicing and Transportation Market Pegged for Robust Expansion During 2030


Posted October 27, 2020 by bisrsrch

Focus on End User, Operation and Country Analysis - Analysis and Forecast, 2020-2030

 
With the advancement in space technologies, the commercial players in the industry have developed on-orbit service capabilities. Many private companies are engaging in agreements and contracts in order to launch missions in space with the aim of making it commercially viable and increase revenues for the space entities in the near future. Companies such as Momentus Space are launching commercial in-space shuttle with the ability to rideshare, which will allow customers to avail low-cost in-space transportation.

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The commercial end user segment dominated the global in-orbit manufacturing, servicing, and transportation market in 2019. This is mainly due to the increasing number of contracts and agreements signed between the commercial space players.

Transportation refers to the component and cargo supply to ISS as well as launching client satellites from earth to a desired orbit. The transportation segment is expected to lead the market during the forecast period from 2020 to 2030. The factors contributing to this growth is the number of cargo supplies to the ISS as well as the adoption of in-space transportation of satellites to the desired orbit.

Europe is expected to register the highest growth in the in-space manufacturing, servicing, and transportation market during the forecast period. The presence of European Space Agency (ESA), which is the second-largest space agency, and the need to make space more accessible to the people, along with the need for commercialization of space, are the key drivers for the Europe space industry.

The competitive landscape of the in-space manufacturing, servicing, and transportation market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by on-orbit service (OOS) providers are contracts, agreements, new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, contracts, agreements, partnerships, and collaborations have been the most prominent strategy adopted by the in-space manufacturing, servicing, and transportation providers.

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Most of the in-space manufacturing, servicing, and transportation providers have numerous tie-ups with various national space agencies and commercial space players. Innovation and development have been the key factors for large-scale growth in this market. To increase their overall global footprint, the in-space manufacturing, servicing, and transportation providers are expanding their businesses and are also entering strategic partnerships to increase their customer base.

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Issued By BIS RSRCH
Country United States
Categories Aerospace , News , Technology
Tags in space manufacturing servicing and transportation market , in space manufacturing servicing and transportation market share , in space manufacturing servicing and transportation market size , in space manufacturing servicing and transportation market trends
Last Updated October 27, 2020