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Spacesuit Market - Size, Development, Key Opportunity, Application and Forecast to 2023

Aug 20th 2019 at 12:26 AM

Overview

The global spacesuit market is expected to reach USD 413.2 million by 2023 at a CAGR of 7.63% during the forecast period of 2018 to 2023. Factors such as the development of lightweight spacesuits and rise in space exploration missions are driving the growth of the market. However, the high cost of spacesuits is expected to restrain market growth during the forecast period.

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Regional Analysis

The global spacesuit market has been studied for four key regions—North America, Europe, Asia-Pacific, the rest of the world.

The increasing demand for commercial space travel and the development of wearable technology are fueling market growth in North America. Moreover, major companies such as Boeing, David Clark Company, Honeywell International Inc., Space Exploration Technologies Corp., and UTC Aerospace Systems are based in the US. These companies are investing in the research and development of spacesuits and focusing on innovation to design lightweight and user-friendly spacesuits. Moreover, NASA closely collaborates with a few of the above-mentioned organizations for the development of spacesuits.

Asia-Pacific would be the fastest-growing market during the forecast period. The increasing participation in space-based programs by countries such as China, India, and Japan are propelling market growth in Asia-Pacific. Various countries are contributing to satellite launch programs and low-cost space missions, which would boost the growth of the market. The Indian market is expected to register the highest CAGR during the forecast period. Factors such as a rise in research and development activities in space technologies and various development programs are boosting the market for spacesuits in India. Indian Space Research Organisation (ISRO) is involved in the development of two suits and is looking to design and develop another by 2022. These spacesuits would comprise four layers and weigh less than 11 lbs (5 kg). By 2022, these spacesuits will be used by astronauts on their missions.

The European market comprises Russia, Germany, the UK, France, and the rest of Europe. Russia has made a major contribution to space missions and technologies. Growing government initiatives for space programs are driving the growth of the Russian market. The availability of advanced technologies in the domain of space in Germany is projected to contribute to the growth of the market. In Europe, the European Space Agency (ESA) is actively involved in implementing 3D technology to develop advanced spacesuits. These factors would drive the growth of the European market during the forecast period.

The Rest of the World comprises the Middle East & Africa and Latin America. The market in the Middle East & Africa is expected to register the higher CAGR during the forecast period. Saudi Arabia and the UAE are expected to be the major markets for spacesuits in the Middle East & Africa. due to the rising number of trails for spacesuits .

Segmental Analysis

Extensive research has been conducted on the global spacesuit market, which has been segmented by application and design.

Based on application, the global spacesuit market has been segmented into intravehicular activity (IVA) and extravehicular activity (EVA). The intravehicular activity (IVA) segment is expected to the larger market whereas the extravehicular activity (EVA) segment is projected to register the higher CAGR during the forecast period.

By design, the global spacesuit market has been classified as soft suit, hard-shell suit, hybrid suit, and skin-tight suit. The soft suit segment is expected to be the largest and exhibit a CAGR of 8.43% during the forecast period.

Competitive Analysis

The prominent players in the global spacesuit market are Collins Aerospace (US), SpaceX (US), NPP Zvezda AO (Russia), Final Frontier Design (US), Sure Safety India Ltd (India), Garrett AiResearch (US), Boeing (US), David Clark Company (US), and Oceaneering (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.

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