The space sector has been undergoing numerous developments since the past years, due to several factors such as cost effective systems due to technological advances, increasing private investments by emerging players in the industry, increasing need for better communication and connectivity. Moreover, the increased application of space technologies for investigation on weather, surveillance for the military sector, and real-time imaging requirements by different sectors are also leading to the evolution of the space industry. In order to cater to the aforementioned applications, an increase in the number of satellites are launched every year.For the same, the industry has also witnessed a demand for small satellites, which allow for enhanced operations as well as cost-effective missions. In addition to this, upgraded launch vehicles with heavy lift capabilities are being developed.
Deep space exploration includes both planetary explorations as well as human spaceflight and habitation explorations. Both these explorations require extensive support of various systems such as robotic systems to conduct various scientific investigations.
Read Report Overview: Deep Space Exploration and Technology Market
The Global Deep Space Exploration and Technology Market report by BIS Research projects the market to grow at a CAGR of 6.42% on the basis of value during the forecast period from 2020 to 2030.
Factors Affecting the Global Deep Space Exploration and Technology Market
The deep space exploration and technology market is expected to showcase a significant growth during the forecast period 2020-2030. Factors attributing to the growth of the market include increasing space budgets by various government agencies, rising demand for deep space exploration small satellites, emergence of private players in the space sector, and huge investments made by them. However, the market is also facing a challenge wherein the cost associated with deep space exploration systems is high.
Navigation and Guidance System: A Focus Area for Space Agencies
Deep space exploration missions require enhanced subsystems, which aid in propelling the system into space, navigate through space among the space debris as well as on the planetary surface, and maintain contact with the space stations or the space ground stations.
In various deep space exploration missions planned to be launched from 2020, navigation and guidance system proves to be an integral part, as it requires high-precision tracking and guidance. Major technological advancements in this area include the development of Deep Space Atomic Clock (DSAC), Deep Space Positioning System (DPS) and autonomous navigation using artificial intelligence (AI). These developments are expected to help in mitigating any small navigational error so that the spacecrafts reach their intended destination and successfully carry out their space operations.
North America: A Forefront Region in Deep Space Exploration and Technology Market
The deep space exploration and technology market has witnessed different market dynamics across various regions of the globe. Moreover, majority of the prominent space companies manufacturing systems and technology are based in this region. The following figure represents the global deep space exploration and technology market by region. It includes North America, Europe, Asia-Pacific, and Rest-of-the-World.
Competitive Landscape
Deep space exploration is one of the emerging space activities with the leading players actively partnering with each other to support various missions. Key players that are actively participating in the deep space exploration and technology market are Airbus Defence Space, Lockheed Martin, Boeing, Northrop Grumman, Thales Alenia Space, MAXAR Technologies, Sierra Nevada Corporation, SpaceX, Astrobotic, and Blue Origin, among others.
Request A Free Sample: https://bisresearch.com/requestsample?id=826type=download
Prominent players in the deep space exploration and technology market adopted strategies of contracts, partnerships, agreements, and acquisitions to carry out increased number of missions. Partnerships, contracts, and agreements are being majorly adopted by the key players of the market. The reason for this is to develop technological capabilities that can support deep space exploration missions. Companies are also adopting the acquisitions strategy so as to widen their product capabilities.
