GVR Report cover Space Technology (SpaceTech) Market Size, Share & Trends Report

Space Technology (SpaceTech) Market Size, Share & Trends Analysis Report By Type (Space Vehicles, Deep-space Communication, In-space Propulsion), By Agency Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-086-9
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

SpaceTech Market Size & Trends

The global space technology (SpaceTech) market size was valued at USD 420.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The growth is driven by technological advancements, increasing private sector participation, and growing government initiatives. This sector encompasses a wide range of activities, including satellite manufacturing and operations, launch services, space exploration, and the development of innovative space-related technologies. The market observed significant growth due to rapid technological advancements in satellite technology. Satellites are critical in various sectors, including telecommunication, navigation, weather forecasting, and Earth observation. The deployment of communication satellites has gained significant traction with an ever-increasing demand for high-speed internet connectivity.

Asia Pacific space technology (SpaceTech) market size and growth rate, 2023 - 2030

Moreover, the miniaturization of satellites and the deployment of small satellite constellations have lowered the entry barriers for new players, fostering innovation and competition in the market. The emergence of private space companies in the space technology (SpaceTech) industry has further boosted the growth of the market. Traditionally, space exploration and satellite launches were dominantly undertaken by government agencies. In recent years, companies like SpaceX, Blue Origin, and Virgin Galactic have emerged as significant players in the industry; these private sector participants have introduced disruptive technologies, streamlined operations, and reduced the costs associated with space missions. Their efforts have stimulated market growth and opened up new avenues for commercial space applications, such as space tourism and asteroid mining.

Government initiatives and policies also played a crucial role in expanding the space technology (SpaceTech) market growth. Many countries recognize the strategic importance of space activities and have increased their investments in space exploration and satellite programs. Governments provide funding, grants, and regulatory support to foster innovation and entrepreneurship in the space sector. Furthermore, international collaboration and partnerships between nations have facilitated knowledge sharing and resource pooling, accelerating technological advancements and market growth.

Space technology offers significant opportunities for various industries; for example, Earth observation satellites provide valuable data for environmental monitoring, agriculture, urban planning, and disaster management. The data obtained from these satellites helps governments, businesses, and researchers make informed decisions and develop sustainable solutions. Similarly, the global positioning system satellites have revolutionized navigation and location-based services, enabling precise positioning and timing information for various applications. Companies in the space industry witnessed an investment of around $132.2 Billion in 2021, the largest investment deal for a post-IPO investment was in Infrastrutture Wireless Italiane S.p.A. of about $1.8 billion in 2021.

The market for space technology (SpaceTech) is witnessing a surge in interest and investment in space exploration. Companies like SpaceX and Blue Origin have set ambitious goals to explore and colonize other celestial bodies, such as the Moon and Mars. These endeavors expand human knowledge and understanding of the universe and present immense opportunities for scientific research, resource utilization, and the development of new technologies. In addition to traditional space activities, emerging technologies such as deep-space communication, radiation protection, reusable rockets, and advanced sensors are shaping the market's future.

Furthermore, advancements in additive manufacturing enable the on-demand production of space components, reducing lead times and enhancing mission flexibility. Integrating artificial intelligence and machine learning algorithms in satellite systems has helped ensure improved data analysis and enhanced operational efficiency. However, the market also faces challenges that must be addressed for sustained growth. Space debris management is one such challenge. As more satellites are deployed, and space missions increase, the risk of collisions and the generation of space debris intensify. Efforts are underway to develop technologies for debris removal, along with the guidelines and regulations to ensure responsible and sustainable space operations.

Type Insights

The space vehicles segment accounted for the largest market share of over 66.0% in 2022. Several factors, including the increasing demand for satellite launches, the emergence of reusable rocket technology, and the rise of private space companies, have driven the growth of space vehicles in the market. Satellites are essential for various applications, including communication, Earth observation, weather forecasting, and scientific research. As the demand for satellite services increases, so does the need for reliable and efficient launch services. Space vehicles such as rockets and spacecraft are designed to transport satellites and payloads into space, facilitating the expansion of satellite networks and services.

The emergence of reusable rocket technology has become one of the significant developments in the global space vehicle sector. Rockets were historically expendable, meaning they were used once and discarded after each launch. However, companies like SpaceX have pioneered the concept of reusable rockets, which can land back on Earth and be refurbished for future use. Reusability significantly reduces the cost of space missions, eliminating the need to build new rockets for each launch. This technological advancement has made space more accessible and affordable, driving the growth of the space technology (SpaceTech) industry.

The deep-space exploration type segment is expected to grow at a significant CAGR of over 8.0% over the forecast period. Technological breakthroughs have significantly contributed to the market's growth; the development of more efficient propulsion systems, lightweight materials, and advanced sensors has enabled spacecraft to travel longer distances, carry heavier payloads and gather more accurate data. For instance, the emergence of electric propulsion systems has revolutionized deep-space missions, allowing for more extended exploration and reduced travel times.

Moreover, integrating artificial intelligence and machine learning algorithms has enhanced autonomous spacecraft operations, data analysis, and decision-making capabilities. Government agencies and private companies have significantly contributed to the market's growth as they are both heavily invested in deep-space exploration programs. These initiatives have driven technological advancements and spurred collaborations with private entities to develop innovative solutions.  

End-use Insights

The government end-use segment accounted for a substantial market share of over 28.0% in 2022. Government agencies have been at the forefront of research and development in the market; they allocate substantial funds towards innovation, driving advancements in satellite technology, launch systems, spacecraft designers, and propulsion systems. These investments support the development of cutting-edge technologies crucial for space exploration and have spillover effects in other industries. For example, developing lightweight materials, efficient solar panels, and advanced electronics for space missions has found applications in renewable energy, consumer electronics, and automotive sectors.

Government agencies actively foster collaboration and partnerships within the market; they collaborate with other government agencies, academic institutions, and private companies to leverage expertise, share resources, and jointly tackle complex challenges associated with space technology (SpaceTech). These partnerships facilitate knowledge transfer, technology exchange, and cost-sharing, enabling faster development of space technologies. An international collaboration between Government agencies, such as the NASA-ESA partnership in space exploration missions, has resulted in significant achievements and expanded our understanding of the universe.

Global space technology (SpaceTech) market share and size, 2022

The commercial end-use segment is expected to grow at the highest CAGR of over 8.0% over the forecast period. Commercial agencies have brought a surge of private investment into the market, and billionaire entrepreneurs like Elon Musk and Jeff Bezos have established companies dedicated to space exploration, injecting substantial capital into the sector. These investments have fueled rapid technological advancements in reusable rocket systems, satellite deployment, and space tourism. The entrepreneurial spirit and focus on profitability have driven increased efficiency and cost-effectiveness, enabling commercial agencies to compete with and complement traditional Government agencies.

Commercial agencies have revolutionized space technology (SpaceTech) by introducing innovative solutions and pushing the boundaries of engineering. The development of reusable rocket systems, exemplified by SpaceX's Falcon 9 and Blue Origin's New Shepard, has significantly reduced launch costs and increased the frequency of space missions. Additionally, commercial agencies have pioneered advancements in satellite miniaturization, compact and lightweight electrics, and autonomous systems; these innovations have made technology more accessible and affordable, attracting a broader range of customers and fostering the growth of various industries reliant on space-based services.  

Application Insights

Navigation and mapping applications accounted for the highest market share of over 20.0% in 2022. Global navigation satellite systems such as GPS have revolutionized navigation and mapping application; these systems rely on constellations of satellites to provide accurate positioning, timing, and navigation information worldwide. GNSS technology has widespread adoption across various industries, including transportation, aviation, maritime, agriculture, and outdoor recreation. It enables precise vehicle tracking, route optimization, asset management, and location-based services.

The continuous improvement and modernization of GNSS systems, such as the development of Europe's Galileo and China's BeiDou, expanded the availability and accuracy of navigation data, fueling the growth of navigation applications. Satellites equipped with high-resolution cameras, multispectral sensors, and synthetic aperture radar capture detailed images of Earth's surface from space. These images provide valuable information for mapping, land use planning, environmental monitoring, and disaster response. The increasing availability of satellite imagery combined with advances in data processing and artificial intelligence has fueled the development of mapping applications and geospatial analytics, creating opportunities for startups and established companies.

The satellite communication segment is anticipated to grow with a significant CAGR of over 8% during the forecast period. Satellite communication provides global connectivity, bridging the digital divide and enabling communication in remote and underserved areas. Satellites in geostationary and low Earth orbit constellations facilitate voice calls, internet access, and data transfer for businesses and individuals. Communication is crucial in telecommunications, supporting services such as mobile networks and broadband internet, and disaster communication during emergencies.

Integrating satellite communication with terrestrial networks enables seamless coverage across urban and rural areas, ensuring ubiquitous connectivity. Satellite communications have transformed the broadcasting and media distribution landscape. Television and radio broadcasters utilize satellite links to transit programming to a broad audience, reaching remote regions and international markets. Direct-to-Home satellite television services provide consumers with various entertainment options, including high-definition channels and interactive features.

Additionally, satellite communication supports the distribution of digital content, video streaming, and Over-the-Top services offering viewers access to a diverse range of multimedia content. The growth of satellite broadcasting has created opportunities for content providers, broadcasters, and satellite operators to deliver high-quality media experiences globally.

Regional Insights

North America accounted for the highest market share of over 54.0% in 2022 due to various factors such as supportive government initiatives, private investments, technological advancements, and increasing participation of the private sector and start-ups. The U.S. government, through NASA, has been a significant catalyst for the market growth in the region. NASA's focus on space exploration, scientific research, and the development of advanced technologies has pushed the boundaries of human knowledge and paved the way for commercial activities in space. Initiatives like the Artemis program, aimed at returning humans to the Moon and eventually sending astronauts to Mars, have created opportunities for collaboration with private companies and have sparked innovation in the industry.

The emergence of private companies with ambitious goals has been a driving force in the market's growth. Companies have attracted substantial investments and disrupted the market with innovative approaches. These companies have developed reusable rockets, significantly reducing the cost of launching payloads into space. This cost reduction has made space technology (SpaceTech) more accessible to customers, including telecommunication companies, Earth observation firms, and smaller startups. Commercialization of space has opened up new revenue streams and has led to increased competition and innovation within the industry.

Space Technology Market Trends, by Region, 2023 - 2030

Asia Pacific is anticipated to record a significant CAGR of over 9.0% from 2023 to 2030. Several countries such as India, China, and Japan in the region have recognized space technology’s strategic and economic significance. These countries have launched ambitious government initiatives to develop their space programs. For instance, China has made substantial investments in the space sector, aiming to establish itself as a significant player in space exploration, satellite deployment, and space-based services.

The country has achieved significant milestones, including crewed space missions, lunar exploration, and the development of BeiDou, the satellite navigation system. Other countries such as South Korea and Australia have also strengthened their space programs through increased funding, policy reforms, and international collaboration. Government initiatives have provided the necessary infrastructure and support for the regional market growth.

Additionally, the region has witnessed a surge in the participation of the private sector. Private companies have emerged as significant players in satellite manufacturing, satellite launches, Earth observation services, and satellite communications. Although based in North America, companies like SpaceX, OneWeb, and Planet Labs have expanded their operations to the region, capitalizing on the growing demand for their services. Additionally, homegrown companies such as Hindustan Aeronautics Limited,Beijing Interstellar Glory Space Technology Co., Ltd., ispace Inc., and Mitsubishi Heavy Industries have played pivotal roles in driving the market growth in the region.

Key Companies & Market Share Insights

The key players in the space technology (SpaceTech) market have seen significant growth and transformation during recent years, with various players competing to capitalize on the expanding opportunities in space exploration, satellite communications, and other related areas. Companies such as SpaceX have achieved several milestones, including developing the Falcon 1, Falcon 9, Falcon Heavy rockets, and the Dragon spacecraft. SpaceX has significantly disrupted the market by introducing reusable rocket technology, driving down launch costs, and opening up new possibilities for commercial space activities.

Other companies, such as Blue Origin, have focused on developing reusable rocket systems, such as New Shepard and New Glenn, to make space travel more accessible and affordable. Blue Origin has also expressed ambitions for lunar exploration and has proposed a lunar lander for NASA's Artemis program. These players represent a diverse range of capabilities and contributions to the market. Their innovations, including reusable rockets, advanced spacecraft, satellite systems, and communication networks, have expanded the possibilities for space exploration and opened up new commercial opportunities. As the market continues to evolve, competition among these players and other emerging companies is likely to intensify, driving further technological advancement.

In April 2023, Northrop Grumman Corporation completed the design of their Tranche 1 Transport Layer (T1TL), a part of the Space Development Agency's low-earth orbit network. The aim is to design a device that communicates vital information whenever needed to securely and quickly support U.S. troops on the ground securely and quickly. Some prominent players in the global space technology (SpaceTech) market include:

  • Airbus SE

  • Astra Space Inc.

  • Ball Corporation

  • Beijing Commsat Technology Development Co. Ltd.

  • Blue Origin LLC

  • Boeing

  • China Aerospace Science and Technology Corporation

  • General Dynamics Corporation

  • Hedron

  • Hindustan Aeronautics Limited

  • Honeywell International Inc.


  • Lockheed Martin Corporation

  • Maxar Technologies

  • Northrop Grumman Corporation

  • OHB System AB

  • Rocket Lab USA

  • Safran S.A.

  • Sierra Nevada Corporation

  • SpaceX

  • Thales Group

  • Virgin Galactic

List of Space Agencies in the Space Technology (SpaceTech) Market

  • National Aeronautics and Space Administration (NASA)

  • European Space Agency

  • China National Space Administration

  • Indian Space Research Organization

  • Japan Aerospace Exploration Agency

  • Canadian Space Agency

  • Italian Space Agency

  • National Centre for Space Studies - France

  • United Kingdom Space Agency

  • Israel Space Agency

  • German Aerospace Center

Space Technology (SpaceTech) Market Report Scope

Report Attribute


The market size value in 2023

USD 442.0 billion

The revenue forecast in 2030

USD 731.8 billion

Growth rate

CAGR of 7.5% from 2023 to 2030

The base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report Coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments Covered

Type, end-use, application, region

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Mexico

Key companies profiled

Northrop Grumman Corporation; Lockheed Martin Corporation; SpaceX; Maxar Technologies; Boeing; Thales Group; Safran S.A.; Rocket Lab USA; ICEYE; Airbus SE; China Aerospace Science and Technology Corporation; Honeywell International Inc.; Ball Corporation; General Dynamics Corporation; Sierra Nevada Corporation; Virgin Galanctic; Blue Origin LLC; Hindustan Aeronautics Limited; Beijing Commsat Technology Development Co. Ltd.; OHB System AG; Astra Space Inc.; Hedron

Customization scope

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Global Space Technology Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the global space technology (SpaceTech) market report based on type, end-use, application, and region:

  • Type Outlook (Revenue, USD Billion, 2018 - 2030)

    • Space Vehicles

      • Spacecraft

        • Flyby Spacecraft

        • Orbiter Spacecraft

        • Atmospheric Spacecraft

        • Lander Spacecraft

        • Rover Spacecraft

        • Others (Observatory Spacecraft, Penetrator Spacecraft, etc.)

      • Satellites

        • Weather Satellites

        • Communication Satellites

        • Navigation Satellites

        • Earth Observation Satellites

        • Astronomical Satellites

        • Miniaturized Satellites

      • Space Stations

      • Orbital Launch Vehicles

    • Deep-Space Communications

    • In-Space Propulsion

    • Others (Support Infrastructure, Procedures, etc.)

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Government

    • Military

    • Commerical

  • Application Outlook (Revenue, USD Billion, 2018 - 2030)

    • Navigation & Mapping

    • Meteorology

    • Disaster Management

    • Satellite Communication

    • Satellite Television

    • Remote Sensing

    • Science & Engineering

    • Earth Observation

    • Military and National Security

    • Data and Analytics

    • Information Technology

    • Internet Services

    • Manufacturing

    • Others (Space Medicine, Tele-Education, etc.)

  • Region Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

      • Rest of Europe

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Australia

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East and Africa

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