Space Sensors Market to Hit USD 7.36 Billion by 2030 | With a 6.2% CAGR
Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global space sensors market was valued at USD 5.51 billion in 2022 and is projected to grow from USD 4.82 billion in 2023 to USD 7.36 billion by 2030, exhibiting a CAGR of 6.2% over the forecast period.
Space or spaceborne sensors are specialized instruments utilized in space missions to collect essential data and observations concerning celestial bodies, Earth, spacecraft, and the space environment. The increasing number of space exploration missions conducted by different nations is expected to drive the market growth of space sensors over the forecast period. Fortune Business Insights™ presents this information in their report titled “Global Space Sensors Market, 2023–2030.“
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List of Major Players Profiled in the Space Sensors Market Report:
- ABB Ltd. (Switzerland)
- Airbus S.A.S (Netherlands)
- Ametek Inc. (U.S.)
- L3Harris Technologies Inc. (U.S.)
- Safran S.A. (France)
- Honeywell International Inc. (U.S.)
- InnaLabs Ltd. (Ireland)
- Raytheon Technologies Corporation (U.S.)
- TE Connectivity (Switzerland)
- Teledyne Technologies Inc. (U.S.)
Report Scope & Segmentation:
|2030 Value Projection||USD 7.36 Billion|
|Market Size in 2023||USD 4.82 Billion|
|No. of Pages||200|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Space Sensors Market Growth Drivers||Expanding Satellite Constellations to Catalyze the Space Sensors Market Growth|
|Increasing Government Investments for Defense and Security Applications to Propel Market Growth|
Browse Detailed Summary of Research Report with TOC:
Supply Chain Disruptions Shifted Space Sensor Priorities Due to Pandemic Challenges
The global space sensors industry experienced a minor setback due to the COVID-19 pandemic, causing disruptions in the supply chain that impacted the production and distribution of space-based sensors. Consequently, certain space agencies and companies redirected funding toward critical missions, resulting in heightened demand for certain space sensors while decreasing investment in non-essential applications.
High-Resolution Imagery and Geospatial Prowess Maintain Optical Sensors’ Dominance
By type, the market is classified into IMU sensors, GPS sensors, star sensors, optical sensors, synthetic aperture radar sensors, temperature sensors, vibration sensors, pressure sensors, gas sensors, and others. Optical sensors dominate by delivering high-resolution images and precise measurements for objects in space. Their significant application in geospatial imaging is expected to maintain their segment dominance.
Surge in Scheduled Satellite Launches Fuels Satellite Segmental Growth
By platform, the market is segmented into satellite, launch vehicle, rover, and testing probes & space station. The satellite segment is poised to be the dominant attributed to the escalating scheduled satellite launches by prominent public and private operators to serve various applications.
Defense Segment Growth Driven by Vital Military Applications
By end user, the market is trifurcated into civil, commercial, and defense. In 2022, the defense segment led the market with satellites being pivotal for military activities such as Intelligence, Surveillance, and Reconnaissance (ISR) and arms control verification.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent categories of space sensors. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Drivers and Restraints:
U.S. Space Force’s Investment in Space Domain Awareness Fuels Market Expansion
The increasing significance of space-based assets for defense and security is driving the demand for sensors, which play a crucial role in intelligence gathering, early warning systems, and surveillance. An example of this trend is the U.S. Space Force’s investment in ground and space-based sensors, surveillance systems, and commercial space tracking data to enhance space domain awareness, as seen in April 2023.
However, the space sensors market growth is likely to be impeded by sensor malfunctions and high costs.
North America’s Commanding Position Driven by Government and Private Investments
North America has the largest space sensors market share, valued at USD 2.24 billion in 2022, driven by increased investments from government and private entities such as Blue Origin and SpaceX.
Europe is poised for substantial growth in the spaceborne sensors market, fueled by rising demand for advanced satellites.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of COVID-19 Pandemic on Global Space Sensors Market
- Global Space Sensors Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Type
- IMU Sensors
- GPS Sensors
- Star Sensors
- Optical Sensor
- Synthetic Aperture Radar Sensors
- Temperature Sensors
- Vibration Sensors
- Pressure Sensors
- Gas Sensors
- Market Analysis, Insights and Forecast – By Platform
- Launch Vehicle
- Testing Probes and Space Station
- Market Analysis, Insights and Forecast – By End User
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Industry Leaders Drive Innovation in Consolidated Market for Enhanced Position
The market exhibits notable consolidation, primarily dominated by key industry participants. These major players channel their efforts into advancing technologies, introducing innovative products, and engaging in acquisitions and mergers to augment their market presence and effectively navigate competitive dynamics.
Key Industry Development:
- March 2023: OneWeb announced the successful deployment and communication with 36 satellites launched by NewSpace India Limited (NSIL) from the Satish Dhawan Space Center (SDSC-SHAR) in Sriharikota, India.
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Space Launch Services Market to Worth USD 20.54 Billion by 2030 | Fortune Business Insights™
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