Newark, May 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the space logistics market will grow to USD 4.17 billion in 2022 and reach USD 20.38 billion by 2032. In just ten years, the increase in space investments by different countries globally for space exploration & commercial & military applications is helping to boost the market growth. Moreover, the growing technological advancements in launch technologies and a trend toward offering integrative solutions to help space missions with logistics and launch support are expected to drive market growth.

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Report Coverage Details

Key Insight of the Space Logistics Market

North America to account for the largest market size during the forecast period.

North America is expected to have the largest market share in the space logistics market. Key factors favouring the growth of the space logistics market in North America include increasing government support for the industry, growing private company investment, high investment in space travel missions, and increasing technological advancements in launch technologies. These are also helping to boost market growth.

The spacecraft and satellites systems segment is expected to augment the space logistics market during the forecast period.

The payloads segment is divided into cargo and material, spacecraft and satellites systems, and others. The spacecraft and satellites systems segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for space-based applications and rising investments in space exploration programs.

The space situational awareness segment market size was USD 0.96 billion in 2022

The operation segment is divided into on-orbit servicing assembly and manufacturing, active debris removal, last mile logistics, space exploration, and space situational awareness. The space situational awareness segment market size was USD 0.96 billion in 2022 due to the increasing demand for earth observation imaginary and analytics.

Advancement in market

For example, in December 2020, to cooperatively address terrestrial complications & take benefit of extraterrestrial options, Deutsche Post DHL Group & D-Orbit formed cooperation. The logistics for ION Satellite Carrier were put up in collaboration between D-Orbit and DHL.

Blue Origin is one of the prominent participants in the space logistics industry, focusing on developing reusable rockets & spacecraft for space tourism and other applications. The Blue Origin company has invested in the New Glenn rocket for orbital launches and the New Shepard rocket and capsule for suborbital space tourism.

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Market Dynamics

Driver: The increasing space exploration missions and rise in space stations:

A space station is a space housing because it can support a crew aboard in orbit for a long duration of time. An artificial spacecraft is named an orbital space station or orbital station. Without the capability to help life, space cannot increase steadily. It also indicates the need for building space stations. The rising development of space stations like Lunar Gateway, Orbital Reef, and Starlab, among others, is expected to create demand for space logistics to provide accessories, cargo, or fuel to space stations.

Restraint: The interoperability issues:

The high initial prices affected by launch services & emerging issues relating to the heat, weight, and vertical landing of space vehicles are the restraining factor of the market growth. Moreover, the high involvement, the heightened emissions due to the increasing number of space launches, and interoperability issues are expected to hamper the market growth.

Opportunity: The growing space debris removal services:

Rapid advancements in space technologies, planetary satellite carriers, and novel interplanetary development drive market growth. Moreover, new plans for space tourism & concerns over space debris are also helping to boost the market growth. Additionally, the rising development of initiatives by space agencies to remove space debris is expected to drive market growth over the forecast period.

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Some of the major players operating in the space logistics market are:

Airbus Defense and Space Boeing Northrop Grumman Lockheed Martin Orbital ATK Blue Origin Space Exploration Technologies (SpaceX) Sierra Nevada Corporation Mitsubishi Heavy Industries Thales Alenia Space Honeywell International Dynetics Virgin Galactic Rocket Lab Arianespace RUAG Space NanoRacks Bigelow Aerospace Astrobotic Technology

Key Segments cover in the market:

By Payloads:

Cargo and Material Spacecraft and Satellites Systems Others

By Operation:

On-Orbit Servicing Assembly and Manufacturing Active Debris Removal Last Mile Logistics Space Exploration Space Situational Awareness

By Region

North America (U.S., Canada, Mexico) Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe) Asia-Pacific (China, Japan, India, Rest of APAC) South America (Brazil and the Rest of South America) The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.

Contact Us

Avinash DHead of Business DevelopmentPhone: +1-315-215-1633Email: sales@thebrainyinsights.comWeb: http://www.thebrainyinsights.com

More:

Space Logistics Market Size to Hit USD 20.38 Billion by 2032; Rise ... - GlobeNewswire