Global Spacesuit Market Poised to Witness a Remarkable Growth by 2023 with a CAGR over 8 % during 2018 to 2023
Spacesuits are designed to suit the challenging scenarios in the space that makes survival challenging such as the extreme temperatures and adverse climatic conditions. Manufacturers use a variety of advanced raw materials to develop specialized spacesuits. They invest heavily on R&D for designing safe, convenient, light-weight, and advanced spacesuits while increasing their focus on the development of advanced materials. They strive to provide tailored solutions, with enhanced safety and versatility, to end-users that can stand out in comparison with their competitors.
Countries across the globe are striving to increase their space activities and have their astronauts equipped with the latest intravehicular and extravehicular spacesuits that can enhance their performance. As a result, governments across the globe are fully convinced and emphasize on optimization of their space activities with the enhanced budgeting. Resultantly, the global spacesuits market is growing pervasively on the global platform.
Acknowledging the kind of traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the global spacesuit market will grow enormously by 2023 registering approximately 8% CAGR throughout the forecast period (2018 to 2023).
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Additional factors substantiating the market growth include commercial space missions or operations and growing emphasis on space travel that result in increasing the demand for spacesuits and hence, the growth of the spacesuit market. Moreover, the increasing emphasizes of manufacturers on differentiating their products based on effectiveness, aesthetics, and convenience is fuelling the market growth of spacesuits, increasing the investments.
On the other hand, factors such as regulatory issues, scarcity of resources and raw materials, and other industrial challenges are impeding the market growth. Nevertheless, the emergence of space-based research activities which are expected to grow fiercely in the years to come will support the market growth, propelling the demand for spacesuits.
Fervent players driving the market for Spacesuit include-
- David Clark Company (U.S.)
- Boeing (U.S.)
- Honeywell International Inc. (U.S.)
- NPP Zvezda (Russia)
- ILC Dover (Ireland)
- Space Exploration Technologies Corp. (U.S.)
- Sure Safety India Pvt. Ltd. (U.S.)
- Final Frontier Design (U.S.)
- Oceaneering International Inc. (U.S.)
- UTC Aerospace Systems (U.S.)
- Orbital Outfitters (U.S.)
September 06, 2018 – The Indian Space Research Organization (Isro) displayed a space suit developed by the agency at the launch of the sixth edition of Bengaluru Space Expo. The orange-colored prototype space suit was developed over the past two years at Vikram Sarabhai Space Centre, Kerala.
November 7, 2018 – Florida Institute of Technology and Embry-Riddle Aeronautical University announced their collaboration on research involving spaceflight with the goal of improving human performance inside spacecraft. This, one year-long collaboration involves Florida Tech’s Human Spaceflight Lab and Embry-Riddle’s S.U.I.T. (Spacesuit Utilization of Innovative Technology) Lab, and its principal investigator.
Global Spacesuit Market – Competitive Analysis
Highly competitive Spacesuit market appears to be fragmented with the existence of a number of players offering similar products and services locally or at international/ regional level. Also, a large number of OEMs strive to embark on supplying spacesuits; however, it would take years of experience and expertise before they master the skills meeting requirements of space. Key market players focus on the upward trends of space circumstances to ensure their longevity in the market.
Global Spacesuit Market – Segmentation
MRFR has segmented the analysis into four key dynamics; for better understanding: –
By Type : Intravehicular and Extravehicular
By Design : Soft, Hard-shell, Hybrid, and Skin-tight.
By Technology : Flex nozzle, Gimbal nozzle, and Rotating nozzle among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
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Spacesuit Market – Regional Analysis
The North American region is projected to continue with its dominance over the global Spacesuit market over the forecast years. The presence of several developers, manufacturers and R&D centers for spacesuits drives the market growth in the region. Substantial technological advancements and uptake alongside the colossal budget for space-based operations foster the market growth in the region. Furthermore, the increasing space research programs and a large number of space-based operations fuel the growth of the market in the region.
The Asia Pacific region accounts for the second-largest market for spacesuits emerging as a rapidly growing market. Increasing participation in space-based programs by countries, such as China, Japan, and India led by the increasing space budget foster the market growth in the region. Countries such as India and South Korea have increased their budgets for space activities contributing towards satellite launch programs and space missions, which, in turn, would propel the growth of the market.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List Of Tables
Table 1 Global Spacesuit Market: By Region, 2018-2023
Table 2 North America Spacesuit Market: By Country, 2018-2023
Table 3 Europe Spacesuit Market: By Country, 2018-2023
Table 4 Asia Pacific Spacesuit Market: By Country, 2018-2023
Table 5 RoW Spacesuit Market: By Country, 2018-2023
Table 6 Global Spacesuit Market, By Type, By Regions, 2018-2023
Table 7 North America Spacesuit Market, By Type, By Country, 2018-2023
Table 8 Europe Spacesuit Market, By Type, By Country, 2018-2023
Table 9 Asia Pacific Spacesuit Market By Type, By Country, 2018-2023
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