Global Space Equipment Market to Reach $496.7B by 2027
The global space equipment market, estimated at $369 billion in the year 2020, is projected to reach a revised size of $496.7 billion by 2027, growing at a CAGR of 4.3% over the analysis period 2020-2027.
Communications Satellites, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach $233.9 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Earth Observation Satellites segment is readjusted to a revised 3.3% CAGR for the next 7-year period.
The global space equipment market in the U.S. is estimated at $108.7 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of $87.6 billion by the year 2027 trailing a CAGR of 4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
In the global Launch Vehicles segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$64.7 Billion in the year 2020 will reach a projected size of $85.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $56.7 Billion by the year 2027.
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
(Source: ResearchandMarkets news release. Infographic provided)