Space Equipment Market to Reach $580.5 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Space Equipment, estimated at $411.8 billion in 2022, is projected to reach a revised size of $580.5 billion by 2030, growing at a CAGR of 4.4% over the analysis period. Communications Satellites, one of the segments analyzed in the report, is projected to record a 5.4% CAGR and reach US$273.6 Billion by the end of the analysis period.

According to a new report from Global Industry Analysts, the Space Equipment market in the U.S. was valued at an estimated $120.5 billion in 2022. China, the world's second largest economy, is forecast to reach a projected market size of $101.8 Billion by the year 2030, trailing a CAGR of 4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, which are forecast to grow at 4% and 3.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Economic Factors Playing Into the Space Equipment Market

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russias war on Ukraine will play out this year and the wars role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.

According to Global Industry Analysts, with slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. This year is expected to be challenging for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability, the report states.

(Source: ResearchandMarkets news release. Images provided and from file)