Space Grade Connectors Market Attracts Profitable Prospects: Report

The expansion of the space sector across the globe is projected to help the space grade connectors market gain a valuation of more than $ 1.2 billion by 2031, with a CAGR of 4.7% during the forecast period, according to a new study from Transparency Market Research (TMR).

The report finds that the space sector is expanding at promising pace due to a wide range of services such as Earth observation capabilities, national security satellites, and infrastructure for telecommunications and the Internet. With smaller investments needed for space hardware and launch in recent years, numerous organizations from varied industry verticals globally have been seen increasing their focus on satellite technology and gaining access to space to drive efficiency and innovation in their Earthbound services and products. These factors are projected to play a key role in the future demand in the space grade connectors market, notes the TMR study. Moreover, the market is estimated to be driven by rising participation of major non-government-private-entities (NGPEs) in space activities in order to achieve commercial advantages.

North America accounted for the largest share of the space grade connectors market at 37.88% in 2021. The scope of the market growth is estimated to increase in this region during the forecast period due to factors such as swift expansion of the space industry in the region. The market is expected to gain lucrative opportunities in Asia pacific and Europe due to the presence of a considerable number of product manufacturers as well as end-users in the region.

"Growth Boosters" in the space grace connectors market include a surge in the focus of many governments on increasing investments in the space sector, bolstering the space grade connectors market, as well as an increasing demand for Internet services around the world.

End users of space-grade connectors include the manufacturers of satellites, space stations and deep space robots, spacecraft, rockets and ground support equipment.

(Source: Transparency Market Research news release. Image from file)