Published Year: 2020
Global Deep Space Exploration and Technology Market - Analysis and Forecast, 2020-2030: Focus on Sub
The Global Deep Space Exploration and Technology Market report by BIS Research projects the...
Market Research Report
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Industry and Technology Overview
Evolving Deep Space Technologies Market Overview
In terms of value, the evolving deep space technologies market was valued at $7,509.0 million in 2021 and is projected to be valued at $1,039.3 million by 2032. Evolving deep space technologies market is expected to be driven by an increase in the number of missions, emergence of public and private space industries, huge technological investment, and funding by the government space agencies, among other factors.
Market Lifecycle Stage
Evolving deep space technologies have gained significant importance between 2019-2022. The space industry is continuously innovating and developing advanced technologies with the objective of increasing the demand for deep space exploration. Over the past few years, the development of advanced technologies and other operational techniques, including reusable launch vehicles, sustainable technologies, human and robotic servicing, and autonomous space operations, has been accelerated due to the integration of these technologies with deep learning and artificial intelligence (AI) capabilities. The evolution in deep space navigation and guidance techniques and the development of artificial intelligence (AI) technologies are driving the evolving deep space technologies market growth across sectors.
Evolving Deep Space Technologies Market, $Million, 2021-2032
Source: Expert Interviews and BIS Research Analysis
Impact
Deep space exploration has reached great advancement in a variety of fields, including those related to energy and the environment, consumer products, transportation, consumer services, information technology, and industrial uses. The major challenge in developing deep space technologies is that the cost associated with the manufacturing of space platforms and components is very high. The numerous levels of research, evaluation, testing, reviews, and documentation according to the set standards at each stage of manufacturing system components are expensive and time-consuming. Additionally, insufficient power backup for deep space missions is another challenge. Moreover, deep space missions are not recurring every year. This results in the declining demand of the evolving deep space technologies market.
Market Segmentation
Segmentation 1: by Application
• Moon Exploration
• Mars Exploration
• Asteroid Exploration
• Other (Planetary Exploration)
Based on application, evolving deep space technologies market is expected to be dominated by the other planetary exploration segment.
Segmentation 2: by End User
• Commercial
• Government
Based on end user, evolving deep space technologies market is expected to be dominated by the government segment.
Segmentation 3: by Technology
• Launch Vehicles
• Landers
• Orbiters
• Robotic Rovers
• Space Probes
Based on technology type, the evolving deep space technologies market is expected to be dominated by orbiter segment during the forecast period.
Segmentation 4: by Mission
• Crewed Mission
• Uncrewed Mission
Segmentation 5: by Region
• North America - U.S. and Canada
• Europe - France, Germany, U.K., and Rest-of-Europe
• Asia-Pacific - China, Japan, India, and Rest-of-Asia-Pacific
• Rest-of-the-World - Middle East and Africa, and South America
North America accounted for a higher share because the maximum number of companies are present in the region, along with the large contribution of the U.S. government toward the space budget, which helps in developing and enhancing the region’s space sector in terms of deep space explorations.
Recent Developments in the Evolving Deep Space Technologies Market
• On 22 November 2022, ispace inc., an aerospace company developing robotic spacecraft technologies, launched its lunar landing mission, named Hakuto-R Mission1. This mission carried commercial and government payloads, including two lunar rovers, Rashid, and the Japanese Lunar Excursion Vehicle.
• In August 2022, The NASA Small Business Innovation Research (SBIR) Sequential Phase II program selected Astrobotic to develop, test, and fly lunar night survival and communication technologies onboard its Cube Rover platform.
• On 28 June 2022, Rocket Lab, a leading launch and space systems company, launched NASA’s Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment (CAPSTONE) spacecraft. This mission aims to verify the orbital stability of a Near Rectilinear Halo Orbit around the Moon, which is the same orbit planned for Gateway.
• In May 2022, The European Space Agency (ESA) awarded a contract worth $490 million to Airbus to further develop and build LISA Pathfinder. Now the mission is in phase B1, and all technological advancements are planned to be completed by 2024.
• In April 2022, Northrop Grumman Corporation partnered with the National Aeronautics and Space Administration (NASA) for the development of the James Webb Space Telescope.
• In April 2022, Firefly Aerospace completed Integration Readiness Review (IRR) of its Blue Ghost Lunar Lander. IRR test was completed just after six months of Critical Design Review (CDR).
• On 15 February 2022, Lockheed Martin Corporation received three contracts worth $ 231.6 million from the National Aeronautics and Space Administration (NASA) for the visionary Mars Sample Return program and for building the space rocket named Mars Ascent Vehicle (MAV).
• On 10 February 2022, GITAI, a space robotics start-up, announced the development of its advanced lunar robotic rover, “R1” that can perform general-purpose tasks on the Moon such as exploration, mining, inspection, maintenance, and assembly.
Demand - Drivers and Limitations
Following are the drivers for evolving deep space technologies market:
• Increasing Efforts for Deep Space Exploration Missions by Government and Commercial Entities
• Utilization of Artificial Intelligence (AI) and Robotics in Space Technologies
Following are the challenges for evolving deep space technologies market:
• Insufficient Power Backup for Deep Space Missions
• High Cost Associated with Deep Space Technology Components
Following are the opportunities for evolving deep space technologies market:
• Entrance of Non-Space Participants into the Space Industry
• In-Situ Resource Utilization for Further Deep Space Exploration
Analyst Perspective
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, “80+ deep space missions are being observed in the space industry covering both ongoing and planned missions. While this domain is yet to reach a recurring format, the ongoing deep space missions are more likely to have further iterations in the future with broader and deeper objectives and scope. The fact that government and commercial agencies are collaborating strongly indicates the growing interest in exploratory missions focusing on mineral identification for mining and similar objectives, indicating that the industry is at the cusp of the next space revolution. The current efforts are more focused on validating the space logistics post, which the same missions will expand in scope and objectives by when new business models are expected to evolve. The transition from scientific experiments to for-profit commercial ventures will be critical for the growth of the deep space domain, and for that to happen, strong technological support from the commercial industry participants is critical moving forward, as the demand for the same is growing.”
Evolving Deep Space Technologies Market - A Global and Regional Analysis
Focus on Application, Mission, End User, Technology, and Country Analysis - Analysis and Forecast, 2022-2032
Some Faq's
Frequently Asked Questions
Evolving deep space technologies focus on exploring and investigating various celestial bodies such as Mars, Asteroids, Venus, Jupiter’s moon, Saturn’s moon, and Sun. The objective of these missions is to gain knowledge of the physical and chemical properties of the planetary system and to discover the potential of harboring life.
The key trends in evolving deep space technologies market include the use of artificial intelligence and robotics technologies. Many companies and government space agencies, such as NASA, are developing various robotic products to assist human astronauts in space. Other technological trends are reusable vehicles, solar sails, and 3D printing using regolith.
Evolving deep space technologies market has seen major development by key players operating in the market, such as business expansion activities, investments, contracts, partnerships, collaborations, mergers, and agreements. According to BIS Research, the majority of the companies preferred collaborations, contracts, and agreements as strategies to further increase their growth in evolving deep space technologies market. Companies such as Redwire Corporation, Intuitive Machines, Maxar Technologies, Astrobotic Technology have majorly adopted partnership, contract, collaboration, and agreement strategies.
There is an increasing demand for AI in space. Hence, the new entrants can focus on applying artificial intelligence and robotics in deep space technologies and go for the latest exploration technologies, such as autonomous robots, to avoid obstacles and make new discoveries on planets. In addition, the new entrants should focus on advancement in the electric propulsion system.
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