Space In Orbit Refueling Market Future Demand, Business Strategies, Regional Outlook, Challenges and Forecast by 2030
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Increasing penetration of small satellite technology is a key factor driving market revenue growth
VANCOUVER, BC, CANADA, January 19, 2023 /EINPresswire.com/ -- The global space in-orbit refueling market size was USD 2.3 Million in 2021 and is expected to register a revenue CAGR of 100.9% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for extending mission longevity, value, and flexibility in the space industry is a key factor driving market revenue growth. In addition, increasing importance and benefits of space exploration is also driving revenue growth of the market. Space exploration activities provide various benefits, for instance, it aids in transforming and improving understanding of medical conditions on Earth, while astronauts are affected by microgravity, radiation, and isolation.
Rapid advancements in space technologies, such as incorporation of Artificial Intelligence (AI) tools, Internet of Things (IoT)-based components, and others, is contributing to market revenue growth. In addition, innovations in additive manufacturing, in-orbit services, and others are significantly contributing to market revenue growth. Market companies are also focusing on robotic refueling missions and investing in satellite repair services, which aids in reducing equipment downtime and thereby increasing their lifecycle. Space research organizations, such as National Aeronautics and Space Administration (NASA), is also focusing on robotic refueling missions for a long time.
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Target Audience of the Global Space In Orbit Refueling Market Report:
Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
The Space In Orbit Refueling research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on a detailed analysis of the technological and product developments undertaken by these companies.
Key players include:
Astroscale, Altius Space Machines, D-Orbit SpA, Lockheed Martin Corporation, LMO, Maxar Technologies, Momentus Inc., Orbit Fab, Inc., Obruta Space Solutions Corp., and Starfish Space.
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Some Key Highlights From the Report
The bipropellant propulsion systems segment accounted for a significant revenue share in 2021. Increasing applications in orbital satellites and spacecraft is a key factor driving market revenue growth. In addition, market companies are significantly investing in product innovations and improving performance of bipropellant propulsion systems. This is a key factor contributing to market revenue growth.
The communication segment accounted for a significant revenue share in 2021. Increasing demand for high-connectivity satellite connectivity from various end-use industries is a key factor driving revenue growth of the market. Satellite communication plays a key role in multiple industries and is mainly used in business continuity, emergency management, healthcare services, outdoor recreation, and many others. In addition, end-use companies are investing in training their employees and upskilling them with latest hardware and software tools.
The North America market accounted for largest revenue share in 2021. Presence of market companies, such as Lockheed Martin Corporation, Maxar Technologies, and others, is a major factor driving market revenue growth in this region. These companies are significantly investing in expanding their existing capabilities and providing better services. In addition, increasing support from government and aerospace organizations, such as National Aeronautics Space Administration (NASA), is also driving market revenue growth. Market companies and space research organizations are also focusing on sustainability and increasing their efforts to address rising safety concerns in space, primarily as a result of increasing space debris and space congestion.
Emergen Research has segmented the global space in-orbit refueling market based on propulsion system, application, and region:
Propulsion System Outlook (Revenue, USD Million; 2019-2030)
Monopropellant Hydrazine Propulsion Systems
Bipropellant Propulsion Systems
Unified Propulsion Systems
Ion Propulsion Systems
Others
Application Outlook (Revenue, USD Million; 2019-2030)
Earth Observation
Communication
Navigation
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Detailed Regional Analysis covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Research Report on the Space In Orbit Refueling Market Addresses the Following Key Questions:
Who are the dominant players of the Space In Orbit Refueling market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Space In Orbit Refueling market?
What are the key growth drivers and restraining factors of the Space In Orbit Refueling market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Space In Orbit Refueling market and its key segments?
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