Global in space manufacturing market set to grow to USD 22.5 billion by 2033
From GlobeNewswire: 2024-05-24 04:00:00
The Global In Space Manufacturing Market is set to grow from USD 4.6 billion in 2023 to USD 22.5 billion by 2033, with a CAGR of 17.20%. Advancements in space technology and decreasing launch costs have made in-space manufacturing popular, with 3D printing technology revolutionizing the industry.
The market value chain for space manufacturing involves collaboration across various sectors to enhance technologies, develop infrastructure, facilitate launch services, conduct research, and ensure regulatory compliance. This ecosystem aims to drive innovation and advance space manufacturing to realize its full potential.
The quantum dot display segment is leading the market, offering advantages such as higher brightness, better color accuracy, and lower power consumption. As technology progresses and costs decrease, quantum dot displays are expected to be more widely used in space applications due to their durability and radiation resistance.
North America is expected to dominate the In Space Manufacturing Market from 2023 to 2033. The region’s robust capital markets, advanced research institutions, and increasing commercial space operations create opportunities for space manufacturing companies. Venture capital and private equity investors are showing interest in funding space-related ventures.
Asia Pacific is witnessing the fastest growth in the space industry, with countries like China, India, Japan, and South Korea making significant investments in space projects. The region’s expansion creates opportunities for space manufacturing companies to provide materials and services to support space missions and satellite launches.
Major vendors in the market include Made In Space, Orbit Fab, Airbus, Northrop Grumman Corporation, and Honeybee Robotics. Recent developments include Sierra Space’s partnership with Redwire Corporation to enhance pharmaceutical and biotech research in low-Earth orbit. Market segmentation includes product analysis (Perovskite Photovoltaics cell, Graphene, Quantum Dot Display) and regional analysis (North America, Europe, Asia Pacific, Middle East & Africa).
Read more at GlobeNewswire: Global In Space Manufacturing Market Size To Worth USD 22.5