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The space habitat market size is estimated to grow at a CAGR of 11.31% between 2023 and 2028. The market size is forecast to increase by USD 169.38 million. The growth of the market depends on several factors, such as the adoption of reusable launch vehicles, the infinite access to resources from outer space for human survival, and the development of landing pads. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (government and private), technology (inflatable and non-inflatable), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Space Habitat Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Reusable launch vehicles can be referred to as systems that launch the space vehicle out of the atmosphere and can be reused for subsequent launches. The main advantage of these systems is they save significant cost, time, resources, and effort, as a new launch system does not need to be designed and built for subsequent launches.
Moreover, these systems are used for resupplying resources for the ISS. In addition, the testability factor can be avoided in the case of reusable launches as the rockets are already tested for functionality and design, and no catastrophic failures occur with respect to the prototype. Furthermore, the prototype decreases the error rate of the rocket, and the probability of a successful launch is higher in a reused rocket compared to an expendable rocket. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Sustainability has reached a new level where there is an implementation of reusability at every stage and industry. In addition, the strategic approach for cost reduction needs the recycling or reuse of all the resources present in the spacecraft. Furthermore, all the techniques and resources used in the spacecraft must ensure that sustainability is kept in mind.
Moreover, human-generated waste is rich in carbon, so it is a feasible option for the manufacturing of methane gas. In addition, mining is considered for obtaining water and energy. Furthermore, the technological advances in the military aircraft fleet and the overall ecosystem influence the development of revolutionary spaceflight systems. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
One of the main challenges in the global space habitat market is the creation of a self-sustaining human environment as there are fewer technologies and insufficient infrastructure that support human settlements. In addition, the atmosphere, pressure, climatic conditions, gravitational pull, and food production are some of the factors that must be considered for building the right infrastructure that ensures the sustainment of human settlement.
Moreover, resources such as water, food, oxygen, etc., must be resupplied on a timely basis from Earth to sustain human settlements. However, there is a significant effort, cost, and time involved in resupplying and the required resources are high and not feasible. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The government segment is estimated to witness significant growth during the forecast period. Space agencies leverage habitats on the ISS for conducting experiments in microgravity, life sciences, material science, and physics. In addition, governments sponsor research projects to advance scientific knowledge and technology. Furthermore, space agencies utilize space habitats and mockup modules to train astronauts and cosmonauts for missions.
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The government segment was the largest segment and was valued at USD 165.78 million in 2018. Moreover, these training facilities simulate the conditions and systems found on the ISS or other spacecraft. In addition, government space agencies such as NASA and Roscosmos, have plans for deep space missions to the Moon, Mars, and beyond. Furthermore, governments of countries such as India are considering the establishment of lunar bases for scientific research and exploration. Therefore, the government's use of space habitats is diverse and reflects the priorities, goals, and objectives of each country's space program. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on technology, the segment is classified into inflatable and non-inflatable. Inflatable segments are compact for launch, as they can be folded or compressed, taking up less space on the rocket. The main advantage of this segment is that it can lead to cost savings and increased payload capacity. In addition, inflatable habitats are generally lightweight, which can be advantageous for reducing launch costs and the amount of fuel required for transportation to space. Furthermore, the multiple layers of materials in inflatable habitats can provide improved radiation protection compared to thin-walled aluminum structures. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 59% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors which are significantly contributing to the market growth in North America is the evolution of space tourism as most of the major space tourism stakeholders, such as Virgin Galactic, Blue Origin, and SpaceX, are based in this region.
For instance, in February 2021, SpaceX announced an initiative to take a four-person crew for a space mission by the end of 2021. In addition, the company is aggressively advancing its space-related technologies in collaboration with various other regional and intercontinental space industry stakeholders. Therefore, continuous investments in orbital space tourism technologies are expected to drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global space habitat market witnessed a significant slowdown due to the delay or suspension of several rocket launches and space missions in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of in-space research activities in the region. Such factors are expected to drive the market during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AI SpaceFactory: The company offers space habitat solutions such as Lina, Marsha and Tera.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AI SpaceFactory, Axiom Space Inc., Bigelow Aerospace LLC, Foster and Partners Group Ltd., Gravitics, ILC Dover LP, Lockheed Martin Corp., NANORACKS, Northrop Grumman Corp., Sierra Nevada Corp., The Boeing Co., and VAST SPACE LLC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The space habitat market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Space Habitat Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.31% |
Market Growth 2024-2028 |
USD 169.38 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
9.0 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 59% |
Key countries |
US, China, Japan, Russia, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AI SpaceFactory, Axiom Space Inc., Bigelow Aerospace LLC, Foster and Partners Group Ltd., Gravitics, ILC Dover LP, Lockheed Martin Corp., NANORACKS, Northrop Grumman Corp., Sierra Nevada Corp., The Boeing Co., and VAST SPACE LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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