Space - Industry - North America Market, Share and Trends 2023-2028
- Report Summary
- Segmentation
- Methodology
- Table of Contents
Summary of Space
The Global Space industry has seen tremendous growth in the recent years and the growth is expected to be the same for coming years. This industry was valued globally at a whopping $447 billion in the past few years. Increasing demand for satellite-based applications across sectors such as telecommunication, earth observation and navigation drives the commercial industry. Commercial applications now account for over– 50% of the total economy of this industry.
Rapid growth in the commercial industry stems from rising demand for satellite applications and services in telecommunications, earth observation, navigation and other sectors. Commercial applications now make up over–half of the total industry’s economy. Based on our estimates, we can say that North America’s regional industry is forecasted to be a $262.9 billion industry in 2029 from $159.8 billion in 2023 with a CAGR of 8.63%.
The United States remains the largest investor in space – with the US government investing $69.5 billion in space in 2022 – nearly 60% of the global total. Much of this funding goes toward national security and defense programs.
Recent Trends and Insights
The US continues to lead globally in both government and commercial space activity. NASA remains the largest national agency, directing missions like the Mars Perseverance rover and Artemis program.
Private spaceflight has boomed– led by SpaceX, Blue Origin and Virgin Galactic. SpaceX is on track to launch its first crewed Dragon mission in 2020. Reusable rockets are driving down costs.
Satellite internet constellations like SpaceX’s Starlink are poised to deliver high-speed connectivity globally. Over 300 Starlink satellites were launched in 2019. Deep exploration is ramping up with NASA-SpaceX partnerships and plans for a lunar Gateway outpost. The long term goal is establishing a sustainable human presence on the Moon and Mars.
Satellite mega-constellations will enable applications like IoT, telemedicine, smart agriculture and more. Companies are launching satellites for Earth observation, tracking and communications. Startups are emerging in areas like in-orbit satellite servicing, asteroid mining and point-to-point space transportation to capitalize on the new space economy.
Product Insights
Falcon 9, Falcon Heavy, Atlas V and Delta IV rockets dominate US launch services. New Glenn and Vulcan Centaur are under development. Orbiters, landers, rovers and station modules. Dragon, Starliner and Cygnus space taxis transport cargo and crews.
A wide range of spacecraft for Earth observation, communications, science and more. Constellations like Starlink are revolutionizing space applications. NASA’s xEMU and SpaceX’s spacesuit will enable Moon and Mars surface missions. Orbital suits like SpaceX’s suit support ISS crew.
The ISS, lunar Gateway, commercial space stations and on-orbit satellite servicing platforms/robots. In-space manufacturing demonstrations. In May 2020– SpaceX became the first private company to successfully ferry two NASA astronauts to the ISS– using its Falcon 9 rocket and attached Crew Dragon capsule.
Key Companies
Some major players within this vast domain of industry are
- SpaceX
- Blue Origin
- Virgin Galactic
- Boeing
- Lockheed Martin
- Northrop Grumman
- Sierra Nevada Corporation
- Axiom Space
- NASA
Regional Analysis
The North American industry is a significant player in the global market with the United States, Canada and Mexico leading the way. The region is expected to experience considerable growth in the market, driven by the high adoption of advanced technology and the presence of large players such as SpaceX, Blue Origin, Virgin Galactic, Boeing and Axiom Space.
The North American industry encompasses various segments including – space tourism, small satellites and space propulsion – with the small satellite market expected to reach USD 222.08 billion by 2029.
The region is also known for its diverse and dynamic space sector, housing multiple large agencies, private companies and a growing number of space start-ups– providing numerous opportunities for professionals in the industry. The space propulsion market in North America is projected to grow at a rapid pace, reaching USD 14.2 billion by 2025.
The global space industry was complete up of over 10,000 private space technology market players, 5,000 large investors in the space industry, 130 state organizations and 20 business sectors in the space industry. Among state actors– the United States is the front-runner in both public space investment (at $54.6 billion in 2021—almost 60 per cent per central government investment in space) and private space investment in terms of the number of companies in the industry (the United States has almost ten times as many space companies as the next country the United Kingdom).
Market Segmentation
By Type:
- Satellite Services
- Satellite Manufacturing
- Satellite Launch Services
- Exploration
By End User:
- Commercial Sector
- Government Sector
- Military & Defense Sector
- Scientific research Sector
By Enterprise Size:
- Large Industries
- Small & Medium Industries
By Country:
- The U.S.
- Canada
- Mexico
Our Methodology
We have offered a well-founded review of North America’s regional Space Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.
Primary Research
Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.
We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.
We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.
Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.
Quantitative Analysis
Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.
Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.
Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.
We value your investment and offer free customization with every report to fulfil your research needs.
Frequently Asked Questions
The North America Size of the Space Industry is USD 159.8 Billion in 2023 and is expected to grow to USD 262.9 Billion by 2029
The CAGR of the Space Industry Market in North America is 8.63%
The U.S region accounts for 81% of the total market share of the Space Industry Market
The key players in the Space Industry Market in North America are SpaceX, United Launch Alliance, Blue Origin, Northrop Grumman, Boeing Defense and Space & Security. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.
The factors driving the Space Industry Market in North America are Government funding, Growing satellite market, Private investment, Reusable rockets and Space tourism. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.
- Report Summary
- Segmentation
- Methodology
- Table of Contents
Summary of Space
The Global Space industry has seen tremendous growth in the recent years and the growth is expected to be the same for coming years. The global space industry was valued at a whopping $447 billion in the past few years. Increasing demand for satellite-based applications across sectors such as telecommunication, earth observation and navigation drives the commercial space industry. Commercial applications now account for over– 50% of the total space economy.
Rapid growth in the commercial space industry stems from rising demand for satellite applications and services in telecommunications, earth observation, navigation and other sectors. Commercial applications now make up over–half of the total space economy. Based on our estimates, we can say that North America’s regional space industry is forecasted to be a $262.9 billion industry in 2029 from $159.8 billion in 2023 with a CAGR of 8.63%.
The United States remains the largest investor in space – with the US government investing $69.5 billion in space in 2022 – nearly 60% of the global total. Much of this funding goes toward national security and defense programs.
Recent Trends and Insights
The US continues to lead globally in both government and commercial space activity. NASA remains the largest national space agency, directing missions like the Mars Perseverance rover and Artemis program.
Private spaceflight has boomed– led by SpaceX, Blue Origin and Virgin Galactic. SpaceX is on track to launch its first crewed Dragon mission in 2020. Reusable rockets are driving down costs.
Satellite internet constellations like SpaceX’s Starlink are poised to deliver high-speed connectivity globally. Over 300 Starlink satellites were launched in 2019. Deep space exploration is ramping up with NASA-SpaceX partnerships and plans for a lunar Gateway outpost. The long term goal is establishing a sustainable human presence on the Moon and Mars.
Satellite mega-constellations will enable applications like IoT, telemedicine, smart agriculture and more. Companies are launching satellites for Earth observation, tracking and communications. Startups are emerging in areas like in-orbit satellite servicing, asteroid mining and point-to-point space transportation to capitalize on the new space economy.
Product Insights
Falcon 9, Falcon Heavy, Atlas V and Delta IV rockets dominate US launch services. New Glenn and Vulcan Centaur are under development. Orbiters, landers, rovers and space station modules. Dragon, Starliner and Cygnus space taxis transport cargo and crews.
A wide range of spacecraft for Earth observation, communications, science and more. Constellations like Starlink are revolutionizing space applications. NASA’s xEMU and SpaceX’s spacesuit will enable Moon and Mars surface missions. Orbital suits like SpaceX’s suit support ISS crew.
The ISS, lunar Gateway, commercial space stations and on-orbit satellite servicing platforms/robots. In-space manufacturing demonstrations. In May 2020– SpaceX became the first private company to successfully ferry two NASA astronauts to the ISS– using its Falcon 9 rocket and attached Crew Dragon capsule.
Key Companies
Some major players within this vast domain of industry are
- SpaceX
- Blue Origin
- Virgin Galactic
- Boeing
- Lockheed Martin
- Northrop Grumman
- Sierra Nevada Corporation
- Axiom Space
- NASA
Regional Analysis
The North American space industry is a significant player in the global market with the United States, Canada and Mexico leading the way. The region is expected to experience considerable growth in the space market, driven by the high adoption of advanced technology and the presence of large players such as SpaceX, Blue Origin, Virgin Galactic, Boeing and Axiom Space.
The North American space industry encompasses various segments including – space tourism, small satellites and space propulsion – with the small satellite market expected to reach USD 222.08 billion by 2029.
The region is also known for its diverse and dynamic space sector, housing multiple large space agencies, private companies and a growing number of space start-ups– providing numerous opportunities for professionals in the industry. The space propulsion market in North America is projected to grow at a rapid pace, reaching USD 14.2 billion by 2025.
The global space industry was complete up of over 10,000 private space technology market players, 5,000 large investors in the space industry, 130 state organizations and 20 business sectors in the space industry. Among state actors– the United States is the front-runner in both public space investment (at $54.6 billion in 2021—almost 60 per cent per central government investment in space) and private space investment in terms of the number of companies in the industry (the United States has almost ten times as many space companies as the next country the United Kingdom).
Market Segmentation
By Type:
- Satellite Services
- Satellite Manufacturing
- Satellite Launch Services
- Space Exploration
By End User:
- Commercial Sector
- Government Sector
- Military & Defense Sector
- Scientific research Sector
By Enterprise Size:
- Large Industries
- Small & Medium Industries
By Country:
- The U.S.
- Canada
- Mexico
Our Methodology
We have offered a well-founded review of North America’s regional Space Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.
Primary Research
Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.
We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.
We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.
Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.
Quantitative Analysis
Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.
Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.
Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.
We value your investment and offer free customization with every report to fulfil your research needs.
Frequently Asked Questions
The North America Size of the Space Industry is USD 159.8 Billion in 2023 and is expected to grow to USD 262.9 Billion by 2029
The CAGR of the Space Industry Market in North America is 8.63%
The U.S region accounts for 81% of the total market share of the Space Industry Market
The key players in the Space Industry Market in North America are SpaceX, United Launch Alliance, Blue Origin, Northrop Grumman, Boeing Defense and Space & Security. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.
The factors driving the Space Industry Market in North America are Government funding, Growing satellite market, Private investment, Reusable rockets and Space tourism. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.
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