Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The space suits market size was valued at USD 123.72 million in 2021 and is projected to reach a valuation of USD 150.5 million in 2022. The market is expected to reach USD 1,576.3 million by 2030 with a CAGR of 34.13% during the forecast period. The development of lightweight suits with modernized features is expected to open a new set of opportunities, which is anticipated to drive market growth. Rising demand for crewed spaceflight is expected to propel the market course. Increasing investments in crewed space missions are projected to assist in market development. Fortune Business Insights™ shares this information in its report titled "Space Suits Market, 2022-2030."
Reduction in the Space Budget Affected Market Growth
The outbreak of COVID-19 pandemic had an impact on space economy and its supporting markets. There was a decline in the space budget due to which many projects were delayed. Due to closure of various facilities, NASA also faced a delay of a minimum three months in xEVA space suit project during March 2020. To lessen the operational and developmental impact of COVID-19, space agencies and OEMs of space suits globally started collaboration activities to speed up the process of activities.
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List of Key Players Profiled in the Report
- Axiom Space (U.S.)
- Barber-Nichols (U.S.)
- Collins Aerospace (U.S.)
- David Clark Company (U.S.)
- Creare (U.S.)
- ILC Dover (U.S.)
- KBR Inc. (U.S.)
- Oceaneering International (U.S.)
- Paragon Space Development Corporation (U.S.)
- Vinyl Technology Inc (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 34.13% |
| 2030 Value Projection | USD 1,576.3 Million |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| No. of Pages | 198 |
| Segments Covered | By Applications, By Product, By Type |
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Segments
Hybrid Suits Segment to Lead as it Offers Various Benefits of Hard and Soft Suits
On the basis of type, the market is segmented into soft suits, hard suits, hybrid suits, and skintight suits. Hybrid suits segment accounted for the largest part due to its versatile nature and advantages for soft and hard suits. Recent developments in digital threats technologies have promoted the use of skintight suits.
IVA to Head the Segment Due to Rising Number of Commercial Spaceflights
Based on application, the market is categorized into Intravehicular Activity (IVA) and Extravehicular Activity (EVA). IVA segment is anticipated to be the fastest growing segment due to the rising number of commercial spaceflights provided by private companies such as SpaceX, Blue Origin, Boeing, Virgin Galactic, and many more.
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Refurbished Segment to Lead Due to Rising Demand for Space Missions
Based on product, the market is bifurcated into new space suits and refurbished. Refurbished segment is expected to dominate the market during the forecast period due to rising demand for commercial spaceflights and astronaut space missions from developed and developing countries.
Rising Demand for Lightweight Space Suits to Catalyze the Growth of the up to 50 Kg Segment
By weight, the market is categorized into up to 50kg, 50 to 100kg, and above 100 kg. Recent developments in commercial space flights have led to the increased demand for intravehicular space suits, which ultimately propelled the growth of the suits up to 50kg.
The global market is studied across the U.S., Russia, China, Europe, Japan, and the rest of the world
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Competitive Landscape
Collaboration Strategies by Key Players to Progress Market Route
Collaboration and development of advanced products strategies by the market players are predicted to progress market grip. Market players such as David Clark Company, ILC Dover, and Collins Aerospace have been focusing on providing advanced suits for interplanetary space missions. In March 2022, Media Lab, a research lab of MIT (Massachusetts Institute of Technology) launched a new 3D Knit Biosuit that has various features such as uniform skin pressure, lightweight, and higher flexibility.
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Drivers and Restraints
Technological and Financial Support to Propel Market Development
Driving factors for the market are new developments in space policies and technological advancements, which are anticipated to drive the space suits market growth. Technological and financial support for the development of various commercial space stations is set to propel market growth. Space agencies, such as NASA, ESA, and ISRO, have also managed to develop innovative technologies. Increasing investment in crewed space missions is expected to push market growth.
However, high maintenance costs of the suits are expected to hamper the market growth.
Regional Insights
U.S. to Lead the Market Due to Various Space Tourism Activities
The U.S. is expected to dominate the space suits market share due to the upcoming moon missions called Artemis and space tourism provided by private American companies. The market stood at USD 50.4 million as the product is used in various spacecraft activities.
China is anticipated to have the fastest CAGR in the forecast period due to the development of a space station by 2024. The companies in the region have announced the start of space tourism by 2025.
The rest of the world include countries such as Israel, Canada, the UAE, and India, which have been focusing on astronaut space missions by governmental space agencies.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Space Suit Market
- Impact of the COVID-19 pandemic on the Global Space Suit Market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
TOC Continued…!
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Key Industry Development
- August 2022- Collins Aerospace launched a new facility at Houston for USD 30 million to support the development of EVA space suit.
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