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"Overview of Spacesuit Market"
Global Spacesuit Market was Valued at US$ 280.11 Mn in 2019 and it is Expected to Reach More than US$ XX Mn by 2028, Likely to Grow with the CAGR of 7.4% During the Forecast Period.
The spacesuit market is majorly driven by high adoption of spacesuit by space agencies such as the National Aeronautics and Space Administration (NASA) and Russia Space Agency (ROSCOSMOS). High use of spacesuit by crew members to ensure safety mechanism inside the spacecraft is another factor that is expected to enhance the global market in years to come. Utilization of distinct materials to enable living in space such as dacron, urethane-coated nylon, aluminized miler, kevlar, nomex, gortex, and neoprene have gained substantial traction as the key trend. The aforementioned materials enhance the strength, enable the required sustenance of pressure & air and reduce overall weight which helps in space.
The trend of commercial space travel concept is anticipated to transform the industry over the upcoming years. Huge development in commercial space travel concepts by private companies is one of the major factors expected to enhance market growth in years to come. Moreover, growing innovations in materials and empowering the use of tailored solutions for spacesuit development are some other important factors expected to enhance market growth.
In addition to this, growing investments for the development of wearable tech glasses and the implementation of 3D technologies are further projected to enhance market growth during the forecast period. However, high manufacturing cost is one of the major challenges expected to hinder the market growth throughout the forecast period.
By Design, Soft Suit Expected To Continue Its Dominance in the Global Spacesuit Market
The soft suit segment accounted for the largest share in the global spacesuit market in 2018. The segment had the highest share in 2018 due to its major use for intravehicular activity (EVA). The soft suits are lightweight, made from special fabrics and user-friendly that helps the astronauts to easily work in the space. Therefore, the aforementioned segment is expected to continue its dominance over the forecast period 2019-2027.
By Application, Intravehicular Activity Segment Anticipated To Expand With A Rapid Pace
The extravehicular segment had a major share in the global spacesuit market owing to the major use of spacesuits for research and examination operations. The growing commercial space travel concept is another prominent factor expected to enhance the segment demand during the forecast period. In addition, necessary inclusions of spacesuits in the space mission is another major factor for the segment growth. Hence, the segment is expected to continue its dominance over the forecast period.
On the contrary, the intravascular activity (IVA) segment is projected to expand at a rapid pace during the forecast period owing to protection from harsh conditions of space such as micrometeorites, extreme temperature change, and others.
North America To Dominate The Space Suit Market During The Forecast Period
North America dominated the global market in 2018 owing to the growing demand for space research programs and surge in space-based operations in the region. The surge in government investments for space programs is another major factor expected to enhance the global spacesuit market during the forecast period. The U.S. had a major share in the North America spacesuit market and contributed to more than 85% of the North America spacesuit market.
To the contrary, other regions such as Europe and Asia Pacific are expected to expand at a rapid pace due to rising government initiatives for space programs in these regions. Major countries such as China, Russia, India, Japan, The U.K., and others are expected to be the major contributors in the global spacesuit market.
Key players in the market are UTC Aerospace Systems, The Boeing Company, Austrian Space Forum (OeWF), ILC Dover, Pacific Spaceflight, David Clark, Final Frontier Design, NPP Zvezda, Garrett AiReserach, AO, Space Exploration Technologies Corporation, Sure Safety India Ltd. and Oceaneering International.
Space Suit Market Segmentation
Space Suit Market by Product
- Low-Pressure Spacesuit
- Hyperbaric Spacesuit
Space Suit Market by Design
- Soft Suits
- Hard-shell Suits
- Hybrid Suits
- Skintight Suits
Space Suit Market by Application
- Extravehicular Activity (EVA)
- Intravehicular Activity (IVA)
Space Suit Market by Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America