The “space transportation market” also known as the space shuttle system, is the partially reusable rocket-launched vehicle, which is intended to go into the orbit and around the Earth. The space transportation market comprises transportation of people and cargo. The space transportation system comprises transportation to and from orbiting spacecraft and return to Earth’s surface. These are also widely used in space research missions in the field of materials science, Earth science, and others. In addition, the proliferating research & development activities fuels the growth prospects for the global space transportation market.
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COVID-19 Scenario Analysis:
- The production for space transportation vehicles, also known as the spacecraft or shuttle is going to be more agile after the end of COVID-19.
- The postponement of space missions is expected to affect the future growth of the companies.
- The revenue is not being generated for the companies due cancellation of space exploration programs, which results in major losses across the year.
- The space transportation companies have to strategies the market segments upon reinstatement of space research activities.
- A huge monetary loss has been accounted for in the revenue generation of the Space transportation companies on account of production shutdown, delayed missions and hindrance in approvals of space budgets due to the prevalence of COVID-19.
Rise in space exploration programs
The space exploration programs have gained rapid consideration over the past few decades, where major nations dominate the global market by justifying their space capabilities. In addition, growing space R&D programs has proliferated the growth of the global space transportation market. Moreover, rapid collaborations among international space institutions for the integration of technologies and investment is bolstering the global market for space missions, which in turn is fueling the demand for the space transportation market. The rise in space exploration missions could also be attributed to the increment in space budget and government spending. Furthermore, miniaturization of the components of spacecraft for space transportation is likely to push the application and demand for the global space transportation market.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The global market for space transportation is driven by rise in space exploration missions and an upsurge in space budgets of developed nations. The growing competition among the nations is urging the major participants to rapidly foster space missions, which in turn creates a significant demand for the global space transportation market. In addition, rise in government spending is expected to bolster the space missions, substantially driving the demand for spacecraft for space transportation. Moreover, the proliferation of technology is boosting the application of advanced spacecraft in space transportation, while reducing the need for astronauts. This is anticipated to dominate the global market, owing to similar space exploration missions over some period.
Technological advancements to foster the application
The global space transportation market has been broadly driven by technologies used in spacecraft and space transportation. Here technology is anticipated to take a lead during the forecasted period, owing to the rising frequency of innovations in space missions planned onto Mars and Moon. In addition, the space programs that have not been successful in reaching the Mars are also creating a significant demand as the entry of satellites into orbits need to be monitored for further communication via space transportation. Further, the incorporation of technological advancements such as oxygen-air-breathing propulsion systems in the space exploration missions are boosting the growth of the global space transportation market.
Space Transportation Market key segments
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By Type
Passenger shuttles
Freight shuttles
Deep space passenger ships
By Orbit range
LEO
GEO
MEO
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