PUBLISHER: The Business Research Company | PRODUCT CODE: 1608758
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608758
In-space manufacturing involves the production, assembly, and repair of materials, components, or entire structures within the microgravity environment of space. This capability enables the creation of spacecraft parts, satellites, and other space infrastructure directly in orbit, greatly decreasing launch costs and logistical hurdles. It plays a vital role in improving the efficiency and sustainability of space exploration, satellite deployment, and extended missions beyond Earth.
The primary product types associated with in-space manufacturing include perovskite photovoltaic cells, graphene and solid-state lithium batteries, and quantum dot displays. Perovskite photovoltaic cells are a specific type of solar cell that employs perovskite-structured compounds to convert sunlight into electricity. These cells can be utilized in various applications, both in space and on Earth. The materials used encompass metals, polymers, ceramics, and composites, which find applications in communication satellites, medical implants, scientific instruments, and automotive components. Various end-users, including commercial entities, government organizations, and military branches, benefit from these technologies.
The in-space manufacturing market research report is one of a series of new reports from The Business Research Company that provides in-space manufacturing market statistics, including in-space manufacturing industry global market size, regional shares, competitors with a in-space manufacturing market share, detailed in-space manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the in-space manufacturing industry. This in-space manufacturing research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The in-space manufacturing market size has grown exponentially in recent years. It will grow from $0.79 billion in 2023 to $0.98 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth observed in the historical period can be linked to a rising demand for space-based services, an increasing interest in space exploration, the expanding needs of the space industry, a heightened emphasis on research and development within the space sector, and a growing number of satellites.
The in-space manufacturing market size is expected to see exponential growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The anticipated growth during the forecast period can be credited to greater involvement from the private sector, heightened government initiatives, increased funding for space exploration programs, a growing interest in space tourism, and a surge in startups. Key trends expected in this period include advancements in space technology, the development of innovative materials with enhanced properties, the introduction of cutting-edge space manufacturing technologies and processes, as well as the integration of robotics and artificial intelligence (AI).
The increasing number of satellites is anticipated to drive the growth of the in-space manufacturing market in the coming years. Satellites are artificial structures deliberately placed in orbit around Earth or other celestial bodies for various purposes, including communication, weather forecasting, navigation, scientific research, Earth observation, and military applications. The surge in satellite numbers is attributed to the growing demand for global communication networks, the rollout of 5G services, climate monitoring, and disaster management. In-space manufacturing serves as a platform where satellites can perform essential tasks such as assembling, repairing, and maintaining other satellites directly in orbit, leveraging the advantages of the microgravity environment. For example, in April 2024, Slingshot Aerospace, a US-based software firm specializing in satellite tracking, space traffic coordination, and space modeling, reported that there were about 9,241 active satellites in orbit in 2023, up from 6,718 at the end of 2022. Thus, the increasing number of satellites is a significant factor driving the in-space manufacturing market.
Key players in the in-space manufacturing market are concentrating on creating innovative products, including space factories that facilitate the production of advanced materials and components in a microgravity setting, thereby improving the efficiency and capabilities of space missions. A space factory is defined as a facility or system intended for manufacturing products in space, utilizing the unique environmental conditions of outer space, such as microgravity, vacuum, and radiation. For instance, in June 2023, Varda Space Industries, Inc., a US-based company in the space industry, launched the W-Series 1 Satellite, designed to function as a space factory for pharmaceutical production. This spacecraft comprises three main components, a satellite bus, a payload module, and a reentry capsule. The mission aims to investigate the potential for manufacturing drugs in microgravity, with a particular focus on the active pharmaceutical ingredient ritonavir, which is used in HIV treatments. Once produced, the materials will be returned to Earth using Varda's reentry vehicle, capable of withstanding speeds of up to 19,000 miles per hour.
In January 2022, Blue Origin Enterprises L.P., a US-based company involved in in-space manufacturing, acquired Honeybee Robotics LLC for an undisclosed amount. This acquisition allows Blue Origin to enhance its portfolio by integrating Honeybee's expertise in delivering goods and materials within the microgravity environment of space. Honeybee Robotics LLC is a US-based firm engaged in in-space manufacturing and the development of robotic systems.
Major companies operating in the in-space manufacturing market are Airbus SAS, Northrop Grumman Corporation, Blue Origin LLC, Sierra Space Corp., Redwire Corporation, Axiom Space Inc., Astroscale Holdings Inc, Honeybee Robotics Ltd., Varda Space Industries Inc., Astrobotic Technology Inc., Nanoracks LLC, Orbit Fab Inc., Astra Space Inc., Xplore Inc., Le Verre Fluore Fiber Solutions, Global Graphene Group Inc., Allevi Inc., Nedstack Fuel Cell Technology B.V., Virgin Galactic Holdings Inc., Momentus Space Inc.
North America was the largest region in the in-space manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in-space manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the in-space manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The in-space manufacturing market consists of revenue earned by entities by providing orbital construction Services, microgravity research and development services, and refueling services. The market value includes the value of related goods sold by the service provider or included within the service offering. The in-space manufacturing market also includes sales of 3D-printed parts, optical materials, and exotic metal alloys. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
In-Space Manufacturing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on in-space manufacturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for in-space manufacturing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The in-space manufacturing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.