Spacesuit Market – Swot Analysis by Share, Size, Current and Future Trends, Leading Players, Industry Segments and Regional Forecast
Global Spacesuit Market: Information by Application (Intravehicular Activity [IVA], Extravehicular Activity [EVA]), Design (Soft Suit, Hard-Shell Suit, Others), and Region (North America, Europe, Asia-Pacific, Rest of the World)—Forecast till 2023
Pune, India – June 11, 2019 /MarketersMedia/ —
Factors such as the development of lightweight spacesuits and rise in space exploration missions are driving the growth of the market. However, the high cost of spacesuits is expected to restrain market growth during the forecast period.
Segmental Analysis:
Extensive research has been conducted on the global spacesuit market, which has been segmented by application and design.
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Based on application, the global spacesuit market has been segmented into intravehicular activity (IVA) and extravehicular activity (EVA). The intravehicular activity (IVA) segment is expected to the larger market whereas the extravehicular activity (EVA) segment is projected to register the higher CAGR during the forecast period.
By design, the global spacesuit market has been classified as soft suit, hard-shell suit, hybrid suit, and skin-tight suit. The soft suit segment is expected to be the largest and exhibit a CAGR of 8.43% during the forecast period.
Key Developments:
• In June 2018, NASA signed a contract with Final Frontier Design to develop a low-cost personal life support system for spacesuits that would use commercial off-the-shelf components and be discarded after use.
• In December 2017, Starfighters Aerospace (SFA) and Final Frontier Design (FFD) signed an agreement to provide the system definition review and integration of a spacesuit with the F-104 Starfighter aircraft.
• In April 2017, Oceaneering developed the third prototype of a constellation spacesuit for NASA.
Regional Analysis:
The global spacesuit market has been studied for four key regions—North America, Europe, Asia-Pacific, the rest of the world.
Asia-Pacific would be the fastest-growing market during the forecast period. The increasing participation in space-based programs by countries such as China, India, and Japan are propelling market growth in Asia-Pacific.
The European market comprises Russia, Germany, the UK, France, and the rest of Europe. Russia has made a major contribution to space missions and technologies. Growing government initiatives for space programs are driving the growth of the Russian market.
The Rest of the World comprises the Middle East & Africa and Latin America. The market in the Middle East & Africa is expected to register the higher CAGR during the forecast period. Saudi Arabia and the UAE are expected to be the major markets for spacesuits in the Middle East & Africa. due to the rising number of trails for spacesuits.
Competitive Analysis:
The prominent players in the global spacesuit market are Collins Aerospace (US), SpaceX (US), NPP Zvezda AO (Russia), Final Frontier Design (US), Sure Safety India Ltd (India), Garrett AiResearch (US), Boeing (US), David Clark Company (US), and Oceaneering (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
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