Spacesuit Market Revenue Growth Predicted by 2025
Commercial space travel concept is among the key trend that is expected to transform the industry landscape over the next decade. For instance, In May 2014, U.S. space travel agency has partnered with a Japanese advertisement agency for endorsing its future spaceflight missions. Commercial space travel offering companies will make efforts to distinguish themselves by offering their products based on better capabilities, aesthetics, and comfort. These factors will drive the demands for commercial grade suits and fuel the spacesuit market growth over the forecast period.
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Spacesuit market primarily caters to the limited list of space agencies such as Russian Space Agency (ROSCOSMOS) and National Aeronautics and Space Administration (NASA) that utilize these products for the astronaut survival in the outer space. These also find significant application for the crew members inside the spacecraft to ensure safety mechanism in the event of loss of the cabin pressure. According to Coherent Market Insights, the business can be largely characterized low volume and high margin industry.
Difficulty in surviving in space owing to substantially different conditions is the primary growth driver of the industry
Utilization of distinct advanced materials in the designing and development for next generation suits, such as urethane-coated nylon, Dacron, Neoprene, aluminized Mylar, Gortex, Kevlar and Nomex, to enable living in space have gained significant traction as the key industry trends. These materials enhance the strength, reduce overall weights, and enable the required sustenance of pressure and air. Moreover, participants are increasingly focusing on development of more innovative materials to differentiate their portfolio from the competitors and provide tailored solutions with enhanced safety and versatility for the end users.
EVA segment dominated the global industry share in 2016, owing to its necessary applications in the space
These dominated the industry share by value primarily owing to the significant usage of these suits for the examination and research operations. Moreover, these form necessary inclusions in the space missions owing to probability of damage owing to orbiting space debris. Owing to these requirements, EVA segment application is anticipated to continue its dominance over the forecast period.
U.S. is expected to continue to dominate the global industry share owing to significant advancement and large number of space related operations taking place in the country. Other countries that include Russia, China, Japan, and India are expected to highly contribute to the global demands over the next few years. High involvement of countries in various space programs such as the launch of satellites and the availability of potential opportunities to provide low-cost space missions, will propel the growth of the spacesuit market.
Industry is largely characterized by the fragmented industry share owing to number of players sharing the industry share. According to our analysis, the intensive competition is expected to be largely characterized by the substantial development of new materials, low overall weights, and high reliability of the suits. Advent of commercial space companies further alleviate the competition and will drive the innovation in shortening the design cycles, computer simulations, 3D printing, and product durability. Chief industry participants in the industry include Boeing, ILC Dover, David Clark, Oceaneering International, NPP Zvezda, Final Frontier Design, Pacific Spaceflight, Austrian Space Forum (OeWF), and UTC Aerospace Systems.
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