Deep Space Exploration and Technology Market to Grow at a CAGR of 6.42% Between 2020 to 2030

FREMONT, Calif. - May 17, 2021 - PRLog -- The deep space exploration and technology market is one of the emerging space industries, which is expected to witness numerous developments in the coming years. Since the past three decades, space agencies such as the National Aeronautics and Space Administration (NASA) and European Space Agency (ESA) have carried out numerous uncrewed missions not only to the International Space Station (ISS) but to different planets in the solar system, whereas the number of crewed missions beyond the ISS is comparatively less. In line with deep space exploration missions, the space industry aims to carry out more human spaceflight missions.

The space sector has been undergoing numerous developments since the past years, due to several factors such as cost effective systems due to technological advances, increasing private investments by emerging players in the industry, increasing need for better communication and connectivity. Moreover, the increased application of space technologies for investigation on weather, surveillance for the military sector, and real-time imaging requirements by different sectors are also leading to the evolution of the space industry. In order to cater to the aforementioned applications, an increase in the number of satellites are launched every year.

Deep space exploration includes both planetary explorations as well as human spaceflight and habitation explorations. Both these explorations require extensive support of various systems such as robotic systems to conduct various scientific investigations. The objectives for conducting deep space exploration is to expand human presence into space, increase planetary exploration capabilities, increase the ability to deploy assets and resources, support astronauts during space missions, and enhance effectiveness of human operations.

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The deep space exploration and technology market is expected to showcase a significant growth during the forecast period 2020-2030. Factors attributing to the growth of the market include increasing space budgets by various government agencies, rising demand for deep space exploration small satellites, emergence of private players in the space sector, and huge investments made by them. However, the market is also facing a challenge wherein the cost associated with deep space exploration systems is high.

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