Deep Space Exploration and Technology Market to Grow at a CAGR of 6.42% from 2020 to 2030
The global deep space exploration and technology market is gaining widespread importance owing to increasing efforts from the national space agencies.
By: BIS Research
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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.
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.
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The deep space exploration and technology market has witnessed different market dynamics across various regions of the globe. Moreover, majority of the prominent space companies manufacturing systems and technology are based in this region. The following figure represents the global deep space exploration and technology market by region. It includes North America, Europe, Asia-Pacific, and Rest-of-the-