The space suits market size was valued at USD 123.72 million in 2021 and is projected to reach a valuation of USD 150.5 million in 2022. The market is expected to reach USD 1,576.3 million by 2030 with a CAGR of 34.13% during the forecast period. The development of lightweight suits with new features is projected to open a new set of opportunities to drive the market growth. IVA suits are used by astronauts on spaceflights, which is anticipated to propel the market course. Rising demand for crewed commercial spaceflights is projected to assist in market development. Fortune Business Insights™ shares this information in its report titled “Space Suits Market, 2022-2029.”
Decline in the Space Budget Negatively Affected Market Growth
The COVID-19 pandemic affected the space industry and its supporting markets. There was a decline in the space budget due to which many projects were delayed. For example, during FY 20-21, the Indian Space Research Organization (ISRO) observed a decline of about 26% in actual budget allocation compared to the previous year. For example, NASA has given a contract worth USD 3.5 billion to Axiom Space, Collins Aerospace, and other companies for the development for new EVA space suit for Moon mission.
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Various Benefits of Hard and Soft Suits to Support Hybrid Suits Segment
Based on type, the market is segmented into soft suits, hard suits, hybrid suits, and skintight suits. Hybrid suits segment accounted for the largest part due to enhancing nature and offering the advantages of both soft and hard suits. Soft suits segment is expected to have the second highest market share due to increasing sub-orbital commercial space flight.
Due to Rising Number of Commercial Spaceflights, IVA to Lead the Segment
On the basis of application, the market is categorized into Intravehicular Activity (IVA) and Extravehicular Activity (EVA). IVA segment is anticipated to be the fastest growing segment due to the mounting number of commercial spaceflights offered by private organizations such as SpaceX, Blue Origin, Boeing, Virgin Galactic, and many more.
Due to Rising Demand for Space Missions, Refurbished Segment to Head
On the basis of product, the market is divided into new space suits and refurbished. Refurbished segment is anticipated to govern the market during the study period due to high costs of new suits. New space suits are also estimated to grow due to higher investments in space missions from countries such as the U.S., China, India, Canada, Israel, and the UAE.
Rising Demand for Lightweight Space Suits to Catalyze the Growth of the up to 50 Kg Segment
By weight, the market is categorized into up to 50kg, 50 to 100kg, and above 100 kg. Recent developments in commercial space flights have led to the increased demand for intravehicular space suits, which ultimately propelled the growth of the suits up to 50kg.
Geographically, the global market is studied across the U.S., Russia, China, Europe, Japan, and the rest of the world
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Number of Investments to Drive Market Progress
Increasing number of investments in space agencies, such as NASA, ESA, and ISRO, for the development of reliable space technologies for commercial applications is anticipated to drive the space suits market growth. SpaceX, one of the leading agencies in the space industry, has reduced the cost of launch and promoted crew spaceflight. Other private players, such as Boeing, Blue Origin, Virgin Galactic, and many more, have announced to provide space tourism in the coming years, which is set to propel market growth. In Asia Pacific, the China National Space Administration (CNSA) has increased the number of crewed space missions since 2020 for the development of Tiangong space station.
However, costly maintenance expenses of the suits are anticipated to obstruct the market growth.
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U.S. to Lead the Market Due to Upcoming Moon Missions
The U.S. is expected to dominate the space suits market share due to the forthcoming moon missions called Artemis and space tourism activities sponsored by private American companies. The market stood at USD 50.4 million as the product is used in various spacecraft activities.
China is predicted to have the fastest CAGR in the forecast period due to the expansion of a space station by 2024. The companies in the region have announced the start of space tourism by 2025.
The rest of the world has been focusing on various mission and projects. ISRO is planning to send its first manned space mission by 2024. The UAE is also targeting to launch the first woman in space by 2023.
Collaboration Strategies by Key Players to Progress Market Growth
Collaboration strategies by the market players are projected to progress market growth. The presence of major market players, such as David Clark Company, ILC Dover, and Collins Aerospace, has led to market growth. In May 2022, Boeing selected ILC Dover for the supply of spacesuit for Boeing’s commercial crew program called Starliner.
List of Key Players Profiled in the Report
- Axiom Space (U.S.)
- Barber-Nichols (U.S.)
- Collins Aerospace (U.S.)
- David Clark Company (U.S.)
- Creare (U.S.)
- ILC Dover (U.S.)
- KBR Inc. (U.S.)
- Oceaneering International (U.S.)
- Paragon Space Development Corporation (U.S.)
- Vinyl Technology Inc. (U.S.)
Key Industry Development
- June 2022- NASA selected Collins Aerospace to develop a new generation space suit for extravehicular activities in space. Collins Aerospace will collaborate with ILC Dover and Oceaneering for developing a new EVA suit for NASA.
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