ADVANCED SPACE COMPOSITES INDUSTRY IN BRIEF:
Composites have been employed in space applications for decades, and their application continues to grow. Composite applications can be seen on human spaceflight vehicles, satellites and payloads, and the launch vehicles used for space transportation. Composites in spacecrafts have proven to be successful and valuable when the mission requires the spacecraft to be lightweight and have environmental stability. In addition, advanced composites are majorly used in launch vehicles for a growing number of applications. For instance, solid rocket motors and pressure vessels, which are used for fuel and gas storage, are usually reinforced with advanced composites such as carbon fiber reinforced composite. Composites have become a requirement for ablative and other high-temperature components in rocket motor nozzles and re-entry heat shields.
Advanced composites offer cost-effectiveness, ease of process ability, high strength to weight ratio, multi-functionality, and diverse properties in terms of thermal insulation and ablation. High modulus carbon fiber reinforced laminates are one of the majorly used for many composite spacecraft applications. In human crew capsules, composite panels are used to provide for the thermal protection system (TPS) required for vehicle re-entry. The temperature capability and low thermal expansion offer additional benefits by reducing the amount of TPS material required, which reduces the weight of the vehicle.
Additionally, there are several factors that are contributing to the significant growth of the global advanced space composites industry. Some of these factors include increasing deployment of growing satellite launches and deep space activities, rising demand for radiation hardened electronics in the communication satellite segment, advancement in 3D printing technology for the space industry, and adoption of new materials to manufacture space products.
ADVANCED SPACE COMPOSITES INDUSTRY OVERVIEW:
The global advanced space composites industry was valued at $845.7 million in 2020 and is projected to reach $2,881.9 million by 2031 at a CAGR of 11.94%. The major driving factors for the huge revenues generated by the companies are the growing satellite launches and deep space activities, along with the rising usage of commercial off-the-shelf components.
NORTH AMERICA TO DOMINATE THE GLOBAL ADVANCED SPACE COMPOSITES INDUSTRY:
North America is expected to dominate the global advanced space composites industry during the forecast period. The factor attributing to the growth of this region is the presence of the key companies highly engaged in developing and engaged in providing advanced materials for space applications. Additionally, the continuous technology advancement by key players in the satellite industry is another factor contributing to the growth of the market. Apart from this, the region’s companies are in long term relationships with space agencies and are engaged in programs that will propel the space sector in the region.
ABOUT INDUSTRY RESEARCH:
The space industry is continuously innovating and developing advanced technologies with the objective of enhancing space capabilities. Hence, the industry is developing enhanced satellite systems as well as technologically advanced components that will enhance the performance of the satellites.
The advanced space composites industry research study offers a broad perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
KEY QUESTIONS ANSWERED BY THIS REPORT:
§ What are the underlying structures resulting in the emerging trends within the global advanced space composites market?
§ What is the scope for new original equipment manufacturers (OEMs) and other players to enter the market?
§ What are the driving and challenging factors that are attributing to the growth of the advanced space composites market?
§ Which application and end user are expected to be leading the advanced space composites market by 2031?
§ What was the market value of the regions in the advanced space composites market in 2020, and how is the market estimated to grow during the forecast period 2021-2031?
§ What are the R&D initiatives and investment scenarios in the advanced space composites industry?
§ How is the industry expected to evolve during the forecast period 2021-2031?
§ What are the key developmental strategies that are implemented by the key players to sustain the competitive market?
WHY THIS REPORT IS VALUABLE TO YOU:
The report is a compilation of various segmentations, including market breakdown by application, product, and region. The report highlights the key driving and restraining forces for the market as well as the opportunities in different applications across the leading countries. In the extensive primary research process undertaken for this study, the sources include industry experts and key executives from prominent companies and organizations across the advanced space composites supply chain.
The report also provides a country-based analysis for all the leading countries in every region, including the U.S., the U.K., China, Japan, Canada, India, France, and Germany, among others. Each regional analysis details an individual push-and-pull force, in addition to the key players and applications in that region.
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