Global Spacesuit Market 2017-2021
Spacesuits are worn by astronauts in outer space for keeping themselves alive in space. They are also worn by the crew members inside a spacecraft as a safety mechanism in case of loss of cabin pressure. The global spacesuit market is significantly consolidated with the presence of a limited number of vendors and buyers, where National Aeronautics and Space Administration (NASA) and ROSCOSMOS (Russian Space Agency) are the major end-users of spacesuits. Therefore, the established vendors restrict new players from venturing into the niche market.
Technavio’s analysts forecast the global spacesuit market to grow at a CAGR of 7.21% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global spacesuit market for 2017-2021. To calculate the market size, the report considers the unit sales of spacesuits in the base and projected years.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Spacesuit Market 2017-2021
Technavio recognizes the following companies as the key players in the global spacesuit market: Boeing, David Clark, ILC Dover, NPP Zvezda, and Oceaneering International.
Other Prominent Vendors in the market are: Austrian Space Forum (OeWF), Final Frontier Design, Pacific Spaceflight, and UTC Aerospace Systems.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is investments in development of wearable tech glasses. There has been a growing preference for incorporating smart technology or augmented reality solutions in many of the aerospace and defense applications. Likewise, space agencies have prioritized development efforts with regard to the aforementioned technologies.”
According to the report, one of the major drivers for this market is implementation of 3D printing technologies. 3D printing manufacturing refers to the process of synthesizing successive layers of materials with the support of computerized control technology to create an object or component. This process enables manufacturers to produce small and micro-components of almost any shape or size. It also allows manufacturers to reduce the overall weight of the components, substantially trimming down the overall weight of the spacesuit. This innovative printing method is cost-efficient and induces just-in-time (JIT) manufacturing of materials. It also permits quick designing and rapid changes of internal features of the parts and components, which are possible with traditional manufacturing methods.
Further, the report states that one of the major factors hindering the growth of this market is high development costs. More manned missions to space create more demand for space and pressure suits. However, with the growing demand, the producers will be challenged by high development costs. Since 2011, spacesuits have undergone significant changes in materials and performance but had not undergone any major changes in terms of design. Therefore, to focus on future spacesuit design elements, vendors are often being challenged by increased costs, resulting in higher risk association in events where manned missions get suspended or delayed.
Boeing, David Clark, ILC Dover, NPP Zvezda, Oceaneering International, Austrian Space Forum (OeWF), Final Frontier Design, Pacific Spaceflight, and UTC Aerospace Systems.