NEW YORK, Dec. 2, 2021 /PRNewswire/ -- The spacesuit market potential will grow by USD 78.39 million from 2020 to 2025, as per the latest market analysis report by Technavio. The report also predicts the market growth momentum to decelerate at a CAGR of 6.40% during the forthcoming years. The spacesuit market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.
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Market Driver Analysis
The spacesuit market report identifies the preference for advanced materials as one of the major factors driving the growth of the market. Manufacturers are using distinct types of advanced materials in the design and development of next-generation spacesuits, due to the complexity of surviving in space. In addition, the implementation of 3D printing technologies and priority for establishing enhanced connectivity systems are other crucial factors anticipated to influence the market growth positively during the forecast period.
Market Challenge Analysis
The spacesuit market is segmented by type (EVA suits and IVA suits) and geography (North America, Europe, APAC, MEA, and South America). Extravehicular activity (EVA) suits are worn by astronauts for activities outside the external environment of the spacecraft, where the astronauts are required to come out of the spacecraft. The growth in the global spacesuit market is driven by the sales of EVA suits, and the sales will continue to dominate the global market throughout the forecast period. In terms of geography, North America will generate the highest spacesuit market demand owing to the increased space-based programs in the US, Canada, and Mexico. NASA has been developing advanced spacesuits for future human-crewed space missions by collaborating with private companies like Boeing and ILC Dover to develop Tron spacesuits to enhance the deep space exploration capabilities of astronauts.
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Market Scope Analysis
The spacesuit market covers the following areas:
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Spacesuit Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 6.40%
Market growth 2021-2025
USD 78.39 million
YoY growth (%)
North America, Europe, APAC, MEA, and South America
Performing market contribution
North America at 52%
Key consumer countries
US, UK, France, China, and Japan
Leading companies, competitive strategies, consumer engagement scope
David Clark Co. Inc., Final Frontier Design, ILC Dover LP, NPP Zvezda, Oceaneering International Inc., PACIFIC SPACEFLIGHT, Raytheon Technologies Corp., Space Exploration Technologies Corp., Sure Safety (India) Ltd., and The Boeing Co.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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Key Topics Covered:
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