According to the Market Statsville Group (MSG), the Global Advanced Space Composites Market Size is anticipated to grow at a CAGR of 9.55% during the forecast period, to reach USD 2.75 Billion by 2030 from USD 1.15 Billion in 2022.
Several factors contribute to the growth of the advanced space composites market. Technologies such as reusable launch vehicle systems, on-orbit manufacturing technologies, and upcoming space stations and habitats have the potential to further the use of advanced composites for space applications. The advanced space composites market companies are highly engaged in research and development initiatives. They have been investing in developing innovative technologies to enhance space systems.
Advanced composites offer cost-effectiveness, ease of processability, high strength-to-weight ratio, multi-functionality, and various properties in thermal insulation and ablation. High-modulus carbon fiber reinforced laminates are majorly used for many composite spacecraft applications. In human crew capsules, composite panels provide 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 and reducing the vehicle's weight. Carbon fiber laminates are widely used on satellites and payload support structures. For instance, satellite bus structures are made using aluminum honeycomb sandwich panels with carbon fiber or aluminum face sheets. Also, high-modulus, high-thermal conductivity carbon fiber laminates with low moisture absorption resins, typically cyanate ester, are always used for manufacturing optical benches and other spacecraft structures, which must sustain dimensional stability for accuracy. These advanced composites help maintain extreme dimensional stability over extreme temperatures when the spacecraft is in space. Besides this, RF reflectors and solar array substrates also use high-modulus carbon fiber laminates to achieve stiffness and dimensional stability.
Global Advanced Space Composites Market Definition
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 spacecraft have proven successful and valuable when the mission requires the spacecraft to be lightweight and have environmental stability. In addition, advanced composites are used in launch vehicles for many applications. For instance, solid rocket motors and pressure vessels 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.
The space sector has entered a new phase wherein space exploration and on-orbit capabilities are the major focus. For instance, the U.S. is focusing on its return to the moon by the U.S. astronauts by 2024. It has announced a 2021 budget of more than $25 billion for the National Aeronautics and Space Administration’s (NASA) human space exploration program. Additionally, NASA has current and forthcoming missions to study our solar system, from the sun to the icy moons of the outermost planets and beyond.
Numerous countries have launched small satellite constellations and deep space missions for real-time Earth observation, navigation, tracking and monitoring, and global internet coverage. There is an extensive demand for satellite constellations in the market owing to the increasing need for faster, reliable, and efficient real-time tracking and monitoring systems for cargos, ships, etc., and Earth observation (EO).
As per the Union of Concerned Scientists (UCS), more than 1,100 satellites will be launched in 2020. These small satellites were launched for commercial, government, and military applications. It is expected that large satellites may be gradually replaced with a cluster of small satellites in a single orbital location. Once the technology becomes available, small satellite constellation systems can perform better, lower launch costs, and operate equivalent to conventional satellite systems. This is expected to enhance the global advanced space composites market during the forecast period.
These small satellites are also paving the way for low-cost deep space exploration. In addition, small satellites can be customized through artificial intelligence (AI) for remote sensing and deep space exploration missions.
3D printing or additive manufacturing is revolutionizing the SLV industry by reducing the materialism time and cost of the vehicle. 3D printing technology uses lighter materials, such as thermoplastic, composites, and metal alloys. It has high corrosive and wears strength, making it suitable for its effective incorporation in the space launch industry. 3D printing helps develop robust and high-performing rocket parts, which offer improvements over traditional manufacturing methods. Companies are developing and adopting rocket engines based on 3D printing technology.
Advanced Center for Aerospace Technology (CATEC), a working arm of the Andalusian Foundation for Aerospace Development (FADA), is expected to add artificial intelligence and neural networks to manufacture more efficient thrust chambers. Thus, continuous developments in 3D printing technology for space components are expected to act as a lucrative opportunity for the market during the forecast period 2021-2031.
This research report categorizes advanced space composites market as a market-based material, services, orbits, verticals, and regions. Based on a geographical standpoint, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa (MEA).
By Component Type (Sales, USD Million, 2017-2030)
By Material Type (Sales, USD Million, 2017-2030)
By Manufacturing Process (Sales, USD Million, 2017-2030)
By Service (Sales, USD Million, 2017-2030)
The commercial end users are continuously working on developing efficient and cost-effective satellites and reusable launch vehicles. The structure component segment is expected to dominate the market during the forecast period from 2021 to 2031. The factor contributing to this growth is space companies' increased focus on developing reusable and small launch vehicles (SLVs).
North America Expected to Dominate the Global Share of the Advanced Space Composites Market
Having the greatest number of satellites from the region, especially from the U.S., the Space Liability Convention clearly states that the USA responsible for the launch of the satellite will be held responsible for any damage caused by the space component. As of 2021, the United States Space Surveillance Network was tracking more than 15,000 pieces of space debris larger than 100 mm across orbit. It is projected that there are about 2 million pieces between 10 and 100 mm across and that there could be millions of debris pieces smaller than 10 mm. The factors include the increasing regulations from various international space agencies, such as the Inter-Agency Space Debris Coordination Committee, and national space agencies, such as the Federal Communication Commission of the U.S., which have been making recommendations and regulations for the satellite manufacturers to make sure that they won’t increase the existing debris problem. The North American region will likely hold the major market share during the forecast period.
The global advanced space composites market is highly competitive, with key industry players adopting new material development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market industries focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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