Market study: Mega-trends in connectivity, surveillance will boost space tech to 2030 and beyond
SANTA CLARA, Calif. A new market study by Frost & Sullivan, "The Future of Space, 2030 and Beyond," predicts that space technology will grow at such a pace that by 2030, more than 13,000 satellites will be launched, more than 60 new players will enter the upstream market, and over 130 players will be active in the downstream market.
The analysis forecasts that advancements in innovation, less expensive hardware, and small-form-factor sensors and payloads will drive the expected growth in the next-generation space market, generating new kinds of business models and as-yet-untapped revenue streams.
“With over 8,500 small satellites due for launch by 2030, it is clear that space traffic-management services will be an essential utility by 2020, with integrator platforms delivering insights via web-based services,” said Arun Kumar Sampathkumar, aerospace team leader at Frost & Sullivan. “With potentially 80 billion connected devices brought together by over 30 operations launching more than 980 satellite missions, the space value chain is set to experience significant change with new entrants, innovative business models, and varied market positions dynamically disrupting the status quo.”
The space industry will play a key role in the internet of things (IoT) boom, says Sampathkumar: “The space industry will play a key role by providing seamless connectivity and remote sensing capabilities which will be a critical ingredient in the realization of smaller IoT systems which over time will evolve into an 'internet of everything' (IoE) trend, bringing together technologies that otherwise were never considered worthy of integration in the past. The impact of space industry in the IoE domain will be first realized in the commercial world, and the military world will quickly adapt the same, enabling more commercial opportunities in the military markets.”
The report also covers key industry disruptions, innovations and trends within satellite manufacturing, launch services, satellite operations, downstream services, and deep-space mission domains.
For more information on the market study please visit Frost & Sullivan's website.