Space Sensors Market to Grow at a CAGR of 7.2% During 2024-2032; Increasing Number of Space Exploration Missions to Drive Market Growth

The global space sensors market size was valued at USD 6.19 billion in 2023. The market is projected to grow from USD 7.44 billion in 2024 to USD 13.02 billion by 2032, exhibiting a CAGR of 7.2% over the forecast period. 

Fortune Business Insights™ presents this information in its report titled, “Space Sensors Market Size, Share & Industry Analysis, By Type (IMU Sensors, GPS Sensors, Star Sensors, Optical Sensors, Synthetic Aperture Radar Sensors, Temperature Sensors, Vibration Sensors, Pressure Sensors, Gas Sensors, and Others), By Platform (Satellite, Launch Vehicle, Rover, and Testing Probes & Space Station), By End-User (Civil, Commercial, and Defense), and Regional Forecast, 2024-2032”.

Space sensors are instruments used in space missions to observe and collect valuable data on Earth, spacecraft, environment, and celestial bodies. These sensors are useful for monitoring, scientific research, and exploration. The different types of sensors include infrared and optical sensors, star detectors, IMU devices, radars, GPS trackers, and others. The growing number of space exploration missions by many countries is anticipated to drive market expansion.

The COVID-19 pandemic negatively impacted the market for space sensors due to disruptions in the supply chain, which affected the manufacturing and distribution of space-based sensors.

Innovative Rocket Technologies Inc. (iRocket) and U.S. Space Systems Command (SSC) Partnered to Develop Highly Reusable Rocket Engine

Innovative Rocket Technologies Inc. (iRocket) signed a U.S. Space Force contract in June 2023 with the U.S. Space Systems Command (SSC) to develop their highly reusable rocket engine. As part of the contract, the company will perform a static fire test for 120-180 seconds to demonstrate its engine that runs on a combination of methane fuel and liquid oxygen (LOX).       

Growing Satellite Constellations to Propel Market Expansion

The existing or new satellite constellations are offering benefits to several sectors, including navigation, weather monitoring and Earth observation, telecommunications, and the Internet of Things, to boost the space sensors market growth. For instance, according to the U.S. Government Accountability Office (U.S. GAO), in September 2022, the number of active satellites increased in recent years and then increased from 1,400 in 2015 to 5,500 by 2022 spring.

However, environmental conditions, such as strong radiation and temperature changes, may hinder market expansion.

Growing Focus of Key Players on Technological Advancements to Propel Market Expansion

In terms of the competitive landscape, the market consists of leading market players, such as ABB, Safran, Honeywell Technologies Inc., and others. The growing focus of these key players on technological advancements, mergers, acquisitions, and product innovations to gain competitive advantage drives the space sensors market growth.

Notable Industry Development

• January 2024 – Lockheed Martin has won a contract from the Space Development Agency, Inc. (SDA) to construct 18 space vehicles as part of the Tranche 2 Tracing layer constellation. The company will deliver 16 wide field-of-view missile warning/missile defense infrared sensors that create fire control-quality tracks to deliver preliminary missile defense mission capabilities.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/space-sensors-market-105871

List of the Companies Profiled in the Report:

• ABB Ltd. (Switzerland)


• Airbus S.A.S (Netherlands)


• Ametek Inc. (U.S.)


• L3Harris Technologies Inc. (U.S.)


• Safran S.A. (France)


• Honeywell International Inc. (U.S.)


• InnaLabs Ltd. (Ireland)


• Raytheon Technologies Corporation (U.S.)


• TE Connectivity (Switzerland)


• Teledyne Technologies Inc. (U.S.)

Further Report Findings:

• North America accounts for the largest space sensors market share owing to the increasing investment activities by the private players, such as Blue Origin and SpaceX, and the government.


• Growing investments from leading technological economies in space exploration missions will propel market growth in Asia Pacific.


• Europe is anticipated to witness significant growth during the projected period due to the increasing demand for technologically advanced technology in the region.


• Latin America is expected to witness significant growth during the forecast period owing to the rise in space launch services contracts in Colombia, Argentina, Brazil, and Colombia.

Table of Segmentation: