The deep space exploration and technology market is segregated by region under four major regions, namely North America, Europe, APAC, and Rest-of-the-World. Data for each of these regions (by country) is provided in the market study.

Deep Space Exploration and Technology Market report by BIS Research projects the market to grow at a CAGR of 6.42% on the basis of value during the forecast period from 2020 to 2030. North America is expected to dominate the global deep space exploration and technology market with an estimated share of 62.45% in 2020.

North America, including major countries such as the U.S., is the most prominent region for the deep space exploration and technology market. In North America, the U.S. is estimated to account for a major market share in 2020 due to the rising number of space exploration missions led by the country.

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The space sector has been undergoing numerous developments since the past years, due to several factors such as cost-effective systems due to technological advances, increasing private investments by emerging players in the industry, increasing need for better communication and connectivity. Moreover, the increased application of space technologies for investigation on weather, surveillance for the military sector, and real-time imaging requirements by different sectors are also leading to the evolution of the space industry.

To cater to the applications mentioned above, an increase in the number of satellites is launched every year. For the same, the industry has also witnessed a demand for small satellites, which allow for enhanced operations as well as cost-effective missions.

In addition to this, upgraded launch vehicles with heavy lift capabilities are being developed.

Major space agencies, as well as private space companies, are focused on developing reusable launch vehicles, which can provide cost-efficiency as well as reduce space debris. Prominent space agencies such as the National Aeronautics and Space Administration (NASA), European Space Agency (ESA), China National Space Administration (CNSA), Japan Aerospace Exploration Agency (JAXA), Roscosmos State Corporation for Space Activities (Russian Space Agency) and the Indian Space Research Organisation (ISRO) are looking toward the development of earth independence which includes human presence beyond low Earth orbit and cislunar space and onto Mars.

A deep space exploration mission ranges from two to three years with a safe return of the crew to Earth.

Deep space exploration missions require enhanced subsystems, which aid in propelling the system into space, navigate through space among the space debris as well as on the planetary surface, and maintain contact with the space stations or the space ground stations. The leading space centers are focused on developing advanced in-space propulsion technologies that can aid satellites, spacecraft, and other interplanetary vehicles.

They also focus on the development of an enhanced propulsion system that can support not only space missions to the ISS but also the planetary missions and other deep space explorations. The command and control system enables the spacecraft to connect with the space ground stations as well as provide critical data of its mission.

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In various deep space exploration missions planned to be launched from 2020, the navigation and guidance system proves to be an integral part, as it requires high-precision tracking and guidance. Significant technological advancements in this area include the development of Deep Space Atomic Clock (DSAC), Deep Space Positioning System (DPS), and autonomous navigation using artificial intelligence (AI).

These developments are expected to help in mitigating any small navigational error so that the spacecraft reach their intended destination and successfully carry out their space operations.

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Deep Space Exploration and Technology Market to grow at a CAGR of 6.42% during the forecast period from 2020 to 2030 - WhaTech