Deep space exploration encompasses exploration missions beyond Earth’s low orbit (LEO). These explorations are majorly planetary exploration missions such as explorations on the moon, Mars, Jupiter and its moons, Saturn and its moons, the Sun and asteroids. One of main objective of these missions to conduct detailed study of these planets and understand their characteristics as well as their atmosphere properties. Another major objective is to study the possibility of sustaining life on these planets, specifically the moon and Mars as the space agencies are focusing on permanent human habitation on these planets.
In line with deep space exploration objectives, the space agencies in collaboration with each other as well as educational institutes have planned several missions that will be launched from 2020-2030. There have been various developments such as spacecraft developments, landers and other space probes that are currently being developed that will support deep space explorations.
The deep space exploration is a major focus area for all the national space agencies as well as the private entities in the space sector. For achieving and conducting deep space missions, various technology mode are required. Technology modes allow the conduction of scientific explorations, wherein they aid in collecting data as well as carrying out detailed investigations of the planet or the galaxy they are specifically intended to. Moreover, technology modes help in the transportation of cargo and crew members to space.
The deep space exploration and technology market has witnessed different market dynamics across various regions of the globe. Moreover, majority of the prominent space companies manufacturing systems and technology are based in this region. Deep space exploration is one of the emerging space activities with the leading players actively partnering with each other to support various missions. Key players that are actively participating in the deep space exploration and technology market are Airbus Defence & Space, Lockheed Martin, Boeing, Northrop Grumman, Thales Alenia Space, MAXAR Technologies, Sierra Nevada Corporation, SpaceX, Astrobotic, and Blue Origin, among others.
Prominent players in the deep space exploration and technology market adopted strategies of contracts, partnerships, agreements, and acquisitions to carry out increased number of missions. Partnerships, contracts, and agreements are being majorly adopted by the key players of the market. The reason for this is to develop technological capabilities that can support deep space exploration missions. Companies are also adopting the acquisitions strategy so as to widen their product capabilities.
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Most countries such as the U.S., China, Russia, France, and Japan are focusing to invest more on their various space programs. The global government space budget expenditure reached $XX billion in 2018 and is anticipated to grow to $XX billion by 2025. Furthermore, the U.S. is still the world’s major investor in space programs, followed by China, Russia, France, and Japan. The U.S. budget for space in 2018 was $XX billion. Moreover, China’s estimated budget was $XX billion, as it focuses on commercialization and internationalization of its space sector. One of the major factors driving the increase in the global space budget is the increasing investment made by leading space industry players in science, exploration, and manned flight.
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