Aerospace and Defense

African Space Race Causes Disruptions To The Space Industry And Provides Opportunity To New Entrants

The Business Research Company’s Aerospace Support And Auxiliary Equipment Global Market Report 2021: COVID-19 Impact And Recovery To 2030

Currently, Africa’s space programs account for a very small share in the global space industry – but this is likely to change in the coming years. More than 10 African countries have successfully launched over 40 satellites into orbit since 1999. In April 2021, Nigerian analytic and consulting company, Space in Africa announced that the African Union plans to launch its continental space program soon. According to the company, 12 African countries already have space programs, while eight are developing their space programs. Space in Africa also estimates that at least 19 African countries will have launched at least one satellite into space by 2024, leading to an increase in the total number of satellites launched by African countries to over 90.[i] As a result, Africa’s space industry is estimated to increase to over $10 billion in the next five years. This provides a rare opportunity to countries and companies involved in the satellites, aerospace support and auxiliary equipment business.[ii]

As per data on the Global Market Model, the global aerospace support and auxiliary equipment market is expected to grow from $26.99 billion in 2020 to $28.22 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $32.86 billion in 2025 at a CAGR of 4%.

The major players covered in the global aerospace support and auxiliary equipment market are Lockheed Martin, Northrop Grumman, Raytheon, Reutech Radar Systems, Rockwell Collins.

Asia Pacific is the largest region in the global aerospace support and auxiliary equipment market, accounting for 37% of the market in 2020. North America is the second largest region, accounting for 23% of the global aerospace support and auxiliary equipment market. Africa is currently the smallest region in the global aerospace support and auxiliary equipment market.

The Aerospace Support And Auxiliary Equipment Global Market Report is one of a series of new reports from The Business Research Company that provides aerospace support and auxiliary equipment market overviews, analyzes and forecasts aerospace support and auxiliary equipment market size, share, aerospace support and auxiliary equipment market players, aerospace support and auxiliary equipment market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About The Author

Manish has around eight years of experience in consulting and market research. Prior to joining TBRC, he worked with consulting firm GlobalData and Synchrony Financial. At TBRC, he heads the consulting team for the Manufacturing and Services sectors and is involved in managing various qualitative and quantitative market research projects, providing recommendations to help clients achieve their growth objectives. He has worked for clients such as Sony, Honda, Hitachi, Fujitsu, Toshiba, Kobe Steel, Total, Kyocera, JCOAL, JETRO, and BASF. Some key projects he was involved in include Compressors, Water Pumps, Industrial Air Dryers, BLDC Motors, Electric Furnace Steel, Thermoplastic Sheets, and Medical Printers. He has a bachelor’s degree in Mechanical Engineering from NIT Allahabad.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

 

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[i] https://warontherocks.com/2020/06/is-the-united-states-losing-the-african-space-race/

[ii] https://issafrica.org/iss-today/africa-cant-stay-out-of-the-space-race

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