November 17, 2021 07:13 ET | Source: Research and Markets Research and Markets
Dublin, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The "Advanced Space Composites Market - A Global and Regional Analysis: Focus on Platform, Component, Material, Manufacturing Process, Services, and Country - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global advanced space composites market was valued at $845.7 million in 2020 and is projected to reach $2,881.9 million by 2031 at a CAGR of 11.94%.
The major driving factors for the huge revenues generated by the companies are the growing satellite launches and deep space activities, along with the rising usage of commercial off-the-shelf components.
Advanced composites offer cost-effectiveness, high strength to weight ratio, multifunctionality, and various properties in terms of thermal insulation and ablation. High modulus carbon fiber reinforced laminates are one of the majorly used composites for many composite spacecraft applications. In human crew capsules, composite panels are used to provide the thermal protection system (TPS) required for vehicle re-entry.
The temperature capability and low thermal expansion offer additional benefits by reducing the amount of TPS material required, which reduces the weight of the vehicle. Carbon fiber laminates are widely used on satellites and payload support structures. For instance, satellite bus structures are made using aluminum honeycomb sandwich panels with either carbon fiber or aluminum face sheets.
Also, high-modulus, high-thermal conductivity carbon fiber laminates with low moisture absorption resins, typically cyanate ester, are always used for manufacturing optical benches and other spacecraft structures, which must sustain dimensional stability for accuracy. These advanced composites help in maintaining extreme dimensional stability over extreme temperature when the spacecraft is in space.
Apart from this, RF reflectors and solar array substrates also use high-modulus carbon fiber laminates in order to achieve stiffness and dimensional stability.
Global Advanced Space Composites Market by Components
The commercial end users are continuously working on developing efficient and cost-effective satellites as well as developing reusable launch vehicles.
The structure component segment is expected to dominate the market during the forecast period 2021-2031. The factor contributing to this growth is the increased focus of the space companies to develop reusable launch vehicles and small launch vehicles (SLVs).
Global Advanced Space Composites Market by Region
North America is expected to dominate the global advanced space composites market during the forecast period. The factor attributing to the growth of this region is the presence of the key companies highly engaged in developing and providing advanced materials for space applications.
Additionally, the continuous technology advancement by key players in the satellite industry is another factor contributing to the growth of the market. Apart from this, the region's companies are in long-term relationships with space agencies and are engaged in programs that will propel the space sector.
Key Questions Answered in the Report
Global Advanced Space Composites Market (by Platform)
Global Advanced Space Composites Market (by Component)
Global Advanced Space Composites Market (by Material)
Analysis of Advanced Space Composites Market (by Manufacturing Process)
Global Analysis of Advanced Space Composites Market (by Service)
For more information about this report visit https://www.researchandmarkets.com/r/1nc4en