Expansion of space-based surveillance and intelligence services in the defense sector and the growing demand for small satellites are expected to drive the global space situational awareness market in the forecast period, 2023-2027.
According to TechSci Research report, “Space Situational Awareness Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global space situational awareness market is anticipated to witness steady growth in the forecast period, 2023-2027. An increase in the number of satellites launches into space and the integration of radio frequency with space domain awareness are the key factors driving the global market demand. Space situational awareness is defined as the process of monitoring the space weather conditions, tracking and surveillance of objects in the earth’s orbit, and detecting and tracking near-earth objects to prevent or lower the risk of collision. It is also helpful to identify the threats and risks to the country’s security by monitoring the activities carried out by different countries in terms of speed and type.
In the past few years, a number of small satellite launches have risen into the space for commercial and military applications. The rise in the number of small satellites in space is overcrowding the space, which can pose to working and life of all the satellites present in the space. Space situational awareness can help monitor and track the satellites and make the concerned authorities take appropriate steps.
However, complex regulatory requirements and their inability to detect micro-sized debris may restrain the global space situational awareness market growth in the forecast period.
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The global space situational awareness market is segmented into offering, object, end use, regional distribution, and competitive landscape.
Based on offering, the market is divided into service and software. The service segment is expected to capture the highest market share in the forecast period. The rise in the launch of satellites into space is increasing the need for surveillance and tracking operation of small satellites. Also, the development of space situational awareness tools and the expansion of the weather service networks are further expected to drive the segment demand in the coming years.
Based on the object, the market is divided into mission-related debris, rocket bodies, fragmentation debris, non-functional spacecraft, and functional spacecraft. The fragmentation debris segment is expected to account for significant market share for the next five years. This segment is gaining demand due to the continuous fragmentation of rocket bodies and spacecraft in space for some 60 years. The collision of debris with new spacecraft or rockets can be harmful and harm their functioning, which is considered undesirable. Therefore, the growing awareness of the negative effects of space debris is expected to bolster the market growth over the forecast period.
Based on end use, the market is bifurcated into commercial and, government & military. The commercial segment is expected to witness the highest growth in the forecast period owing to the rise in investments by the private players in space research and satellite communication services. Also, the need to monitor the structural integrity of nuclear power stations and the generation of real-time data for space traffic assessment and space debris are factors that are expected to fuel the segment demand over the next five years.
Major market players operating in the global space situational awareness market are:
- Lockheed Martin Corporation
- L3harris Technologies
- Kratos Defense & Security Solutions, Inc.
- Parsons Corporation
- Exoanalytic Solutions
- Schafer Corporation
- Northstar Earth & Space Inc.
- Elecnor Deimos Group
- Spacenav
- Applied Defense Solutions
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“The North American region is expected to have the dominant market share through the next five years, 2023-2027. Rise in demand for space situational awareness tools from prominent establishments like the Department of Defense and NASA to ensure safe space operations and launch more satellites into space. The entry of new market players in the space industry and the high-end investments in research and development activities to clear space debris are expected to drive the market in the forecast period. Also, growing investments for space missions, high government support, and the rise in innovation in on-orbiting and de-orbiting activities are expected to propel the growth of the global space situational awareness market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Space Situational Awareness Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027
Segmented By Offering (Service, Software), By Object (Mission Related Debris, Rocket Bodies, Fragmentation Debris, Non-Functional Spacecraft, Functional Spacecraft), By End Use (Commercial, Government & Military), and By Region”, has evaluated the future growth potential of global space situational awareness market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global space situational awareness market.
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