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Space Debris Monitoring and Removal Market Size Hit USD 1,527.7 Million by 2029 | Space Debris Monitoring and Removal Industry CAGR 7.15%

Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the Global Space Debris Monitoring and Removal Market Size is projected to reach USD 1,527.7 million by 2029, at CAGR of 7.15% during forecast period 2021-2029 | Growing Number of Satellite Launches and Space Exploration Activities to Augment Demand

Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global space debris monitoring and removal market size was valued at USD 866.4 million in 2021. The market is projected to grow from USD 942.3 million in 2022 to USD 1,527.7 million by 2029, exhibiting a CAGR of 7.15% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, “Space Debris Monitoring and Removal Market 2022-2029.”

Report Coverage:

The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the space debris monitoring and removal market growth.

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List of Key Players Mentioned in the Space Debris Monitoring and Removal Market Report:

• Airbus S.A.S (Netherlands)

• Astroscale (Netherlands)

• Clear Space (Switzerland)

• Electro Optic Systems (Australia)

• Lockheed Martin Corporation (U.S.)

• Northrop Grumman Corporation (U.S.)

• Orbit Guardians (U.S.)

• Obruta (Canada)

• Share my space (France)

• Voyager Space Holdings Inc. (U.S.)

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2022-2029

Forecast CAGR

7.15%

2029 Value Projection

USD 1,527.7 million

Base Year

2021

Historical Data

2018-2020

No. of Pages

200

Segments Covered

By Orbit Type, By Type, By End User

Space Debris Monitoring and Removal Market Growth Drivers

Growing Number of Satellite Launches and Space Exploration Activities to Augment Demand

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/space-debris-monitoring-and-removal-market-104070

Segments:

Space Debris Removal Segment to Grow at a Greater CAGR Due to Rising Debris Removal Missions by Numerous Space Agencies

Based on application, the market is bifurcated into space debris monitoring and space debris removal. The space debris removal segment is anticipated to show significant growth during the forecast period due to rising development of initiatives by space agencies for the removal of space debris.

1mm to 1cm Debris Size Segment to Dominate Market Owing to Surge in Space Debris

Based on debris size range, the market is segmented into 1mm to 1cm debris size, 1cm to 10cm debris size, and greater than 10cm. The 1mm to 1cm debris size segment dominated the market in 2020 owing to an upsurge in rocket bodies and minor fragments from satellite launches across the world.

Increase in Space Presentations in Low Earth Orbit (LEO) Orbit May Spur Growth of the Segment

Based on orbit type, the market is divided into Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO). The Low Earth Orbit (LEO) segment is projected to grow at a higher CAGR during the forecast period.

Commercial Segment to be a Quicker Growing Segment and Boosts Market Growth

Based on end use, the market is divided into commercial and defense.

The commercial segment is projected to grow at a higher CAGR during the forecast period due to rising number of private companies in space debris monitoring and removal from the Earth’s orbit.

The global market is segmented based on region into North America, Europe, Asia Pacific, and the Rest of the World.

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Drivers and Restraints:

Growing Number of Satellite Launches and Space Exploration Activities to Augment Demand

The abrupt increase in demand for network and communication and network-based services across the world has empowered space launches over the past few years. The Starlink program presented by SpaceX gained sanction from the U.S. Federal Communication Commission (FCC) to unveil a 12000 startling small satellite for the internet constellation. However, the company is commencing to organize a spectrum to add a 30000 startling satellite in future.

Regional Insights:

North America to Lead Backed by Presence of Leading Players

North America is projected to hold the biggest space debris monitoring and removal market share and was valued at USD 268.6 million in 2021. It is predicted to continue its domination during the forecast period, 2022-2029. The U.S. has the biggest space-based companies in comparison with any European and Asian nations.

The European market is estimated to develop at a substantial growth rate during the forecast period. The existence of the European Space Agency (ESA) and additional space-based establishments plays an important role in the space debris monitoring and removal activity from the orbit.

Asia Pacific is projected to make progress at a colossal CAGR during the forecast period. The growth can be credited to the growing demand for space situational consciousness abilities from China, India, and Japan.

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Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships

    • Latest technological Advancements

    • Porters Five Forces Analysis

    • Supply Chain Analysis

  • Quantitative Insights-Impact of COVID-19 Pandemic on Space Debris Monitoring & Removal Market

    • Impact of COVID-19 Pandemic on Global Space Debris Monitoring and Removal Market

    • Steps Taken by Industry/Companies/Government to Overcome the Impact

    • Potential Opportunities due to COVID-19 Outbreak

  • Global Space Debris Monitoring and Removal Market Analysis, Insights and Forecast, 2018-2029

    • Definition / Key Findings

    • Market Analysis, Insights and Forecast – By Application

      • Space Debris Monitoring

      • Space Debris Removal

    • Market Analysis, Insights and Forecast – By Debris Size Range

      • 1mm to 1cm Debris size

      • 1cm to 10cm Debris Size

      • Greater than 10cm

    • Market Analysis, Insights and Forecast – By Orbit Type

      • Low Earth Orbit (LEO)

      • Geostationary Earth Orbit (GEO)

    • Market Analysis, Insights and Forecast – By End Use

      • Commercial

      • Defense

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia pacific

      • Rest of the world

TOC Continued…!

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Competitive Landscape:

Key Players Sign Significant Contracts to Make Remarkable Changes in the Market

The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.

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Key Industry Development:

January 2022: Northrop Grumman Corporation signed a contract with the U.S. Space Force to create a radar to track active satellites and debris in high orbits. The agreement is worth USD 341 million. Northrop's radar will be situated in the Indo-Pacific region and will be among the three-intended ground-based radar locations for the DARC program. The corporation has plans until September 2025 to develop a radar prototype.

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