Yahoo Finance Space Situational Awareness Market Projected to Reach $1.8 billion by 2026
Chicago, July 01, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ report, the "Space Situational Awareness Market by Solution (Services, Payload Systems, and Software), Orbital Range (Near-Earth and Deep Space), End Use (Commercial, and Government & Military), Object, Capability, and Region - Forecast to 2026" is projected to grow from USD 1.5 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 4.6%. A number of countries are launching satellites for the first time using new technologies, in terms of space system designs, that are being operated by new space operators. As such, there are possibilities that these new space entrants face more satellite failures than experienced space agencies and companies. This, in turn, leads to the need for enhanced space domain awareness capabilities for satellite operators and government agencies to effectively respond to the changing nature of space operations. Thus, space domain awareness services are crucial for the launch of new satellites and satellite architectures to mitigate any risks associated with their operations.
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=150269456
The continuous addition of newly designed space systems and spacefaring entities, along with the presence of hazardous debris, is resulting in a complex and congested space environment. For instance, in 2021, there were approximately 3,372 active satellites in the earth’s orbit; which is more than twice the number of satellites in orbit 5 years ago. This increase in the number of satellites in space is due to the expanding role that space systems play in a variety of terrestrial applications, right from GPS to meteorology to telecommunications. Moreover, the continuous increase in the number of spacefaring nations and the rise in commercial activities in space are also leading to an increase in the number of satellites.
The space domain awareness market is dominated by a few globally established players such as
L3Harris Technologies (US),
Lockheed Martin Corporation (US),
Kratos Defense & Security Solutions, Inc. (US),
Parsons Corporation (US),
Peraton (US), among others.
Based on solution, the service segment is estimated to witness the largest share of the space situational awareness market from 2021 to 2026.
The space situational awareness market, by solution, has been segmented into services, payload systems and software. Based on services, the market has been further divided into space weather, near-Earth object detection, space surveillance & tracking, and deep space detection & tracking. based on payload systems, the market has been further divided into ground based sensors, space based sensors, and datalink while based on software, the market has been further divided into orbit determination tool kit (ODTK), ComSpOC (commercial space operation centers), space data center, space event generator, joint space operations center (JSpOC), and others, which include systems tool kit (STK) and Earth observation center (EOC). Orbiting space objects consist of active satellites, space debris, a mixture of defunct satellites, launch vehicles, and pieces of space hardware produced due to operational activities, deterioration, and fragmentation. Various space domain awareness services are offered by leading players in this market to enable the detection of these objects. Among these services are space weather, near-Earth object detection, space surveillance & tracking, and deep space detection & tracking.
Browse in-depth TOC on “Space Situational Awareness Market”
171 - Tables
38 - Figures
218 - Pages
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=150269456
Based on orbital range, near-Earth segment of the space situational awareness market is projected to witness the largest share in 2021.
The space situational awareness market has been segmented into near-Earth and deep space. Near-Earth is further segmented into low Earth orbit (LEO), medium Earth orbit (MEO), and geostationary or geosynchronous Earth orbit (GEO). Due to the increase in demand for 5G networks, many private players are launching satellites in LEO as it is best suited for many applications such as communication, Earth observation, and so on. The rise in functional and non-functional satellites invites an inevitable increase in conjunctions between space objects. SSA can also be used to predict where space objects and debris are and where they are headed. Current advanced methods for predicting orbit are physics-based models that require extremely precise knowledge of the object's trajectory, the environment in which it operates, and the intent of the object to maneuver.
Based on end use, the commercial segment is estimated to account for the fastest growth of the space situational awareness market from 2021 to 2026.
The commercial segment of the space situational awareness market is projected to grow at the highest CAGR during the forecast period. This growth is driven by investments from private players in space research and satellite communication services, the need for real-time data on mission-related debris and space traffic assessment, and the need to monitor the structural integrity of nuclear power stations.
The North American market is projected to contribute the largest share from 2021 to 2026 in the Space situational awareness market
Intelligence organizations in North America, especially in the US, focus on providing space domain awareness in terms of current and predictive knowledge and characterization of space objects and the operational environment upon which space operations depend. This information helps the government gather critical data to plan, operate, and protect space assets and run military operations smoothly by identifying threats to the security of their operations.
The high volume of orbital space debris, which can increase the chance of collisions, is expected to lead to the high demand for space domain awareness solutions. Demand from prominent organizations, such as NASA and the Department of Defense, due to the increasing reliance on assets in space, also fuels the growth of the market in the region.
Related Reports:
Space Sensors and Actuators Market by Product Type (Sensors and Actuators), Platform (Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles), Application, End User, Region (2021-2026)
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
