As per the reports by MRFR, the global market for space situational awareness is anticipated to reach a market size of approximately USD 1.53 Billion by the end of 2026
— Space Situational Awareness (SSA) Market To Cross USD 1.53 Billion By 2026
As per the reports by MRFR, the global market for space situational awareness is anticipated to reach a market size of approximately USD 1.53 Billion by the end of 2026. The report further suggests that the market is projected to record a robust CAGR of over 4.6% during the assessment timeframe from 2019–2026.
Space situational awareness includes offerings such as space surveillance and tracking services, near-earth object detection services, and space weather services. They are used to detect and track non-functional spacecraft, functional spacecraft, rocket bodies, mission-related debris, and fragmentation debris to prevent any harm to functional satellites. The space situational awareness market has experienced massive growth recently, owing mainly to the rise in the deployment of small satellites. Furthermore, private firms’ growing number of space exploration missions and the increasing volume of space debris are also anticipated to catalyze the market’s growth over the forecasted era. However, the growth of the space situational awareness market is likely to be restricted by the stringent regulations for satellite launching.
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Competitive Analysis
The global space situational awareness market has an intensely competitive landscape owing to the growing number of new entrants in the market and growing investments in R&D. The list of leading players in the global space situational awareness market includes Solers (US), GMV Innovating Solutions (Spain), Vision Engineering Solutions LLC (US), Schaefer Systems International, Inc. (the US), Lockheed Martin Corporation (US), Kratos Defense & Security Solutions (US), Etamax Space (Germany), Spacenav (US), Polaris Alpha Advanced Systems, Inc. (US), Elecnor Deimos Group (Spain), Sky and Space Global (Australia), Norstar Space Data (Canada), L3 Harris Technologies (US), Exoanalytic Solutions (US), Analytical Graphics (US), and several others.
Segment Analysis
The global market for space situational awareness has been fragmented into several segments based on offerings, end-user, and region.
The global market for space situational awareness is divided into software and services based on offerings.
The global space situational awareness market is split into military & government and commercially based on end-user.
Regional Analysis
The space situational awareness market is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the MRFR reports, in 2019, the North American region led the space situational awareness market and is likely to maintain the top position over the review timeframe. The regional market’s growth is being driven by the high investments by private firms and space agencies to develop advanced satellites.
The European regional market for space situational awareness is projected to secure the second position in the global market over the review timeframe. The regional market’s growth is being driven by the presence of major players and an increase in space exploration activities.
The space situational awareness market for the Asia-Pacific region is projected to exhibit the fastest growth over the forecasted era. The regional market’s growth is attributed to the high investments in developing new satellites for navigation, earth observation, communications, and surveillance in China and India.
The Middle East & African regional market for space situational awareness is projected to record substantial growth over the forecasted era. The growth of the regional market is being driven by the growing demand for navigation and communication satellites.
The Latin American regional market for space situational awareness is anticipated to record substantial growth over the forecasted era due to the rise in satellite imagery for intelligence gathering.
Recent Developments
December 2021 – The Luxembourg Future Fund (LFF) announced investing in NorthStar Earth & Space Inc. The funding founds on the announcement made in December 2019 regarding the partnership between the Montreal-based company and Luxembourg’s Ministry of the Economy.
NorthStar is the first commercial firm globally to monitor from space itself. The company implements a constellation of satellites with devoted optical sensors to offer timely and precise space traffic data, navigation services, and collision avoidance.
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