Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Space Situational Awareness Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Offering, By Object, By End Use and By Region" report has been added to ResearchAndMarkets.com's offering.
The Global Space Situational Awareness market was valued at USD202.11 million in the year 2022 and it is expected to project sturdy growth of USD339.50 million at a CAGR of 9.29% in the forecast period, 2023E-2028F.
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. The mission design and operations have been significantly impacted by the satellite crashes and debris collisions.
In addition, the expected 3,760 satellite launches each year cause a significant amount of congestion in low Earth orbit. This explains the increasing number of satellites and the effects of congestion force. Commercial satellite operators have already begun to manage a sizable number of satellite constellations for which they require an improved, highly effective ground network.
As a result, artificial intelligence (AI) and machine learning are increasingly used to automate satellite operations (ML). The worry for a secure and sustainable space environment has increased exponentially because of greater space congestion and a rise in space garbage.
Designing disposable satellites with built-in burnout automation is a requirement for the companies to preserve the sustainability of space and reduce congestion. In addition, inter-satellite communication capabilities should be built into the satellite hardware and software to further boost satellite safety.
According to the United States government data the total number of global satellites launch could reach up to 45,000 during the period of 2022-2032. The North America space situational awareness market is expected to reach USD140.18 million in the year 2028. The United States space situational awareness market is likely to value USD125.80 million in the year 2028.
Increased Reliance on Space-based Assets
With an increase in demand for SSA services, there is a trend toward the commercialization of SSA, with private companies entering the market to offer these services to customers.
As more countries, businesses, and organizations depend on satellite technology for a variety of uses, including communications, early warning for collisions, weather forecasting, and navigation, the demand for accurate and consistent SSA is anticipated to increase considerably.
Additionally, the use of space-based assets has changed combat by enhancing intelligence, surveillance, and reconnaissance capabilities (ISR). Therefore, it is anticipated that these capabilities will be used more frequently by the public and private sectors to collect situational awareness in the space, maritime, and aviation domains.
As the airlines use satellites to track aircraft in accordance with the International Civil Aviation Organization's (ICAO) recently established standards, which call for tracking an aircraft every 15 minutes. Additionally, these satellites are used to track ships and keep an eye out for suspicious activity near coastlines.
Emerging In-Orbit Services
In-orbit services, which provide satellites in orbit with inspection, repair, assembly, refueling, and life-extension assistance, are starting to take off in the space industry. When the satellite in space collides with a small portion of the in-orbit service mission, it causes the space trash.
These activities are carried out by companies extremely close to the client's satellite. However, the corporation must use space situational awareness services in order to undertake safe in-orbit services. This suggests that improved space situational awareness services are crucial for the space industry.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Space Situational Awareness Market.
- LeoLabs, Inc.
- L3harris Technologies
- Lockheed Martin Corporation
- Parsons Corporation
- Kratos Defense & Security Solutions, Inc.
- Northstar Earth & Space Inc
- ExoAnalytic Solutions
- DEIMOS SPACE S.L.U
- Astroscale Holding Inc.
- Peraton Inc.
Report Scope:
Space Situational Awareness Market, By Offering:
- Service
- Software
Space Situational Awareness Market, By Object:
- Fragmentation Debris
- Mission Related Debris
- Functional Spacecraft
- Non-Functional Spacecraft
- Rocket Bodies
Space Situational Awareness Market, By End Use:
- Government & Military
- Commercial
Space Situational Awareness Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Russia
- Germany
- France
- United Kingdom
- Italy
- Spain
- Netherlands
- Poland
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- India
- Thailand
- Indonesia
- South America
- Brazil
- Argentina
- Middle East & Africa
- Israel
- Iran
- Turkey
- UAE
- Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/9xd7vn
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