The Global Space Situational Awareness market has generated a revenue of USD 202.11 million in 2022 and is expected to grow at a stable pace during the forecast period registering a CAGR of 9.29% between 2023E and 2028F. The space situational awareness market is robust owing to the surging satellite launches and the growing need for predictive actionable insights. The evolving regulatory framework to provide risk-free collision avoidance maneuvers which provides huge potential for the space situational awareness market. Furthermore, with the growing need of frequent exchanges with satellites and evolving constellation operation requirement have a direct impact on the growth of the space situational market .
Based on offering, the Global Space Situational Awareness market is segmented into service and software. The service segment is dominating the space situational awareness market by registering around 77.17% in 2022 and grow with the CAGR of 8.82% in the forecast period. The Service segment is increasing due to the space exploration activities and space debris modelling .
Based on object type, the Global Space Situational Awareness market is divided into Mission Related Debris, Rocket Bodies, Fragmentation Bodies, Non-Functional Spacecraft and Functional Spacecraft. The fragmentation bodies have dominated the market with 34.61% in 2022 because of increase in rocket body and space fragmentation . Furthermore there is an increase in the functional aircraft segment in the forecasted period due tot the increased space exploration activities.
The Global Space Situational Awareness market is further segmented based on End user into Commercial and Government & Military. The Government & Military segment dominate the market with 77.15% in the 2022. The government have increased the investment in the Space Situational Awareness capabilities. Throughout the forecast period, the commercial segment is expected to grow at a high compound annual growth rate. The increase can be attributed to the growing interest among SSA industry participants in providing space-based services such as space debris removal and deorbiting of non-functional spacecraft.
Based on region, the Global Space Situational Awareness market is classified into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America has the largest market share of around 45.30% in the market because of largest space surveillance network, followed by Europe with a market share of 35.32%, it is followed by Asia pacific, South America and Middle East & Africa.