Space Debris Monitoring and Removal Market to Grow with a CAGR of 6.94% through 2028
The increasing space activities, the risk to operational
satellites, and the need for space sustainability are the factors driving
market in the forecast period 2024-2028
According to TechSci Research report, “Space Debris
Monitoring and Removal Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Space Debris Monitoring and
Removal Market stood at USD 1.32 Billion in 2022 and is anticipated to grow
with a CAGR of 6.94% in the forecast period, 2024-2028 The global space debris
monitoring, and removal market is experiencing significant growth and attention
due to the increasing concern over the accumulation of space debris in Earth's
orbit. Space debris, also known as space junk, consists of defunct satellites,
spent rocket stages, and other fragments resulting from human activities in
space. This debris poses a significant threat to operational satellites,
spacecraft, and even the International Space Station (ISS). The market for
space debris monitoring and removal is primarily driven by the need to ensure
the long-term sustainability of space activities and to mitigate the risks
associated with space debris collisions. Monitoring systems, such as
ground-based radars and space-based sensors, play a crucial role in tracking
and cataloging space debris, providing essential data for collision risk
assessment and space traffic management.
In addition to monitoring, the market is witnessing
the development of innovative technologies and techniques for space debris
removal. Active debris removal missions involve dedicated spacecraft that
capture and deorbit space debris, while passive debris removal techniques focus
on designing satellites with built-in deorbiting capabilities. These removal
efforts aim to reduce the amount of space debris and minimize the risk of
collisions.
Collaboration between space agencies, private
companies, and research institutions is a key trend in the space debris
monitoring and removal market. Partnerships and collaborations facilitate the
sharing of resources, expertise, and technologies, leading to more effective
monitoring and removal solutions. International cooperation is also crucial for
developing global frameworks and standards for space debris management.
However, the market faces several challenges. The high
costs associated with developing and deploying debris removal missions, the
complexity of capturing and deorbiting space debris, and the need for
international cooperation and regulatory frameworks are some of the key
challenges that need to be addressed. In conclusion, the global space debris monitoring, and
removal market is driven by the need to ensure the long-term sustainability of
space activities and mitigate the risks posed by space debris. The market is
witnessing advancements in monitoring systems and the development of innovative
technologies for debris removal. Collaboration between space agencies, private
companies, and research institutions is crucial for addressing the challenges
and ensuring the effective management of space debris.
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North America, particularly the United States, is a
dominant region in the global space debris monitoring and removal market. The
region has a strong presence of space agencies like NASA and private companies
involved in space activities. The United States has advanced technologies and
capabilities for space surveillance and tracking. Additionally, collaborations
between government agencies, industry stakeholders, and research institutions
drive the development of innovative solutions for space debris monitoring and
removal.
Europe: Europe is another prominent region in the
global space debris monitoring and removal market. The European Space Agency
(ESA) and member countries have made significant investments in space programs
and technologies. Europe has established space surveillance and tracking
systems, such as the Space Surveillance and Tracking (SST) program. The region
also has research and development projects related to space debris removal
technologies. The region's focus on sustainability and space safety drives the demand
for space debris monitoring and removal solutions.
Asia Pacific: The Asia Pacific region is witnessing
significant growth in the space debris monitoring and removal market. Countries
like Japan, China, and India have active space programs and are involved in
space exploration and satellite launches. The region has been investing in
space surveillance and tracking capabilities to protect valuable space assets
and ensure the safety of space activities. The growing number of satellites and
spacecraft in the region drives the demand for space debris monitoring and
removal solutions.
Middle East and Africa: The Middle East and Africa
region is also showing interest in the space debris monitoring and removal
market. Countries like the United Arab Emirates (UAE) have made significant
investments in space programs and are actively involved in space exploration
and satellite launches. The region recognizes the importance of space
sustainability and is exploring collaborations and partnerships to develop
space debris monitoring and removal capabilities. The region's strategic
location and growing interest in space activities contribute to the demand for
space debris monitoring and removal solutions.
In conclusion, regional insights provide a
comprehensive understanding of the global space debris monitoring and removal
market, taking into account the specific characteristics and initiatives of
different regions. Each region has its own unique factors that influence the
demand and growth of the market, and understanding these regional dynamics is
crucial for stakeholders in the space debris monitoring and removal industry to
effectively navigate the market and capitalize on growth opportunities.
Major companies operating in Global Space Debris
Monitoring and Removal Market are:
- Airbus SAS
- Altius Space Machines, Inc.
- Astroscale Holdings Inc.
- D-Orbit SpA
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- PAO S.P. Korolev RSC Energia
- The Boeing Company
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“The global space debris monitoring and removal market
is expected to witness significant growth in the coming years. The increasing
number of satellites and space activities, coupled with the rising concerns
about space debris collisions, are driving the demand for monitoring and
removal solutions. Technological advancements and collaborations between space
agencies and private companies are expected to play a crucial role in
addressing the challenges and ensuring the long-term sustainability of space activities,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Space Debris Monitoring and Removal Market – Global
Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Purpose (Space Debris
Removal and Space Debris Monitoring), By Debris Size (Larger Than 10 cm,
Between 1 and 10 cm and Between 1 mm and 1 cm), By End Use (Commercial And Defense), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of Global Space Debris Monitoring and Removal
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Space Debris
Monitoring and Removal Market.
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