Space Situational Awareness Market is expected to register a CAGR of 9.29% in the Forecast Period, 2023-2028F

The increasing investment and surging satellite launches are driving the Global Space Situational Awareness Market in the forecast period 2028F.

According to the TechSci Research report, "Space Situational Awareness Market-Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," the Global Space Situational Awareness Market is anticipated to register a CAGR of 9.29% in value terms in the forecast years, 2023-2028 and reach USD339.50 million. The majority of providers of space situational awareness services are concentrating their investments in product creation and taking advantage of it to increase their market share in the world. By way of illustration, as of January 5, 2023, Canada's NorthStar Earth and Space has raised USD35 million ahead of plans to launch its first three satellites this year for tracking objects in orbit with the aim of using proceeds to accelerate plans for a constellation of 24 Space Situational Awareness (SSA) satellites, which would scan the horizon from low earth orbit (LEO) to track other satellites and debris.

A complex and crowded space environment is being produced by the existence of dangerous debris as well as the ongoing addition of freshly designed space systems and spacefaring entities. There are presently 130 million objects smaller than one millimetre, 1 million objects smaller than one centimeter, and 36,500 objects larger than ten centimeters orbiting Earth at various altitudes, according to the European Space Agency (ESA). for government agencies and satellite operators to successfully adapt to the changing nature of space operations. As space traffic grows, it is predicted that the market for SSA will grow.

 This shows that improved situational awareness services for space are crucial for the space industry's in-orbit services sector.

Combat between one or more belligerents that takes place in the outer atmosphere is referred to as space warfare. Ground-to-space attacks against satellites from the Earth are an example of space warfare, as is spacecraft attacking other satellites. Currently, the military services that serve as space command with air forces are autonomous military branches. To protect their space assets against attack, several nations, including the United States, France, the United Kingdom, Iran, Korea, China, and Russia, have established specialised space forces. Therefore, the tendency toward the development of space forces has led to a rise in the military's use of space capabilities.

According to the United States government data globally the total number of satellites operated in LEO (Low Earth Orbit) is about 19,500. According to the data the number of satellites operated at an altitude between 501 km and 1,500 km is about 18,000 globally, and below 500km, which  are subjected to atmospheric drag are about 1,500 in the year 2021. The total number of satellites operating in Medium Earth Orbit (MEO) are about 70 globally, in the year 2021.

Browse more than 143 market data Figures spread through 211 Pages and an in-depth TOC on "Space Situational Awareness Market"

The growing number of satellites in orbit and space is threatened by the debris which are present in the space. The operational satellites and spacecraft in space are needed to be protected by these debris.  The increasing reliance on satellites for critical applications such as communication, navigation, and military surveillance has led to a greater need for satellite protection and avoidance of collisions. The growth of commercial space activities, including satellite launches and space tourism, has fuelled demand for space situational awareness services. Government agencies around the world are investing in space situational awareness systems to monitor and protect their national security and assets in space. Advances in space tracking and monitoring technologies, such as the development of new sensors and algorithms, are driving growth in the space situational awareness market globally. Moving forward, it is anticipated that there will be exponentially more space debris clouds. Many charged fragment clouds that could endanger satellites and international space stations have already been created because of anti-satellite tests carried out by various nations and satellite crash incidents. For satellite operators, this has led to challenging mission operations. Operating the satellites in an area where floating debris clouds are present places the mission in a very dangerous situation. The operators could suffer significant technical and financial losses because of the debris clouds.

The demand for predictive, practical insights has significantly expanded as a result of expanding satellite networks and space debris. To safely plan and carry out the operations, the satellite operators require combination warning data messages in advance. This shows that in order to provide predictive analytics data, space situational awareness service providers need high-efficiency computation.

In the global market the North America region held the highest market share of 45.30% followed by Europe with 35.32% in 2022.The Asia Pacific stands at the third position with a market share of 14.82% in the year 2022. In the global space situational awareness market, the United States holds highest market share of 90.23% in 2022.

The companies working the space situational awareness market offer services and software to the end users. The service offering segment held the highest market share of 77.17% in 2022. Government of many countries are focusing on space programs, due to which end use segment, government and military held the highest market share by 77.15% in the year 2022.

Some of the major players operating in the Global Space Situational Awareness Market include:

• 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.

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“Many companies are investing in the research and development for the innovation and improvement in space situational awareness. The investment will help in research and development of the satellites, which will further help in driving the market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Space Situational Awareness Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Offering (Service, Software), By Object (Mission Related Debris, Rocket Bodies, Fragmentation Debris, Non-Functional Spacecraft, Functional Spacecraft), By End Use (Commercial, Government & Military) and By Region,” has evaluated the future growth potential of Global Space Situational Awareness 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 the Global Space Situational Awareness Market.