Space Situational Awareness Market Overview
Space Situational Awareness (SSA) Market Is Projected To Grow From USD 2.01 Billion In 2030 At A CAGR Of 7% In The 2021-2030 .
Space Situational Awareness Market is a promising, upcoming sector with many growth opportunities. In the past few years, the market has grown considerably well. The deployment of satellites for different civil and military purposes has gone up greatly. Thus, the Space Situational Awareness sector has become a primary market. The expansion of satellite applications in different sectors has improved the market prospects by manifold. The market has developed as people try to grasp the extent and characteristics of the outer space that covers the earth.
The Space Situational Awareness sector deals with the idea of observing and understanding the earth’s climate and layers of space. This is done by expanding our understanding of the existing knowledge and existing exploration devices. On the other hand, the Space Situational Awareness (SSA) Market also expands its capabilities with newer technologies and devices for exploration and observation. The market deals with understanding space conditions, changes, celestial events, and other outer space events. The Market also deals with the observation of space so that the present dangers and risks in space like asteroids, unnatural changes are also clear. The market also expands our awareness of accidental or deliberate disruption of space networks and satellites.
The fundamental idea behind the Space Situational Awareness Market is that space is an evolving entity, and since earth exists in it, humans need to be aware of space situations and how they affect the planets and earth’s atmosphere. Therefore, space situational awareness also extends to the study of the earth’s climate. With climate change being a major arena of risk for earth’s stakeholders and leaders, the Space Situational Awareness sector is a necessary one that needs further development. The SSA Market will reach a value of 1.53 billion USD by the end of 2026.
COVID 19 Analysis
Like all other markets, the Space Situational Awareness Market has also been affected by the COVID 19 pandemic. The COVID 19 pandemic has affected the economic activities of many countries. Since the SSA Market needs a high amount of financial investments in initiatives, many of the Space Situational Awareness Initiatives were stalled in the first wave of the pandemic. As the attention shifted to a mitigating pandemic, other exploration and observation ventures took a backseat.
Therefore, at the beginning of the pandemic, the SSA Market Growth took a dip. However, as the countries recovered from subsequent waves of the pandemic, the Market Size was again back on the track of expansion. The resumption of manufacturing and parts export across international borders has been a factor in the rise of the market from the decline in recent months.
There are many Space Situational Awareness Market Growth factors that drive the increase of Market Value in the future years. The primary driver of the Industry is the increased need for space-based sensing activities.
Activities such as RF mapping, weather monitoring, remote sensing in maritime, space observation, and aeronautics sector have been a huge factor in the expansion of SSA Market Value.Another driver of the is industry the low operational costs for small satellite operations and the ease of launching these space observation devices. The application of these devices has touched both public and private ventures, which will definitely have a positive impact on Space Situational Awareness Market Size.
The use of space situational awareness satellites by the aviation sector for the tracking of aircraft in conformance is an opportunity for growth for the Space Situational Awareness Market. These satellites are now used to track aircraft at a frequent interval of 15 minutes. Another opportunity of growth for the Industry is the use of Space Situational Awareness satellites for the tracking of ships and to monitor suspicious movement and activities at sensitive coastal areas. Thus, the deployment of Space Situational Awareness satellites for defense purposes is a great opportunity to grow Market Size.
Many regulatory challenges in the Space Situational Awareness market await the creators in the next few years. The launch of a huge number of satellites by private companies to boost internet and global connectivity will further affect the regulations of the Space Situational Awareness market. The present ITU rules against small, low orbiting satellites will act as a restraint against the Space Situational Awarenessactivities in the future. Therefore, a change in Space Situational Awareness satellites' orbiting and launching rules is a must for the future.
Orbital debris already preexisting in low orbits and outer space are remnants of space satellites that were earlier put into orbit but no longer served a purpose. This debris poses a threat to present and future space missions as this floating debris causes damage and disruption to functional satellites that might collide with them. With the increased number of launched satellites and an even greater number of space debris, this is a real challenge that space research organizations have to solve. As of now, nearly 27,000 pieces of space debris have been tracked by the Global Space Surveillance Network.
Cumulative growth Analysis
According to the Space Situational Awareness Market Forecast, the market value will grow at a rate of 4.6 percent in the upcoming years. The Space Situational Awareness market shows a moderate growth rate in the next few years, extending until the end of 2026. The increased need for space exploration creates new opportunities for growth in the market that sustain promising industry trends for the future.
Space Situational Awareness Market Analysis by segments includes the different industrial sectors of the area. The analysis of industrial segments ensures proper study of product trends and leading production trends in the market. The market divides by offerings and end-users for better segmentation. According to offerings, the Space Situational Awareness market divides into services and Software. For example, the services sector has space weather services, observation, surveillance services, etc. By Software, the market divides into orbit determination tool kit, space data and center, space event generator, etc. The market divides into commercial applications and Military and government applications by end-user.
The regional Space Situational Awareness Market Analysis distributes resources and revenue over different regions of the world. Different regional markets of the world create the global revenue make up for the sector. The Market Share is distributed over North America, Asia Pacific, Middle East, Africa, and Europe. The largest industry Share will belong to the North American region. The European sector will be the second-largest market share in the Market Forecast period. On the other hand, the Asia Pacific region will grow fastest in the next few years. Other regional markets will show a significant growth rate in the next few years.
The competitive landscape of the Space Situational Awareness market has different stakeholders and competitors. These companies make a significant contribution to the revenue and profits of the market. The major competitors are as follows-
The market competitors take up many activities and initiatives to bring about growth and profits for the market as a whole.
Many recent developments foster market growth for the Space Situational Awareness sector. The stakeholders take up new device creation, research and development initiatives, and other activities to create improved infrastructure and devices. On the other hand, the companies are also taking up mergers and acquisitions to expand their size and scale of operations. From joint ventures for better technical capabilities to partnerships for better funding, there are many recent developments for the Space Situational Awareness market. For example, the Space Weather Prediction Center added a new set of weather prediction tools like WAM-IPE in July 2021 to its weather prediction tool kit.
The Space Situational Awareness Market Outlook summaryis as follows-
The Space Situational Awareness Market Outlook is a complete, concise report on the present condition of the market and its past influences that discuss the market’s prospects in view. The Space Situational Awareness market report throws light on the present drivers and opportunities in the market.
The report also touches upon the restraints and challenges influencing the market to create a fair view of the present market. The report also considers the changes brought by COVID 19 and how they will shape the market in the future. The report also includes analysis by regions, industrial segments, and competitors to better understand the market composition and distribution. The Space Situational Awareness market report discusses CAGR and Space Situational Awareness market trends that can create a clear, insightful view of the market forecast.
|Market Size||USD 2.01 Billion (2030)|
|CAGR||7% % (2021-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Offering, Object, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Analytical Graphics (US), Etamax Space (Germany), Exoanalytic Solutions (US), Kratos Defense & Security Solutions (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US), Norstar Space Data (Canada), Schaefer Systems International, Inc. (US), Sky and Space Global (Australia), Vision Engineering Solutions LLC (US)|
|Key Market Opportunities||Frequent satellite launches|
|Key Market Drivers||
Global SSA market is touted to record a substantial market valuation of USD 2.01 Billion by 2030.
Global SSA market is projected to register a moderate 7% CAGR in the forecast period.
A few eminent market players operating in the global SSA market are Analytical Graphics (US), Etamax Space (Germany), Exoanalytic Solutions (US), among others.
The OEM segment is slated to expand as the fastest-growing segment.