Global Space Situational Awareness (SSA) Market Report 2022: Market to Reach $1.4 Billion by 2026 - Surging Demand for Space-Based Sensing Bodes Well
DUBLIN, Aug. 11, 2022 -- The "Space Situational Awareness (SSA) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Space Situational Awareness (SSA) Market to Reach $1.4 Billion by 2026
The global market for Space Situational Awareness (SSA) estimated at US$1.2 Billion in the year 2022, is projected to reach a revised size of US$1.4 Billion by 2026, growing at a CAGR of 4% over the analysis period.
Space Situational Awareness (SSA) is an intriguing concept that revolves around monitoring and understanding the near-Earth environment, encompassing existing and predictive knowledge regarding natural and man-made objects within the Earth`s orbit. The ability holds a pivotal role in understanding space conditions, events, activities, threats, natural or man-made debris, and intentional or unintentional attacks on space assets such as satellites.
The near-Earth space extends to the Earth-radius of more than 100,000km to cover all man-made objects in the orbit. The information assists planners, operators, decision makers and commanders in gaining and maintaining space superiority through conflicts while thwarting attacks and potential collisions. SSA encompasses knowledge pertaining the space and ground-based capabilities.
SSA covers space traffic management and space safety programs that include services intended to assist satellite operators in preventing physical or operational conflicts. SSA holds a crucial importance for space safety owing to continuous monitoring of the presence of natural or man-made hazards like debris.
SSA services document real-time information of space components while alerting satellite operators of potential accidents. In addition, SSA tracks space bodies that may interfere with a particular orbit while predicting their positions in advance for preventing collisions with satellites.
Services, one of the segments analyzed in the report, is projected to record 4.2% CAGR and reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 3.7% CAGR for the next 7-year period.
The services segment is projected to maintain its lead in the global SSA market on account of continuous activities including space debris modeling along with the use of robots to explore the solar system. The segment`s growth is also propelled by increasing popularity of near-Earth object and space weather services. Satellite manufacturers` intent to increase investments for space surveillance through development of their facilities is a primary driver of growth of the software segment.
The U.S. Market is Estimated at $574.2 Million in 2022, While China is Forecast to Reach $133.9 Million by 2026
The Space Situational Awareness (SSA) market in the U.S. is estimated at US$574.2 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$133.9 Million by the year 2026 trailing a CAGR of 5.7% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.
The market is gaining from the entry of commercial SSA companies that offer SSA services and data to serve satellite operators. The market is also witnessing robust gains for the space tracking & surveillance services given the risk associated with space debris, rising space traffic and increasing number of space exploration projects.
The other prominent factors behind the healthy growth of the market include increasing focus on small satellites, adoption of lower earth orbit (LEO)-based services, and rising attention on the commercial on-orbit satellite activity. The increasing launch of small satellites is expected to significantly bolster the SSA market.
Primarily used for commercial and military applications including communications and surveillance, small satellites have garnered considerable attention over the last decade, providing a major push to the global SSA market. On the flip side, stringent regulations and standards specified by space regulatory authorities are inhibiting the market expansion.
However, rising concerns over the continuously increasing risk of collisions in the space, especially from micro and small-sized debris, are likely to present lucrative revenue-generating opportunities to market participants.
In the coming years, the global SSA market is bound to experience strong adoption of SSA services and associated software including space debris end-to-end services and conjunction analysis.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Worsening COVID-19 and Economic Scenario Affects Outlook for SSA: Confirmed COVID-19 Cases per Million Vs GDP Growth for 2020
- Drawback of Satellite Malfunction: Potential Revenue Loss in US$ Billion (2020, 2025 & 2030)
- With Defense Budgets Coming Under Intense Pressure, SSA Market to Witness Challenging Times
- An Introduction to Space Situational Awareness (SSA): Watchful Eye to Monitor & Observe Eventful Near-Earth Environment
- Main Target Objects: Man-Made Debris
- Select SSA Organizations & Programs
- Increasingly Crowded Space Shines Cosmic Light on Space Situational Awareness Market
- SSA Emerges as Critical Component of Space Deterrence & National Security Regime
- Increasing Space Activity & Focus on National Security to Impel Global Space Situational Awareness Market
- Recent Market Activity
- Rising Adoption of SSA Unlikely to Offer Incentives for Further Development of Evasion Detection & Destruction Techniques
- SSA Capabilities Present Hard Nut to Crack for Adversaries for Strategic Use
- Market Analysis by Offering
- World Space Situational Awareness Market by Offering (2020): Percentage Breakdown of Revenues for Services, and Software
- Global Space Situational Awareness Services Market by Space Surveillance & Tracking, Space Weather Services, and Near Earth Object Detection Services
- Market Analysis by Object: Increasing Space Congestion Makes Fragmentation Debris Segment to Post Fastest Growth
- Regional Analysis - North America Commands Major Share
- US Assigns Department of Commerce with Task of Civil Space Situational Awareness
- Space Situational Awareness (SSA) Program: A Landmark Initiative of European Space Agency
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 40 Featured)
- Analytical Graphics, Inc.
- Elecnor Deimos Group
- etamax space GmbH
- ExoAnalytic Solutions
- GlobVision Inc.
- GMV Innovating Solutions
- Kratos Defense & Security Solutions, Inc.
- L3Harris Technologies, Inc.
- Lockheed Martin Corporation
- NorthStar Earth & Space Inc.
- Vision Engineering Solutions, Inc.
3. MARKET TRENDS & DRIVERS
- New Satellite Launches and Rising Space Activities Flare Up Demand
- Increased Emphasis on Enhancing National Security
- Rise in Partnership among Countries for SSA
- Growing Menace of Space Debris Calls for Improved SSA Capabilities
- Proliferation of Small Satellites Elevates Demand
- Select Conventional Satellites Vs. Small Satellites: A Comparative Analysis
- Surging Demand for Space-Based Sensing Bodes Well
- Global Satellite Services Market (2019): Percentage Share Breakdown of Revenues by Service Type
- Global Satellite Sector by Market Segment (2019): Percentage Share Breakdown of Revenues by Segment
- Blockchain Enabled Space Traffic Awareness
- Evolving Role of LEO Satellite Services
- Increasing Use of Space-based Infrastructure
- Increasing Involvement of Private Players in the Global Space Industry
- Market Remains Buoyant over Scope of On-Orbit Servicing
- Technology Advancements to Fuel Market Growth
- Restraints and Challenges
- Lack of Unified Standards
- Issues in Micro-Sized Debris Detection
- Technological Glitches
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/r9xd0
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