by The Global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global space situational awareness market encompasses products and services that help monitor artificial satellites and space debris orbiting Earth. This includes systems for detecting, tracking, and identifying space objects; characterizing space environmental conditions like debris fluxes, solar activities; closely monitoring operational satellites; and managing orbital activities safely and sustainably. The growing adoption of SSA solutions across commercial, government, and defense sectors is driving the market growth.
Market Dynamics:
The growth of the global space situational awareness market is propelled by rising space debris and increasing satellite launches. According to estimates, there are around 27,000 pieces of space debris currently orbiting Earth. At an average speed of 28,000 km/h, even a small piece of debris can damage a functioning satellite. This has heightened the need for effective debris monitoring systems. Additionally, with satellite launches on the rise, demand for space domain awareness solutions is growing massively to safely coordinate increasing orbital congestion and prevent collisions in space. Another factor fueling the market is the growing investments by government agencies and private players in strengthening SSA infrastructure. For instance, in 2022, the U.S. government announced plans to invest over $150 million annually through 2026 towards enhancing SSA networking and data integration capabilities.
Segment Analysis
The global space situational awareness (SSA) market is dominated by the space surveillance and tracking segment. This segment accounts for over 40% of the total market share due to the growing need for monitoring space objects including space debris, active satellites, and resident space objects. Precision space surveillance is crucial to avoid in-space collisions that can cause damages. With increasing space activities and deployment of large satellite constellations, the need for effective SSA solutions is rising across the world.
PEST Analysis
Political: Space faring nations are developing capabilities to monitor space environment and coordinate related policies to ensure safety of space assets. Political stability and international cooperation is influencing growth positively.
Economic: Advent of new space economy is driving investment in space technology. Commercial remote sensing and telecommunication satellites are boosting demand for cost-effective SSA solutions.
Social: Rising use of space-based services and awareness about space sustainability is raising demand from governments and companies to ensure safety of space infrastructure and enable shared use of outer space.
Technological: Advancements in sensor technology, internet of things, big data analytics, artificial intelligence and other technologies are enhancing capabilities of SSA solutions. Miniaturization of components and increased resolution are also supporting market growth.
Key Takeaways
The Global Space Situational Awareness (SSA) Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing space debris and need for monitoring space environment. North America dominates the global market with over 40% share owing to widespread adoption of advanced SSA technologies by governmental agencies and private companies in the region. The Asia Pacific region is expected to grow at fastest pace during the forecast period due to rising space investments by China, India and other emerging nations in the region. Key players operating in the space situational awareness market are Lockheed Martin, Northrop Grumman, Analytical Graphics, ExoAnalytic Solutions, Schafer, Etamax Space, Vision Engineering Solutions, Applied Defense Solutions, Spire Global, and Harris. Lockheed Martin remains the market leader due to its expertise in space domain awareness technologies, ecosystem of sensor networks, and experience of working with government and commercial customers globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
