DUBLIN, Aug. 5, 2022 /PRNewswire/ — The “Space Situational Awareness Services Market – An Analysis of Debris Mitigation, Domain Awareness & Traffic Management Capabilities: Focus on End User, Orbit, Service, and Region – Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.
The global space situational awareness services market was valued at $125.2 million in 2021, which is expected to grow with a CAGR of 3.3% during the forecast period 2022-2032 and reach $172.7 million by 2032.
The growth in the global space situational awareness services market is expected to be driven by the increasing number of small satellite constellations in the low Earth orbit (LEO).
Market Lifecycle Stage
Over the past few years, trends in the number of satellites launched by commercial satellite operators have been increasing drastically. As per the BIS Research space database, the global satellite launch forecast estimates 45,131 satellites to be launched within the 2022-2032 timeline. Out of These 45,131 satellites, 95% of satellites are expected to operate in the Low Earth Orbit (LEO).
This indicates that over 95% of the satellites are expected to operate in one orbital segment leading to a growing state of congestion, which further adds to the risk perception of collision and space debris concerns.
In addition, multiple commercial satellite operators are entering the market, further increasing the number of satellite launches in upcoming years. This indicates that the space industry will face ever-increasing congestion and risk from space debris. Given the circumstance, the need for space situational awareness services is very high at this point, and the same is expected to persist as well.
The global satellite launch market is observing rising investment across small satellites in low Earth orbit (LEO), which drives the investments across space situational awareness services. Such efforts focus on operating huge satellite constellations, due to which the congestion in the LEO will increase during the forecast period. This will create the need for enhanced space situational awareness services.
Commercial space situational awareness service providers are increasing their spending to develop collision avoidance services to proactively predict the impact at least one week before the event. This is anticipated to increase the demand for space situational awareness services.
The global space situational awareness services market has seen major development activities by key players operating in the market, such as business expansion activities, contracts, mergers, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been contracts to strengthen their …