The Global Space Situational Awareness Market is Trending Due to Rising Space Debris

The Global Space Situational Awareness Market is Trending Due to Rising Space Debris

The global space situational awareness (SSA) market provides services that help track, monitor and detect space debris, space weather events, satellites and other objects which help ensure safety, security and sustainability of outer space activities. SSA tools provide important data about threats emerging from space such as asteroids, space weather events and help detect potential collisions in space for more secure space operations. The SSA solutions include services like space surveillance and tracking and space weather for improved space flight safety.

The Global space situational awareness Market is estimated to be valued at US$ 2.68 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the global 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.

The growing demand for SSA solutions stems from increasing satellite launches and rising space debris. Critical infrastructure now relies on space assets for key functions like communication, navigation, weather monitoring and more, necessitating robust space situational data.

Major Global Space Situational Awareness Market Size players are expanding globally to cater to international customers and collaborate on projects that help their countries enhance independent SSA capabilities for safeguarded access to outer space. The US, Europe, India and China are focusing on indigenous SSA programs to strengthen national security & independence in space activities.

Market key trends
Rising orbital debris is a major challenge facing the space industry. Currently, there are over 27,000 tracked objects orbiting Earth but many more untracked debris. Even a small piece of debris can damage a spacecraft on impact. SSA solutions play a vital role in debris management by continuously monitoring and anticipating potential collisions to help avert accidents in space. SSA technologies are evolving to offer higher accuracy in detection & tracking of smaller fragments to better address the escalating orbital debris problem.

Porter's Analysis
Threat of new entrants: Low funding barriers for new companies to enter the market owing to its demand.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives.
Bargaining power of suppliers: Established suppliers have bargaining power over new players due to technological expertise.
Threat of new substitutes: Low threat as there are limited substitutes that can offer same functionalities.
Competitive rivalry: High competition due to presence of global players offering similar functionalities.

Geographical Regions
North America accounts for the largest share in global space situational awareness market in terms of value due to high demand and presence of major players. The U.S contributes majorly to the North American region.

Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing investments in space programs by emerging economies such as China and India to enhance their capabilities. This is anticipated to fuel the adoption of space situational awareness solutions in the coming years.

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About Author:
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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)