SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Space Situational Awareness (SSA) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: April 2021
Executive Pool: 2782
Companies: 40 - Players covered include 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.; SpaceNav; Vision Engineering Solutions, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Offering (Services, Software); Object (Fragmentation Debris, Non-Functional Spacecrafts, Rocket Bodies, Functional Spacecrafts, Other Objects); End-Use (Government & Military, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Space Situational Awareness (SSA) Market to Reach $1.4 Billion by 2026
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.
Amid the COVID-19 crisis, the global market for Space Situational Awareness (SSA) estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$1.4 Billion by 2026, growing at a CAGR of 4% over the analysis period. 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 U.S. Market is Estimated at $555.5 Million in 2021, 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$555.5 Million in the year 2021. 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. More
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