The space situational awareness market is estimated to be USD 1.15 billion in 2018 and is projected to reach USD 1.44 billion by 2023, at a CAGR of 4.54% from 2018 to 2023
LONDON, June 6, 2018 /PRNewswire/ -- Growing congestion of space objects in the space and the focus of government agencies and private entities on space situational awareness are driving the space situational awareness market.
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The space situational awareness market is estimated to be USD 1.15 billion in 2018 and is projected to reach USD 1.44 billion by 2023, at a CAGR of 4.54% from 2018 to 2023. Increasing demand for space situational awareness services to reduce potential hazards in space, as well as the rising need for carrying out commercial on-orbit satellite activities, are some of the factors driving the space situational awareness market. Regulatory norms laid down by various space regulatory authorities restrain the growth of the space situational awareness market.
Commercial end user segment is estimated to account for the largest share of the space situational awareness market in 2018.
Based on end user, the commercial segment is estimated to account for the largest share of the space situational awareness market in 2018.Growth in small satellites, which is expected to lead to high demand for Space Situational Awareness (SSA), enables satellite operators to characterize space environment and carry out space activities safely and efficiently.
Another factor contributing to the growth of the commercial segment is the high demand for SSA for commercial applications, such as monitoring and observation of satellite operator's fleet, increasing demand for small satellite deployment, and tracking of satellite moments through their lifecycle.
The space situational awareness market in North America is expected to grow at the highest CAGR during the forecast period.
The space situational awareness market in North America is projected to grow at the highest CAGR during the forecast period.This high growth can be attributed to focused efforts of space companies on developing space situational awareness solutions, demand for small satellite launch, rising US commercial/military reliance on space assets, and increasing space exploration activities in the US and Canada.
Advancements in space technology and demand for space situational awareness services information, and accurate data are factors driving the North America space situational awareness market.
Break-up of profiles of primary participants in the space situational awareness market:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C Level Executives– 35%, D-Level– 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%
Schafer (US), Analytical Graphics (US), Applied Defense Solutions (US), ExoAnalytic Solutions (US), and Vision Engineering Solutions (US) are some of the key players in the space situational awareness market.
Research Coverage:
The report analyzes the space situational awareness market on the basis of offering (services and software), wherein the services segment has been further divided into space weather services, near-Earth object detection services, space surveillance and tracking services; object (mission-related debris, rocket bodies, fragmentation debris, functional spacecraft, non-functional spacecraft); end user (government & military, and commercial), wherein the government & military segment has been further divided into space agencies, Department of Defense, search and rescue entities, intelligence community, and academic and research institutions.The commercial end user segment has been further divided into satellite operators/owners, launch providers, space insurance companies, energy industry, air traffic & navigation service providers.
The space situational awareness market has been studied for North America, Europe, Asia Pacific, and Rest of the World.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses —industry analysis (industry trends), market share analysis of top players, competitive leadership, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments in the space situational awareness market, high-growth regions, and market drivers, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on space situational awareness offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the space situational awareness market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the space situational awareness market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the space situational awareness market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the space situational awareness market
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