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Space Situational Awareness Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Lockheed Martin Corporation, Kratos Defense & Security Solutions Inc., Polaris Alpha Advanced Systems Inc.,
Space Situational Awareness Market Size
The Business Research Company offers in-depth market insights through Space Situational Awareness Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The space situational awareness market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to growing space activity, space debris mitigation, satellite services, national security, international cooperation.
The space situational awareness market size is expected to see strong growth in the next few years. It will grow to $2.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to space traffic management, commercial space operations, lunar and deep space exploration, space resource utilization, space domain awareness. Major trends in the forecast period include space traffic management, space debris monitoring, rapid data sharing, commercial ssa services, space weather prediction.
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Market Segmentation:
The major solutions in space situational awareness are service, payload systems, and software. The service refers to the characterization of space objects to ascertain their orbital trajectory, size, shape, mass, composition, rotational dynamics, and other parameters. The different capabilities include detect, track, and identify (d/t/id), threat warning, and assessment and characterization. The major objects include mission-related debris, rocket bodies, fragmentation debris, functional spacecraft, non-functional spacecraft, and others. The main orbital ranges are near-earth and deep space. Commercial, government, and military are the major end users.
Major Driver - Rising Demand For Space-Based Sensing Activities Fuels Growth In The Space Situational Awareness Market
The increase in demand for space-based sensing activities propels the growth of the space situational awareness market going forward. The space-based sensing activities refer to the remote sensing technology that profiles the earth's atmosphere and ionosphere with high vertical resolution and global coverage using GNSS (such as GPS) readings acquired by low-Earth orbiting satellites. The majority of governments employ space situational awareness to plan their space activities because it makes it possible to predict the orbital paths of cataloged objects and trash. For instance, in May 2021, according to the data published by EUROCONTROL, a Belgium-based organization for the safety of air navigation, Aireon's space-based ADS-B system was integrated into NM's Enhanced Traffic Flow Management System (ETFMS), which enabled real-time air traffic surveillance data monitoring and improved traffic predictability by 20%. Furthermore, in September 2021, HawkEye 360, a US-based geospatial analytics company, launched 3 satellites into orbit for the analysis of RF geospatial intelligence. Therefore, increasing demand for space-based sensing activities is driving the growth of the space situational awareness market.
Competitive Landscape:
Major companies operating in the space situational awareness market include Lockheed Martin Corporation, Kratos Defense & Security Solutions Inc., Polaris Alpha Advanced Systems Inc., Applied Defense Solutions, Schafer Industries, L3harris Technologies, General Dynamics Corporation, Vision Engineering Solutions, Norstar Space Data, SpaceNav LLC, Elecnor Deimos Group, ExoAnalytic Solutions Inc., Honeywell International Inc., DRS Technologies., BAE Systems, Northrop Grumman Corporation, RTX Corporation, Thales Group, ATOS SE, Elbit Systems Ltd., Leonardo S.p.A., Rheinmetall AG, Airbus SE, Boeing Co., Pratt & Whitney, Rolls-Royce Holdings plc, GE Aviation, Safran S.A., Israel Aerospace Industries, Spirit AeroSystems Inc., Triumph Group Inc., United Technologies Corporation, International Business Machines Corporation, Microsoft Corporation, Amazon Web Services Inc., Google LLC, Oracle Corporation, Cisco Systems Inc.
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Top Trend - Surge In Technological Advancements
Technological advancement has been an emerging trend gaining popularity in the space situational awareness market. Major companies operating in the space situational awareness sector are focused on technological advancement to sustain their position in the market. For instance, in April 2022, Fujitsu, a Japan-based information and communications technology equipment and services company, introduced new technology for mapping and analyzing space debris. This technology consists of an SSA (Space Situational Awareness System) system along with radar and an optical telescope. The new radar from JAXA (Japan Aerospace Exploration Agency), integrated with technology, is intended to observe roughly 10,000 objects each day and can also detect tiny things. This technology enables operators to automatically determine the likelihood of a predicted collision and make the required route adjustments to reduce hazards and prevent any potential collisions with space junk.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Space Situational Awareness Market Characteristics
3. Space Situational Awareness Market Trends And Strategies
4. Space Situational Awareness Market - Macro Economic Scenario
5. Space Situational Awareness Market Size And Growth
…..
27. Space Situational Awareness Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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