Space Debris Removal Market 2024 - Assessing Growth Rates, Shares, Analysis, and Outlook Until 2033

The space debris removal market size has grown exponentially in recent years. It will grow from $0.07 billion in 2023 to $0.10 billion in 2024 at a compound annual growth rate (CAGR) of 44.8%. The growth in the historic period can be attributed to increasing demand for safe and sustainable space environments, heightened space sustainability concerns, enhanced dependency on space-based services, safety concerns regarding critical assets, rising commercial space activities.

The space debris removal market size is expected to see exponential growth in the next few years. It will grow to $0.40 billion in 2028 at a compound annual growth rate (CAGR) of 40.8%. The growth in the forecast period can be attributed to increased satellite deployment, increasing awareness of space sustainability, rising satellite mega constellations, increasing satellite launches, expanded space exploration programs. Major trends in the forecast period include development of innovative technologies and methods, partnerships and alliances among space debris removal companies, technological advancements in tracking and removing debris, advancements in space technology, international cooperation initiatives.

Market Overview -
Space debris removal is a critical process of actively removing defunct satellites, spent rocket stages, and other non-functional objects from Earth's orbit to mitigate the growing issue of space debris and reduce the risk of collisions in space. The main objective of space debris removal is to curb the expansion of space debris and avert collisions that could generate additional debris, posing a substantial hazard to space exploration and satellite operations.

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Surge In Satellite Launches Driving Growth In Space Debris Removal Market
The increasing number of satellite launches is expected to propel the growth of the space debris removal market going forward. Satellite launches involve the deployment of artificial satellites into space using launch vehicles or rockets for various purposes, such as communication, Earth observation, and scientific research. The rise in the number of satellite launches is driven by increasing demand for global connectivity, earth observation, scientific research, and commercial applications, facilitated by advancements in technology, cost reduction, and growing interest in space exploration. The proliferation of satellites increases collision risks with space debris, necessitating space debris removal services to ensure long-term space activity sustainability. For instance, according to Jonathan's Space Report, a US-based space program researcher, there were 186 international space launches of defense-related satellites in 2022 compared to 146 in 2021, with 182 successful. Further, the US attempted to launch 78 defense-related satellites in 2022, with 72 flourishing, and China tried to launch 64 satellites in 2022, of which 62 made orbit. Therefore, the increasing number of satellite launches is driving the growth of the space debris removal market.

Competitive Landscape -
Major companies operating in the space debris removal market are Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Rocket Lab Limited, Astroscale Holdings Inc., Surrey Satellite Technology Limited, BlackSky Global LLC, Rogue Space Systems Corporation, Planetary Resources Inc., D-Orbit S.p.A., ClearSpace SA, LeoLabs Inc., Metrolaser Inc., Skyrora Limited, Skycorp Inc., Moon Express Inc., NorthStar Earth & Space Inc., Busek Co. Inc., TRL11 Limited, OrbitGuardians Inc., Obruta Space Solutions Inc., Space Logistics LLC, Moonshot Brands Inc., Altius Space Machines Inc., Shackleton Energy Company LLC

Key Players Set The Bar For Advanced Rendezvous And Proximity Operations
Major companies operating in the space debris removal market focus on developing innovative solutions, such as commercial debris inspection demonstration satellites, to enhance space situational awareness and promote sustainable space operations. It aims to showcase advanced technologies for monitoring and managing space debris, contributing to space sustainability and safer orbital environments. For instance, in February 2024, Astroscale Japan Inc., a Japan-based aerospace company, launched the world's first active debris removal mission, ADRAS-J. Aiming to safely approach, characterize, and survey an existing piece of large debris through rendezvous and proximity operations, the mission targets a Japanese H2A upper-stage rocket body. It demonstrates challenging RPO capabilities crucial for on-orbit services by showcasing proximity operations, gathering images, and assessing the rocket body's movement and structural condition.

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Key Segments -
The space debris removal market covered in this report is segmented -
1) By Debris Size: 1mm To 10mm, 10mm To 100mm, Greater Than 100mm
2) By Technique: Direct Debris Removal, Indirect Debris Removal
3) By Operation: Single Technique, Multiple Technique
4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Orbit (GEO)
5) By End User: Commercial, Government

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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