Space Traffic Management Market Research Report 2024-2033 | Insights, Demand, Forecast

"The Business Research Company recently released a comprehensive report on the Global Space Traffic Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The space traffic management market size has grown rapidly in recent years. It will grow from $14.67 billion in 2023 to $16.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to growing need for improved safety and efficiency in space operations , increased number of spacecrafts , congested environment , increased satellite constellations, military and national security..

The space traffic management market size is expected to see rapid growth in the next few years. It will grow to $24.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to commercial space growth, small satellite revolution, space situational awareness, the development of regulatory frameworks, growing demand for satellite-based services, increasing space exploration missions. Major trends in the forecast period include enhanced space situational awareness (ssa), integration with air traffic management (atm), public awareness and education, increasing space traffic density, autonomous collision avoidance and maneuvering..

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Market Drivers and Trends:

The rising threat of space debris is expected to drive the growth of the space traffic management market going forward. Space debris refers to the non-functional remains of artificial objects in space, particularly those revolving around the Earth's orbit. Space traffic management helps in monitoring and tracking functional and non-functional satellites, avoiding collisions with space debris and creating less debris, further paving a smooth path for satellites. For instance, according to an article published in May 2021 by The National Aeronautics and Space Administration, an independent agency of the U.S. federal government responsible for the civil space program, more than 27,000 pieces of orbital debris are tracked by the Department of Defense's global Space Surveillance Network (SSN) sensors. Thus, the rising threat of space debris is driving the space traffic management market.

Advancement in space debris monitoring platforms is a key trend gaining popularity in the space traffic management market. Major companies operating in the space traffic management market are developing space debris monitoring platforms to strengthen their position in the space traffic management market. For instance, in March 2022, Neuraspace, a Portugal-based space start-up developed an advanced AI-powered space debris monitoring and satellite collision avoidance platform, to enable safe and sustainable in-orbit operations.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

Thales Group, L3Harris Technologies Inc., The Boeing Company, Airbus Group, BAE Systems plc, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Kayhan Space, Exolaunch GmbH, HyImpulse Technologies GmbH, Slingshot Aerospace, Altitude Angel, Saber Astronautics LLC, Juniper Networks, Starfish Space, Creare Inc., Neuraspace, Transmetrics AD, Voyage Control, OKAPI: Orbits, COMSPOC Corp., ExoAnalytic Solutions, Kellogg Brown & Root Inc., NorthStar Earth & Space Inc., Space Data Association, Altius Space Machines, Analytical Graphics Inc.

Space Traffic Management Market 2024 Key Insights:

• The space traffic management market size is expected to see rapid growth in the next few years. It will grow to $24.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Growing Space Debris Threat Drives Space Traffic Management Market
• Advancements In Space Debris Monitoring Platforms Enhance Space Traffic Management
• North America was the largest region in the space traffic management market in 2023

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