Press release
What Are the Key Opportunities and Trends Shaping the Future of the Global Space Situational Awareness Market (2025-2034)?
Space Situational Awareness Market
The global space situational awareness market reached a value of nearly $1.50494 billion in 2024, having grown at a compound annual growth rate (CAGR) of 2.87% since 2019. The market is expected to grow from $1.50494 billion in 2024 to $2.00847 billion in 2029 at a rate of 5.94%. The market is then expected to grow at a CAGR of 5.32% from 2029 and reach $2.60237 billion in 2034.
What are the upcoming opportunities in the global space situational awareness market?
The key players in the market are adopting extensive strategies in the space situational awareness market such as:
• Focus on product advancements for future growth.
• Focus on enhancing business operations through securing new contracts.
• Focus on enhancing geographical footprint across the globe through new launches.
• Focus on enhancing geographical footprint across the globe through strategic partnerships.
• Focus on improving portfolio and strengthening business through new product developments.
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To take advantage of the opportunities, The Business Research Company recommends that sspace situational awareness companies focus on:
• Focus on developing space missions to enhance orbital debris tracking, improve collision avoidance capabilities, and ensure the long-term sustainability of space operations.
• Focus on developing advanced in-orbit cameras to enhance tracking of space debris, improve situational awareness, and ensure safer and more efficient space operations.
• Focus on adopting a strategic partnerships approach to enhance technological capabilities and deliver more comprehensive solutions to address the growing challenges of monitoring and managing space traffic.
• Focus on strategic investments to develop advanced technologies, strengthen product portfolios, and improve overall capabilities.
What is space situational awareness: market definition?
Space situational awareness refers to tracking objects in space, including their identification, orbit determination, awareness of the environment they are working in, and prediction of future positions and potential dangers. It is used to forecast object collisions and warn space operators of potentially hazardous close approaches to enable collision avoidance operations.
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.
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Who are the major companies operating in the global space situational awareness market?
The global space situational awareness market is highly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up 71.60% of the total market in 2023. Lockheed Martin Corporation was the largest competitor with a 14.64% share of the market, followed by:
• L3Harris Technologies Inc.
• Leonardo DRS Technologies Inc.
• Kratos Defense & Security Solutions Inc.
• Parsons Corporation
• Northrop Grumman Corporation
• BAE Systems plc
• Ansys Inc.
• Spire Global Inc.
• Swedish Space Corporation
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