Space Situational Awareness Market Trend, Analysis and Overview Worth USD 1.73 Billion, At a CAGR of 5.27% by 2028
Posted on May 8 2023 5:48 AM
"Top companies covered in electronic flight bag market are Airbus SAS (the Netherlands),The Boeing Company (The U.S.),Collins Aerospace (The U.S.),L3Harris Technologies Inc. (The U.S.),Thales Group (France),CMC Electronics Inc. (Canada),Jeppesen (The U.S.),Astronautics Corporation of America (The U.S.),Lufthansa Systems (Germany),DAC International, Inc. (The U.S.) and others companies "
The global space situational awareness (SSA) market size is projected to grow from USD 1.27 billion in 2021 to USD 1.73 billion in 2028.Radio frequency data is nowadays being used extensively to monitor objects in space. It can also be used to detect and geo locate interference, be it an accidental misalignment of objects or a jammer. It can efficiently detect anomalies and its impact in the performance of the payload system. As per a report by Fortune Business Insights™, titled, “Space Situational Awareness Market, 2021-2028,” the market stood at USD 1.21 billion in 2020. It is set to exhibit a CAGR of 5.27% in the forecast period between 2021-2028.
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L3Harris Technologies Wins Infrastructure Modernization Contract worth $89 Million
In February 2021, L3Harris Technologies, a technology company based in the U.S. received a U.S. Space Force and U.S. Space Command contract worth USD 89 million for the modernization and maintenance of the infrastructure to track objects in space. It also includes the Maintenance of Space Situational Awareness Integrated Capabilities (MOSSAIC) program. This program will be able to enhance the systems of Space Force and Space Command for getting a complete picture of the behavior and location of objects in space.
The research report is a blend of quantitative, qualitative, andfirst-hand information by analysts operating in this industry. It also contains inputs from experts across the value chain. It offers accurate analysis of governing factors, market attractiveness, trends, and macro-economic indicators as per segments. Lastly, it maps the qualitative impact of multiple factors on various regions.
Drivers & Restraints-
Increasing Usage of Space by Countries for National Security to Boost Growth
The rising participation of multiple countries in the use of space for science, national security, and safety would drive the space situational awareness market growth in the upcoming years. At present, around 80 countries are active in the space industry. The surging congestion in spaceis compelling companies to partner up with other firms for ensuring safety and sustainability of space-related activities. In December 2020, for instance, the Indian Space Research Organization (ISRO) set up a Space Situational Awareness Centre in Bangaloreto work on the Network for Space Object Tracking and Analysis(NETRA) project. However, there are numerous limitations from international and national government agencies revolving around the space industry, which, in turn, may hamper growth.
Fortune Business Insights™ presents a list of space situational awareness service providers operating in the global market. They are as follows:
Lockheed Martin Corporation (The U.S.) L3Harris Technologies Inc. (The U.S.) Vision Engineering Solutions, LLC (The U.S.) Analytical Graphics, Inc. (The U.S.) Kratos Defense & Security Solutions, Inc. (The U.S.) ExoAnalytic Solutions (The U.S.) SpaceNav (The U.S.) NorthStar Earth & Space Inc. (Canada) GlobVision Inc. (Canada) Etamax Space GmbH (Germany)
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Space Weather ServicesSub-segment to Dominate Fueled by Surging Satellite Launches
By objects, thismarket is segregated into mission-related debris, rocket bodies, fragmentation debris, non-functional spacecraft, and functional spacecraft.Based on end-users, it is categorized into commercial and military & government. Lastly, by offering, it is fragmented into software and services. The software segment is further split into space weather services, near-earth object detection services, and space surveillance and tracking services. Out of these, the space weather services sub-segment is expected to dominate throughout the forthcoming years because of the rising number of satellite launches. It held 30.05% in 2020 in terms of the space situational awareness market share.
Higher Investments by U.S. DoD to Help North America Dominate: Fortune Business Insights™
Regionally, North America is likely to lead the market in the near future backed by the surging investments in space situational awareness by the U.S. Department of Defense (DoD). The region procured USD 0.43 billion in terms of revenue in 2020. Also, the presence of reputed companies, such as NASA in the region would aid growth. In Asia Pacific, the expansion of the Asia-Pacific Optical Satellite Observation System (APOSOS) in China is anticipated to propel growth. In the rest of the world, increasing collaborations between non-U.S. countries would augment growth.
New Product Launches and Contracts — Vital Strategies of Key Players
Thismarket houses a large number of organizations that are focusing on participating in various strategies, such as new product launches, signing agreements, and collaborations. A few others
are aiming to strengthen their businesses by gaining new contracts from government authorities. Below are the two industry developments:
October 2020:Ansysacquired Analytical Graphics Inc., a provider of space data services for USD 600 million. It will help the former to broaden its government andcommercial spacebusiness. February 2020:L3Harrisreceived a contract worth USD 1.2 billion from the U.S. Space Force’s Space and Missile Systems Center. It will enable the company to modernize and maintain the network of space surveillance sensors.
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