The global space situational awareness (SSA) market is witnessing significant growth driven by the growing number of satellites and space missions being launched annually around the world. SSA systems help organizations track objects in space and analyze collision risks to prevent potential accidents. These systems monitor space debris, inactive satellites, and other objects orbiting Earth through a network of ground-based radar and optical sensors. The data collected helps build orbital debris databases and develop conjunction assessment services. As space activities continue to rise with increasing commercialization and exploration programs, demand for tracking space objects and mitigating collision threats is surging.
The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the space situational awareness market growth is the rising concerns regarding space debris. There are over 27,000 pieces of space debris larger than 10 cm currently orbiting the Earth. Even tiny pieces of debris pose danger as they orbit Earth at speeds averaging 28,000 km/h. A single collision can create thousands of more pieces of fast-moving orbital debris. Recognizing space debris as a growing problem, governments and space agencies worldwide are investing heavily in SSA programs to catalog, track and monitor debris. Continuous monitoring and cataloging of space debris help understand debris density in certain orbital regions and mitigate collision threats to functioning satellites through collision avoidance maneuvers or controlled re-orbiting at end of life.\
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the space situational awareness market is moderate. Developing space assets requires significant capital investment and government approval. However, decreasing costs of access to space and the development of small satellites is enabling more companies to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have moderate switching costs and a limited number of suppliers in this specialized market. However, demand for SSA services is growing rapidly given the proliferation of satellites and spacecraft.
Bargaining power of suppliers: The bargaining power of suppliers is high given the specialized expertise required to provide SSA capabilities. Only a handful of companies offer comprehensive SSA services globally. Buyers have few alternatives in terms of suppliers.
Threat of new substitutes: The threat of substitutes is low. There are no close substitutes that can provide the same level of tracking, monitoring, and collision prediction capabilities for spacecraft.
Competitive rivalry: Competition is intense among the major players. Companies compete based on technologies, service offerings, reliability, and price. Investments in R&D for advanced sensing and data analytics capabilities are helping companies differentiate their solutions.
Key Takeaways
The Global Space Situational Awareness Market Size is expected to witness high growth between 2024 to 2031 supported by numerous drivers such as increasing satellite launches and growing importance of space assets. The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Regional analysis: North America dominated the global SSA market in 2024 and is expected to continue leading during the forecast period supported by substantial government investments and presence of major players. Asia Pacific is anticipated to be the fastest growing region driven by rising satellite launches from countries like China and India.
Key players: Key players operating in the space situational awareness market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation. These companies offer a range of SSA services including space surveillance and tracking, collision avoidance, launch and on-orbit support. For example, Mitsubishi provides observation systems and optical sensors for accurate detection and orbit determination of space objects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
