The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Space situational awareness refers to knowledge and characterization of space objects and their operational environment to support space flight safety, mission assurance and national security. It involves tracking of space debris, derelict spacecraft and operational satellites to prevent in-space collision.
Market key trends:
One of the major trend in the global SSA market is increasing investments by federal space agencies and governments to develop indigenous capabilities for SSA. For instance, in 2019, U.S. government announced a budget of US$ 1.5 billion under the Planetary Defense Coordination Office focused on enhancing SSA solutions to detect and mitigate near-earth objects impact risks. Similarly, Indian Space Research Organisation’s Deep Space Network project launched in 2021 aims to enhance India’s detection and tracking capabilities of space objects. Such initiatives are fueling adoption of advanced SSA technologies and services.
SWOT Analysis
Strengths: Advanced technologies for monitoring space objects, Global network of radars and sensors to provide real-time data, Strong clientele of government agencies and defense organizations.
Weaknesses: High investment costs for setting up SSA infrastructure, Limited number of private players, Vulnerable to space weather changes affecting sensors.
Opportunities: Increasing small satellite launches and rise of mega-constellations, Expanding applications of SSA data in commercial sector, Emerging national programs for independent SSA capabilities.
Threats: Budget cuts hampering infrastructure upgrades, Stringent regulations for data sharing between countries, Space debris increasing collision threats.
Key Takeaways
The Global Space Situational Awareness (SSA) Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing investments by commercial companies in satellite networks. The global SSA market size was valued at US$ 1.3 Bn in 2023 and is expected to reach over US$ 2.5 Bn by 2030.
North America dominated the global SSA market in 2023 with over 35% share, owing to presence of major SSA players and NASA’s efforts to build independent monitoring capabilities. The Asia Pacific region is expected to exhibit the fastest CAGR during the forecast period, led by rising SSA programs in China and India.
Key players operating in the global space situational awareness market are Lockheed Martin, Northrop Grumman, Analytical Graphics, ExoAnalytic Solutions, Schafer, Etamax Space, Vision Engineering Solutions, Applied Defense Solutions, Spire Global, and Harris. Lockheed Martin leads the market with advanced technologies such as Self-Awareness Space Situational systems (S5).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it