Space Situational Awareness (SSA) Market worth 1.44 Billion USD by 2023

(I-TravelNewswire.Com, October 14, 2021 ) According to the new market research report "Space Situational Awareness Market by Offering (Services, Software), Object (Mission-Related Debris, Fragmentation Debris, Functional, Non-Functional Spacecraft), End User (Government & Military, Commercial), and Region - Global Forecast to 2023", The space situational awareness market is estimated to be USD 1.15 Billion in 2018 and is projected to reach USD 1.44 Billion by 2023, at a CAGR of 4.54% from 2018 to 2023. Factors driving the demand for small satellites are the rise in space exploration activities and the growing traffic of spacecraft, which, in turn, are fueling the growth of the space situational awareness market.

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Based on offering, the services segment is estimated to lead the space situational awareness market in 2018. The growth of this segment can be attributed to the increased demand for accuracy of real-time data of space surveillance and tracking services that have driven the private companies to focus on providing space-based services such as space surveillance and tracking services.

Based on object, the fragmentation debris segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rise in small satellites and CubeSats launches, and space exploration activities.

Based on end user, the commercial segment is expected to grow at a higher CAGR, as compared to the government & military segment during the forecast period. The growth of the commercial segment can be attributed to the focus of various private space entities on SSA solutions for satellite operations throughout the satellite’s lifecycle.

The space situational awareness market in North America is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the demand for small satellite launches, rising US commercial/military reliance on space assets, and increasing space exploration activities in the US and Canada.

Some of the major companies providing space situational awareness include Schafer (US), Analytical Graphics (US), Applied Defense Solutions (US), ExoAnalytic Solutions (US), and Vision Engineering Solutions (US). These key market players offer various space situational awareness services and software, such as conjunction analysis, space debris end-to-end service, Joint Space Operations Centre (JSpOC), and Orbit Determination Tool Kit (ODTK), among others. New product development, partnerships, and contracts are the major growth strategies adopted by these players to enhance their position in the space situational awareness market.

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