Space Situational Awareness Market Size Expected To Acquire USD 1,760.4 million By 2028 At 4.4% Compound Annual Growth Rate

The latest market report published by Credence Research, Inc., "Global Space Situational Awareness Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Space Situational Awareness Market generated revenue of around USD 1,359.6 million in 2021 and is anticipated to grow a CAGR of over 4.4% during the forecast period from 2022 to 2028 to reach around USD 1,760.4 million in 2028.
In the coming years, the market value for space situational awareness will rise due to several market growth factors. The growing demand for space-based sensing operations is the industry's main motivator. The growth of the SSA Market Value has been greatly influenced by activities like RF mapping, weather monitoring, and remote sensing in the maritime, space observation, and aeronautics sectors. Other industry drivers are low operating costs for tiny satellite operations and the simplicity of launching these space observation instruments. The market size for space situational awareness will undoubtedly benefit from using these gadgets in both public and private endeavors.
The is bifurcated into Solution, Capability, Object, End Use, and Geography. Based on delivery type, the market is categorized into web & cloud-based and on-premise. Based on the solution, the market is categorized into services, payload systems, and software. Based on capability, the market is categorized into the detect, track, and identify (D/T/ID), threat warning and assessment, and characterization. The market is categorized as mission-related debris, rocket bodies, fragmentation debris, functional spacecraft, non-functional spacecraft, and others based on the object. Based on end use, the market is categorized into commercial and, government & military. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The largest share of the market for space situational awareness in 2021 was in North America. There is a large demand for space situational awareness happenings from prestigious organizations like NASA and the Department of Defense due to the growing reliance on space assets and the necessity to maintain safe space operations. Europe and Asia-Pacific retained sizable market shares in 2021 for space situational awareness. The Middle East, South America, and Africa are the other major Rest of the World (RoW) regions predicted to have considerable growth opportunities throughout the forecast period.
Space situational awareness (SSA) refers to the ability to monitor and track objects in space, including satellites, debris, and other spacecraft.
There are several drivers that are contributing to the growth of the SSA market:
· Increasing number of objects in space: The number of objects in space, including operational satellites and debris, has been increasing rapidly in recent years. This increase in the number of objects in space has made it more important for organizations to have a comprehensive understanding of the space environment and to be able to track and monitor these objects.
· Need for collision avoidance: With the increasing number of objects in space, there is a higher risk of collisions between satellites and other objects. SSA systems can help to identify potential collision risks and allow organizations to take action to avoid them.
· Increased reliance on space-based assets: Many industries and organizations rely on space-based assets, such as satellites, for a variety of applications, including telecommunications, navigation, and weather forecasting. These organizations need SSA systems to ensure the safety and reliability of these assets.
· Rising demand for space-based services: The demand for space-based services, such as satellite-based internet, is increasing as more people and organizations around the world gain access to these services. This is driving demand for SSA systems to support the operation and maintenance of these services.
· Government regulations: Some governments have implemented regulations related to SSA, which has led to increased demand for SSA systems and services.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global space situational awareness market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global space situational awareness market segmentation based on object, capability, solution, and end use.
· Major countries in each region with their import/export statistics
· The global space situational awareness market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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