According to the new market research report "Space Situational Awareness (SSA) 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", published by MarketsandMarkets™, the 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.
Early buyers will receive 10% customization on this report
Based on offering, the services segment is estimated to lead the space situational awareness market in 2018.
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 projected to grow at the highest CAGR during the forecast period.
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 of the space situational awareness market is projected to grow at a higher CAGR from 2018 to 2023.
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.
North America is expected to be the fastest-growing market for space situational awareness during the forecast period.
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.
Know more about the Space Situational Awareness (SSA) Market:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com