Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Space Traffic Management Market, By Component; By Traffic Type; By Orbit Type (Geostationary orbit, Low Earth orbit, Medium Earth orbit); By Application; By Industry - Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Space Traffic Management Market is expected to experience substantial growth, increasing from a value of US$ 14,053.17 million in 2022 to reach US$ 26,341.3 million by 2030.
This growth is projected to occur at a Compound Annual Growth Rate (CAGR) of 8.17% during the forecast period from 2022 to 2030. Factors contributing to this growth include the escalating congestion in space due to the rising number of spacecraft and the surge in space-based secure connectivity initiatives.
Growth Influencers:
The primary driver of market growth is the increasing congestion in space as a result of the growing spacecraft count. Initiatives focused on promoting secure connectivity in space also contribute to the demand for effective space traffic management. However, the lack of comprehensive space domain awareness among countries remains a significant restraint, posing a challenge to the growth of the market.
Segment Overview:
The Global Space Traffic Management Market is segmented based on various parameters:
By Component:
- Hardware: Including sensors, cameras, and others.
- Solution: Encompassing traffic analytics, smart surveillance, and others.
- Services: Comprising space monitoring & tracking service, space data management service, space operation service, space warning service, and space conflict management service.
The services segment is expected to offer opportunities worth over US$ 4,000 million between 2022 and 2030, indicating the rising demand for specialized services in the industry.
By Traffic Type:
- Launch Vehicles
- Satellites
- Others
The satellites segment, with the highest CAGR of 8.5%, indicates the increasing deployment of satellites, which necessitates efficient traffic management.
By Orbit Type:
- Geostationary Orbit (GEO)
- Low Earth Orbit (LEO)
- Medium Earth Orbit (MEO)
This segment, with a CAGR of 8.4%, signifies the crowded nature of LEO and the subsequent need for efficient traffic management.
By Application:
Including space situational awareness, space weather, orbiting space objects, natural space debris, space debris remediation, low-cost active debris removal (LCADR), space debris removal, space debris monitoring, on-orbit servicing, tethered-net removal technology, space orbit management, launch vehicle operations, and others. The space debris remediation segment is expected to grow at the highest CAGR of 9.1%, underscoring increasing concerns over space debris.
By Industry:
- Commercial
- Military
Regional Overview:
The market's presence varies across regions, including North America, Europe, Asia Pacific, Middle East & Africa, South America, Middle East, North Africa, and others. North America holds the largest market share of over 44.9% in 2022, with revenue of US$ 5,963.4 million. The Asia Pacific region is expected to exhibit the highest CAGR of more than 8.5% during the forecast period.
Competitive Landscape:
Key players in the market include Boeing Company, Lockheed Martin, Raytheon Technologies, Airbus Group, BAE Systems Plc, L3Harris Technologies, Inc., among others. The top four players collectively hold a market share of approximately 53.1%.
Questions Answered by the Report:
- What will be the estimated market value of the Global Space Traffic Management market by 2030?
- Which factors are propelling the growth of the market?
- What will be the CAGR of the market from 2022 to 2030?
- Which are the key segments of the market?
- What is the market distribution by region?
Selected Companies Mentioned in the Report:
- Airbus Group
- BAE Systems plc
- Boeing Company
- Exolaunch
- HyImpulse Technologies
- Kayhan Space Corp.
- L3Harris Technologies, Inc.
- Lockheed Martin
- Northrop Grumman
- Raytheon Technologies
- Saab AB
- Thales Group
- The Aerospace Corporation
For more information about this report visit https://www.researchandmarkets.com/r/u48efi
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