Pune, India., April 11, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Space Situational Awareness (SSA) Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Object, End User, and Orbit Range," the market was valued at US$ 1,535.91 million in 2022 and is expected to reach US$ 2,178.89 million by 2028; it is anticipated to register a CAGR of 6.0% from 2022 to 2028.
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Global Space Situational Awareness (SSA) Market Growth Drivers:
• Increasing space debris: The growth of space debris poses a significant threat to satellites and other spacecraft in orbit. This has led to a growing need for SSA systems that can monitor and track debris to avoid collisions and minimize damage.
• Rising demand for satellite services: The increasing demand for satellite services, such as communication, navigation, and Earth observation, has led to a significant increase in the number of satellites in orbit. This has driven the need for SSA systems to monitor and manage these satellites to ensure safe and efficient operations.
• Government initiatives: Many governments around the world are investing in SSA systems to enhance national security and protect critical infrastructure. This has led to a significant increase in the demand for SSA systems and services.
• Technological advancements: Advances in technology have enabled the development of more sophisticated SSA systems, such as space-based sensors, which can provide more accurate and timely information about objects in space. These technological advancements have also driven down the cost of SSA systems, making them more accessible to a wider range of users.
• Growth of the commercial space industry: The commercial space industry is experiencing significant growth, with companies launching more satellites and conducting more activities in space. This has led to an increase in demand for SSA systems to monitor and manage these activities and ensure safe and efficient operations.
Global Space Situational Awareness (SSA) Market Recent Developments:
• Advancements in SSA sensors: The development of more advanced and sophisticated sensors has improved the accuracy and reliability of SSA systems. These sensors include radar, optical, and infrared sensors that can detect and track objects in space with greater precision.
• Increased use of artificial intelligence and machine learning: The use of artificial intelligence and machine learning algorithms has improved the processing and analysis of SSA data, enabling more accurate and timely information about objects in space.
• Expansion of SSA services: The SSA market has seen a significant increase in the number of companies offering SSA services, including satellite operators, government agencies, and commercial service providers. This has led to greater competition and innovation in the market.
• Emergence of new SSA markets: The growth of the space industry has led to the emergence of new SSA markets, including space traffic management and space situational awareness for small satellites. This has led to the development of new SSA systems and services tailored to these markets.
• Investment in SSA infrastructure: Governments and private companies are investing in SSA infrastructure, including ground-based sensors and space-based sensors, to enhance the accuracy and reliability of SSA systems. This investment is driving the development of new SSA technologies and services.
Overall, the SSA market is evolving rapidly, with new technologies and market demands driving innovation and growth. These recent developments are just a few examples of the changes taking place in the market.
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In 2021, Space Track reported four on-orbit breakup events generating 150 fragment debris and two collision events producing 942 objects, including that from the Russian ASAT test. These orbiting space debris threaten about 3,000 functioning satellites presently in orbit, used for modern critical communication and other purposes. Any damage, even minor, to such space assets can have cascading impacts on many vital systems, including communication, transportation, time scheduling, and critical defense-related aspects. Many state-of-the-art defense technologies such as guided missiles, drones, intelligence data collections, encrypted communications, and navigation would be limited or can become inoperable with defunct satellite systems. It is thus crucial to analyze the comparative approach of all space objects to detect collision threats well in advance. SSA deals with the thorough knowledge of the space environment, assessment of any threats to space activities, and implementing necessary mitigation measures to safeguard the functional space assets. It consequently plays a crucial role in ensuring safe and sustainable space activities complying with domestic and international guidelines, standards, and other norms. Owing to the critical functionality of SSA and the rising importance of satellites, the space situational awareness (SSA) market is positively impacted by the increasing amount of space debris.
Space Situational Awareness (SSA) Market: COVID-19 Overview
The US, Japan, India, France, Russia, and the UK were among the worst-affected countries by COVID-19 pandemic. COVID-19 outbreak disrupted various industries such as automotive, manufacturing, energy & power, aerospace & defense, and construction in 2020. The imposition of containment measures such as trade bans, travel restrictions, and workforce limitations at workplaces adversely impacted the manufacturing, supply, and sales of various businesses. Such disruptions promoted internet usage, telecommunication modes, and digital transformation adoption across the world. All these factors increased the involvement of satellites. However, a shortage of key semiconductor components delayed the launches of several satellites. Additionally, liquid oxygen was diverted to various hospitals to treat patients. Thus, the space industry reported disruptions in space manufacturing, rocket launches, and satellite operations during the pandemic. Such challenges also led to a decrease in the adoption of SSA in the first half of 2020. However, increased internet usage and high digital transformation of various industries strongly promoted satellite usage. This has led to a negative impact of COVID-19 pandemic on the space situational awareness (SSA) market growth.
Space Situational Awareness (SSA) Market: Offering Overview
Based on offering, the space situational awareness (SSA) market is segmented into software and services. According to the space situational awareness (SSA) market analysis, the services segment accounted for a larger space situational awareness (SSA) market share in 2022 and is expected to retain it is dominance during the forecast period as well. Also, the services segment is expected to witness highest CAGR during the forecast period in the global space situational awareness (SSA) market.
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Space Situational Awareness (SSA) Market: Competitive Landscape and Key Developments
Analytical Graphics, Inc.; Exoanalytic Solutions, Inc; Globvision Inc.; GMV Innovating Solutions SL; L3Harris Technologies, Inc.; Kratos Defense and Security Solutions, Inc.; Lockheed Martin Corporation; Parsons Corporation; Belcan; and Spacenav LLC are a few of the key space situational awareness (SSA) market players operating worldwide.
In March 2023, Privateer Space, a data, and intelligence platform, announced a partnership agreement with WARPSPACE, a Tsukuba-based spacetech startup. Through this partnership, the companies aim to develop an optical inter-satellite data relay service to offer space operators with necessary data within time. The optical inter-satellite data would assist in protecting their assets from the objects orbiting in space. Due to the rising number of satellites around Earth, SSA’s significance has increased, as it helps in understanding the location of satellites and other objects to prevent collisions.
In March 2023, Northrop Grumman and IHI Corporation signed a Memorandum of Understanding at DSEI Japan to work toward creating highly maneuverable and small satellites and other solutions for missions such as SDA for Japan.
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