The global space debris monitoring and removal market revenue was around US$ 976 million in 2022 and is estimated to reach US$ 2,010.3 million by 2032, growing at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2023 to 2032.
Space debris monitoring and removal is a set of technologies and activities prepared to track, detect, and mitigate the presence of space junk or space debris in orbit of the Earth. Space debris consists of fragments from previous collisions, defunct satellites, spent rocket stages, and other man-made objects that stay in orbit after their functional life has ended. Removal and monitoring are crucial aspects of space sustainability and space situational awareness, desired to decrease the risks posed by space debris to functioning spacecraft, and satellites, and the safety of space activities.
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Factors Influencing Market Growth
– Factors like the rise in the tendency of satellite constellations, the surge in space debris threat, and the increase in the development of initiatives by different governments and space agencies propel the growth of the market across the world.
– Factors like agreements, high development costs, and regulatory adherence to international space regulations function as barriers to the development of the market.
– The development of evolved technologies and the rise in demand for space tourism create ample opportunities for the growth of the market during the forecast period.
Impact of COVID-19
The COVID-19 pandemic led to substantial disturbances in the supply chains, involving the deployment and production of sensors, satellites, and technologies associated with space debris monitoring and removal. Delays in the transportation and manufacturing of essential components have influenced the timelines of projects in this market. The pandemic accelerated the deployment and development of remote sensing technologies, which are required for space debris monitoring. The demand for data analysis, remote monitoring, and predictive modeling advanced, further emphasizing the requirement for advanced technology in this market.
In 2022, North America dominated the global space debris monitoring and removal market in terms of revenue. Governments in North America are actively interested in space sustainability efforts. In the U.S., agencies like the Department of Defense and NASA play a key role in space debris monitoring and research. Government-driven regulations and initiatives impact the growth of the market and facilitate responsible space activities.
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Also, Asia-Pacific is anticipated to notice the fastest growth rate in the global space debris monitoring and removal market during the forecast period. This region has witnessed the emergence of new market players, especially India and China. These countries have supported significantly in space programs, including lunar missions and satellite launches. The Asia Pacific region is indicated by the rising space activities, leading to the requirement for space debris monitoring and removal.
The leading prominent companies profiled in the global space debris monitoring and removal market are: –
– Obruta Space Solutions Corp.
– Lockheed Martin Corporation
– Northrop Grumman
– Share My Space SAS
– Electro Optic Systems
– Voyager Space Holdings Inc.
– Airbus SE.
– Other prominent key players
The global space debris monitoring and removal market segmentation focuses on Activity, Debris Size, Orbit, and Region.
Segmentation based on Activity
– Space Debris Monitoring
– Space Debris Removal
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Segmentation based on Debris Size
– 1mm to 1 cm
– 1 cm to 10 cm
– Greater than 10 cm
Segmentation based on Orbit
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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