June 17, 2024
global Space Situational Awareness (SSA) Market
Ict

Global Space Situational Awareness (SSA) Market is expected to be Flourished by the Increasing Demand for Near-Earth Monitoring Solutions

Space situational awareness (SSA) refers to knowledge and characterization of space objects and their operational environment obtained from ground-based and space-based sensors that allows prediction of such objects. SSA tools are used to characterize on-orbit spacecraft, spent rocket stages, mission-related debris, and naturally occurring meteoroids. The solutions involve detecting, tracking, and identifying artificial objects in Earth orbit, such as active satellites, spent rocket stages, fragmentation debris, and mission-related debris. SSA helps in monitoring near-earth objects to provide collision avoidance warnings to satellites to protect space assets and aid deep space exploration initiatives. The global space situational awareness market is projected to grow substantially over the forecast period due to the increasing demand for near-earth monitoring solutions from commercial and government organizations to track space debris and ensure safety of satellites and space assets.

The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The increasing demand for near-earth monitoring solutions (as referred in the heading) is one of the key drivers propelling the growth of the global space situational awareness market. Near-earth monitoring solutions help in tracking growing space debris and ensure safety of satellites and manned space missions. As per estimates, there are around 27,000 pieces of debris larger than 10 cm in orbit and over 100 million pieces between 1 mm to 1 cm. This increasing space debris poses collision threats to operational satellites and jeopardizes space activities. Thus, space agencies across countries are focusing on implementing robust SSA programs to closely track space objects and debris through a network of ground sensors and space-based surveillance. This is expected to boost adoption of SSA tools and solutions over the forecast period.

Segment Analysis
The global space situational awareness (SSA) market is dominated by the space surveillance and tracking segment. This segment accounts for over 50% of the total market share owing to the growing need for monitoring space objects such as satellites, space debris, and spent rocket bodies. Space agencies across countries are majorly focusing on tracking space debris and planning for mitigation of space junk which has propelled the demand for space surveillance radars and networks for accurate tracking of debris objects.

PEST Analysis
Political: Countries are formulating new regulations and guidelines for safe and responsible operations in space. For example, recent guidelines issued by the US government on space object debris mitigation mandates monitoring and tracking of space objects.
Economic: The growing investments in space exploration missions and increasing satellite launches are driving the need for improved SSA systems. Space-faring nations are allocating higher defense budgets for protection of space assets.
Social: Miniaturization of technologies has enabled affordable access to space, resulting in more number of satellites. This has increased the need for coordinated SSA efforts to minimize collision threats.
Technological: Advances in radar technologies, electro-optical sensors, and data analytics are improving accuracy and real-time capabilities of SSA systems. Adoption of AI and big data is assisting in automated surveillance and predictive collision analysis.

Key Takeaways
The Global Space Situational Awareness (SSA) Market Size is expected to witness high growth during the forecast period owing to increasing space congestion due to growing satellite launches and space debris. The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

North America dominates the global SSA market with major government investments and presence of leading players. The USA accounts for over 50% share in the region supported by defense agencies like NASA, DoD, and FAA focused on both government and commercial SSA activities. Europe is the second largest market for SSA driven by initiatives by the European Space Agency and national space agencies for collaborative SSA networks. The Asia Pacific region is poised to be the fastest growing market led by recent space developments in China and India. Both countries are building independent SSA capabilities to safeguard economic and national security interests in outer space.

Key players operating in the global space situational awareness market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it