Space Situational Awareness Market
Space Situational Awareness (SSA) Market is projected to be valued at USD 2.01 Billion by 2030, registering a 7% CAGR during the forecast period, 2022–2030.
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Space Situational Awareness is a sector that includes many growth opportunities. The market has grown in the past few years with all the advantageous properties. For different civil and military purposes, the deployment of satellites has gone up vastly, which is why the Space Situational Awareness Market has become a major market with high demand. The broadening need for satellite applications in various sectors has strengthened the market prospects manifold as people wanted to grasp the extent and characteristics of the outer space surrounding the earth.
Space Situational Awareness Market mainly deals with the ideology of supervising and understanding the pattern of the earth's climate and layers of space. The process is done by following the existing knowledge or exploring the ideology through exploration devices. Space Situational Awareness Market also broadens its capabilities with modern and innovative technologies and devices for observing and exploring the phenomenon. Understanding the space conditions and how the changes are happening between the celestial events and other outer space occurrences is the main motive of the respective market. The market can also determine present dangers and risks related to asteroids and other unnatural changes happening in the space. The market is aware of space networks and satellites' accidental or deliberate disturbances. The market works with the fundamental idea of being aware of the outer space situation as it is an evolving entity, and earth exists in it.
The rapid surge in the Covid-19 cases has devastated the base of many sectors, and no doubt Space Situational Awareness Market also lose its dominance during the pandemic. The global economic activities were behind as the financial condition destructed during the pandemic; the space situational awareness market needed a huge amount of financial investments to initiate a new project, so the programs were stalled during the first wave of the pandemic. Now the countries are recovering, and the resumption of manufacturing and the exploration process is frequently developing the market's demand.
Space Situational Awareness Market is poised to grasp a CAGR of 4.6% during the forecast period of 2027 with USD 1.53 billion.
Key Players
Prominent Space Situational Awareness Market players in the global include: Analytical Graphics (US),Etamax Space (Germany),Ozonolytic Solutions (US),Kratoms Defense & Security Solutions (US),L3 Harris Technologies (US),Lockheed Martin Corporation (US),Norstar Space Data (Canada),Schaefer Systems International, Inc. (US),Sky and Space Global (Australia),Vision Engineering Solutions LLC (US)
Other Prominent Players: Elector Deimos Group (Spain), GMV Innovating Solutions (Spain), Polaris Alpha Advanced Systems, Inc. (US), Solers (US), Spacenav (US)
Market Segmentation
The segmentation of the Space Situational Awareness Market has been fractionated according to the different industrial sectors of the region. The industrial segments help in studying the leading production trends in the market. The market segmentation has been divided by offerings and end-user.
In the offerings, the market is further categorized into services and software. Through software, the market is divided into space data and center, orbit determination tool kits, etc. The market is also segmented into commercial applications by the end-user.
Regional Analysis
The distribution of the resources and revenue has been done through different regions by the Space Situational Awareness Market. The distribution has been implemented in the regions of Asia Pacific, North America, Africa, the Middle East, and Europe. Currently, the regions of North America are gaining the largest share in the market. The second-largest market has evolved to be the regions of Europe. The sectors of Europe are expected to grow very extensively during the forecast period as the investment in exploration is increasing and valuing the perspective of the respective market. Regions of the Asia Pacific are also growing their stability in the market. Significant growth has been emerging from all other regions of the market.
Industry News
Parsons Corporation was honored by a contract by Space and Missile Systems Center Special Programs Directorate in May 2021 for initiative solutions for situational awareness support, which is worth USD 185 million.
Space Situational Awareness (SSA) Market Report: Information by Offering (Services and Software), Object (Mission-Related Debris, Rocket Bodies, Fragmentation Debris, Functional Spacecraft, Non-Functional Spacecraft and others), End User (Commercial and Government & Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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