Space Debris Monitoring And Removal Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The space debris monitoring and removal market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to satellite proliferation, spacecraft collisions, international agreements, risk to space assets, space sustainability, commercial interests.
The space debris monitoring and removal market size is expected to see strong growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to continued satellite deployment, rapid growth of mega constellations, space tourism and commercial space activities, regulatory developments, global space governance. Major trends in the forecast period include increased demand for space situational awareness, development of satellite constellations, emergence of automated debris removal technologies, integration of commercial solutions, rapid technology innovation.
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Scope Of Space Debris Monitoring And Removal Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Space Debris Monitoring And Removal Market Overview
Market Drivers –
The increasing number of satellite launches is expected to propel the growth of the space debris monitoring and removal market going forward. Satellite launches involve the deployment of artificial satellites into space using launch vehicles or rockets for various purposes, such as communication, Earth observation, and scientific research. The rise in the number of satellite launches is driven by increasing demand for global connectivity, earth observation, scientific research, commercial applications, and a growing interest in space exploration. Space debris monitoring helps satellite operators and launch providers identify and track debris objects that could pose a collision risk to satellites during launch and deployment. Also, space debris removal efforts aim to reduce the overall population of debris in orbit, thereby decreasing the likelihood of collisions with operational satellites. For instance, in January 2023, according to Jonathan’s Space Report, a US-based space program researcher, there were 186 international space launches of defense-related satellites in 2022, compared to 146 in 2021. Furthermore, the US attempted to launch 78 defense-related satellites in 2022, with 72 flourishing, and China tried to launch 64 satellites in 2022, of which 62 made orbit. Therefore, the increasing number of satellite launches is driving the growth of the space debris monitoring and removal market.
Market Trends –
Major companies operating in the space debris monitoring and removal market are focusing on the development of innovative solutions, such as commercial debris inspection demonstration satellites, to enhance space situational awareness and promote sustainable space operations. These satellites aim to showcase advanced technologies for monitoring and managing space debris, contributing to space sustainability and safer orbital environments. For instance, in February 2024, Astroscale Japan Inc., a Japan-based aerospace company, launched the world’s first debris inspection spacecraft, ADRAS-J. The ADRAS-J mission is the world’s first attempt to safely approach, characterize, and survey an existing piece of massive debris using RPO (Rendezvous and Proximity Operations) capabilities. ADRAS-J is designed to connect with a Japanese H2A upper-stage rocket body, perform proximity operations, and collect photos to examine the rocket body’s movement and structural condition. The mission will showcase the most complex RPO capabilities required for on-orbit services. It demonstrates challenging RPO capabilities crucial for on-orbit services by showcasing proximity operations, gathering images, and assessing the rocket body’s movement and structural condition.
The space debris monitoring and removal market covered in this report is segmented –
1) By Debris Size Range: 1mm To 1cm Debris Size, 1cm To 10cm Debris Size, Greater Than 10 cm
2) Orbit Type: Low Earth Orbit (LEO), Medium-Earth Orbit (MEO), Geostationary Earth Orbit (GEO)
3) By End User: Commercial, Defense
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Regional Insights –
North America was the largest region in the space debris monitoring and removal market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space debris monitoring and removal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the space debris monitoring and removal market are Raytheon Technologies, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Mitsubishi Electric Corporation, Northrop Grumman Corporation, British Aerospace systems, L3Harris Technologies Inc., IHI Corporation, Teledyne Technologies, Thales Alenia Space, Ball Aerospace & Technologies Corp., Maxar Technologies Inc., Japan Aerospace Exploration Agency, The Aerospace Corporation, Kratos Defense & Security Solutions, Occupational Health Branch, Electro Optic Systems Holdings Limited, Rocket Lab Limited, Rüstungs Unternehmen AG, Surrey Satellite Technology Limited, ClearSpace SA, Tethers Unlimited, Kongsberg Satellite Services
Table of Contents
- Executive Summary
- Space Debris Monitoring And Removal Market Report Structure
- Space Debris Monitoring And Removal Market Trends And Strategies
- Space Debris Monitoring And Removal Market – Macro Economic Scenario
- Space Debris Monitoring And Removal Market Size And Growth
…..
- Space Debris Monitoring And Removal Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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