The global space debris monitoring and removal market size is expected to showcase substantial growth in the forthcoming years. This information is published by Fortune Business Insights™ in its report “Space Debris Monitoring and Removal Market, 2021-2028“. There are thousands of space junk pieces flying in the Low Earth Orbit (LEO) due to the collision of satellites. This debris consists of parts of satellites, rockets, or even spacecraft that are no longer functional. The growing focus on efficient monitoring by space agencies such as the US Space Surveillance Network and the European Space Agency is expected to propel the demand for efficient monitoring. The market is projected to grow from USD 866.42 million in 2021 to USD 1,362.67 million in 2028 at a CAGR of 7.84% in the 2021-2028 period.
The COVID-19 pandemic led to a major disruption in the social and economic factors of human lives. Barring essential services, the government ordered the closure of several industries. However, the companies are regaining their ground by steadily commencing their business activities by implying to the social distancing rules and regulations imposed by the government globally.
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List of Key Players Profiled in the Market Report:
- Airbus S.A.S.
- BAE Systems
- Electro Optic Systems Pty Ltd
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Surrey Satellite Technology Ltd
- The Boeing Company
Based on the application, the market is bifurcated into space debris monitoring and space debris removal. Moreover, on the basis of end-user, the market is segmented into commercial and defense. The geography of the market is spread across North America, Europe, Asia Pacific, and Rest of the World.
What Does the Report Contain?
The report is carefully tailored to meet the several needs of stakeholders in the space debris monitoring and removal industry. Details on market segments have been researched and meticulously studied to provide market projections. The future prospects of the market are listed in segments with the various challenges, opportunities, and scope of the same provided in a detailed manner. It also covers the key development in the industry to provide the client with up-to-date information.
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Increasing Awareness Regarding Space Pollution to Propel Market Growth
Space debris is considered to be a hazard for several active spacecraft and satellites orbiting the earth. The space debris resulting from collisions of satellites or other space objects lead to the formation of several thousand new pieces that revolve in the atmosphere. The growing concern regarding the critical damage it can cause to active spacecraft missions has propelled the companies to adopt effective monitoring and removal of space debris solutions. For instance, in March 2021, Astroscale announced a mission, ELSA-d to test technologies that focus on capturing an object in Lower-Earth orbit and further move it to lower altitude. This will lead to the debris burning in the Earth’s atmosphere without causing any damage. Therefore, the increasing awareness regarding space pollution is expected to boost the global space debris monitoring and removal market growth during the forecast period.
Increasing Space Missions to Boost Market in North America
North America is expected to remain dominant and hold the largest space debris monitoring and removal market share during the foreseeable future. Extensive expenditure in R&D and the growing number of space missions is projected to boost the market in the region.
Europe is expected to showcase significant growth with the presence of prominent players such as Airbus S.A.S in the region that will aid in the adoption of advanced space debris monitoring and removal solutions in the region.
Prominent Companies Focus on Investment in R&D Activities to Strengthen Their Market Positions
The market’s competitive landscape consists of prominent players spread far and wide across the globe. This market requires extensive investment, along with research and development. The prominent companies are focusing on strategies such as product launches, product approvals, patents, inventions, and much more to keep up with the changing technology.
- December 2019 – The European Space Agency (ESA) awarded Clear Space the world’s first-ever contract to clear the space debris. The contract involves removal of debris consisting of defunct satellites and abandoned rocket stages.
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