Global Space Situational Awareness (SSA) Market is Estimated To Witness High Growth Owing To Increased Deployments of Small Satellites
The Global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global space situational awareness market involves monitoring space objects
in earth's orbit and deep space to provide services like space surveillance,
tracking services. SSA aims to monitor physical and orbital characteristics of
natural as well as artificial objects including active/dead satellites, spent
rocket bodies, microscopic dust, debris etc. This helps avoid satellite
collisions and allows re-use of valuable space assets.
Market key trends:
One of the key trends driving the growth of global space situational awareness
market is the increased deployment of small satellites. Small satellites play a
major role in several applications such as technology demonstration, earth
observation, communication, science missions and defense among others.
According to BryceTech, around 2,012 small satellites are estimated to be
launched between 2018 to 2022. More frequent launches of small satellites have
increased the need for efficient space situational awareness and collision
avoidance systems. As small satellites operate in low earth as well as
sun-synchronous orbit, need of advanced SSA solutions is driving the market
growth.
Porter's Analysis
Threat of new entrants: Low threat as the entry barriers are high due to the
requirement of substantial R&D investments and specialized skills.
Bargaining power of buyers: Moderate bargaining power as there are few dominant
players but buyers have opportunities to use substitutes.
Bargaining power of suppliers: Low bargaining power due to lack of
differentiation and presence of many component suppliers.
Threat of new substitutes: Low threat as there aren't viable substitutes for
space situational awareness services.
Competitive rivalry: High competitive rivalry among the major players focusing
on enhancing technology and capabilities.
SWOT Analysis
Strengths: Availability of government funds for R&D and dominance of U.S.
companies in satellite and launch vehicle segments.
Weaknesses: High dependency on government contracts and vulnerability of space
assets to threats like space debris.
Opportunities: Growth in small satellite markets, increasing satellite
launches, and expanding applications of SSA data.
Threats: Disruptions due to geopolitical tensions, increasing risks from space
debris and congestion.
Key Takeaways
The Global
Space Situational Awareness (SSA) Market Size is expected to witness
high growth, exhibiting CAGR of 7.8%
over the forecast period, due to increasing small satellite launches for
applications such as Earth observation, communication, and technology
demonstration. By 2023, the market size is projected to reach US$ 1.3 Billion.
North America dominates the global SSA market due to presence of majority of
key players and government agencies like NASA, DoD, and commercial space
companies in the US. The Asia Pacific region is expected to grow at the fastest
pace during the forecast period led by China, India, and Japan investing
heavily in developing independent space capabilities including human
spaceflight and lunar exploration programs.
Key players operating in the global Space Situational Awareness market are
Lockheed Martin, Northrop Grumman, Analytical Graphics, ExoAnalytic Solutions,
Schafer, Etamax Space, Vision Engineering Solutions, Applied Defense Solutions,
Spire Global, and Harris.
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