Pune, India, Aug. 25, 2021 (GLOBE NEWSWIRE) — The global space debris monitoring and removal market size was USD 803.44 million in 2020. The market is likely to reach USD 1,362.67 million in 2028 from USD 866.42 million in 2021, at a CAGR of 7.84% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Space Debris Monitoring and Removal Market, 2021-2028.”
The rising curiosity of outer space exploration coupled with increasing technological advances made by the human race has led to a rise in space debris. In order to monitor and set limitations on this space rubbish, various organizations have set up a structure. For instance, as per the European Space Agency, ClearSpace-1 is expected to be the foremost space assignment to eliminate constituents of the debris from the earth’s orbit. This mission is likely to be implemented by the year 2025. This is expected to reinforce market growth in the upcoming years.
COVID-19 Outbreak to Positively Impact Space Domain Market
The COVID-19 pandemic hit the world in 2019 and since has adversely affected the economic situation of the majority of the countries and domains as well. Nevertheless, it is witnessed that in the past few years, the happenings associated with space assessment have steadily changed towards exploitation. Moreover, the impact of the COVID-19 pandemic has radically obstructed the current space agendas and procedures done by the government as well as civic space organizations. This has presented a chance to the small and mid-size private firms to capitalize and bid space-based facilities to the leading players in this market.
For example, the U.S.-based venture known as OrbitGuardians delivers active space debris monitoring and removal services. The corporation utilizes technologies such as computer vision, artificial intelligence (AI), and the internet of things (IoT) to examine, observe, and eradicate space debris of a size lesser than 20 cm from space.
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Key Players Sign Partnership to Strengthen their Market Positions
Prominent players in the market often team up with co-companies to flourish the market revenue and to bolster their position in the market globally. For example, in May 2020, the South African National Space Agency (SANSA) signed a partnership deal with the National Aeronautics and Space Administration (NASA) to jointly host a Deep Space Ground Station.
Key Industry Development
October 2020: Astroscale Holdings Inc. managed to raise USD 51 million in a Series E investment round. The total fund reached USD 191 million with the addition of the above funding, and it is allotted for the space debris elimination task.
List of Key Players Covered in this Space Debris Monitoring and Removal Market Report:
Dominant Companies List
- Airbus SAS (The U.S.)
- Astroscale Holdings Inc. (Astroscale) (Japan)
- Voyager Space Holdings, Inc. (The U.S.)
- Electro-Optic Systems Pty Ltd. (Australia)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- PAO SP Korolev RSC Energia (Russia)
- Raytheon Company (The U.S.)
- Surrey Satellite Technology Ltd. (The U.K)
- The Boeing Company (The U.S.)
Start-up Companies List
- OrbitGuardians (The U.S.)
- ClearSpace SA (Switzerland)
- Share My Space (France)
- Obruta Space Solution Corporation (Canada)
Browse Detailed Summary of Research Report with TOC:
By application, the global space debris monitoring and removal market is segmented into space debris monitoring and space debris removal. Among these, the space debris monitoring segment is estimated to dominate the market owing to the upsurge in space exploration activities and space debris modeling. On the basis of debris size range, the market is segregated into the range of 1mm to 1cm debris size, 1cm to 10cm debris size, and greater than 10cm.
By the earth orbit, the market is categorized into low earth orbit (LEO) and geostationary earth orbit (GEO). On the basis of end-use, the market is classified into commercial and defense segments. In terms of region, the market is bifurcated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Leading Countries and Their Joint Efforts to Explore Space Set to Bolster Market Growth
The exponential increase in the demand for communication via the internet and network-based services worldwide has motivated space promotions over the last couple of years. In May 2021, the Starlink platform introduced by SpaceX was granted authorization from the U.S. Federal Communications Commission (FCC) to further launch 12,000 Starlink mini-satellites for network collection. Besides, the firm is scheduling to assemble a spectrum for the extra involvement of 30,000 Starlink satellites in the forthcoming years.
Furthermore, in the last five years, the orbital unveiling efforts have been reported to be considerably increased in the countries such as the Russia, U.S., Japan, India, China, and France. Jointly, there are about 3,373 active functional satellites in the earth’s orbit and are estimated to surge considerably in the upcoming years. This is projected to generate the the large number of space rubbish and will thrust the growth of the market.
However, the majority of the standards are constrained to the monitoring characteristic of space debris. The debris removal rules are not definite or enlisted by the top agencies and the governing organizations. This shall hinder the global space debris monitoring and removal market growth in the foreseeable future.
North America to Ace Market Backed by Support from U.S. Department of Defense
The space debris monitoring and removal market share in the North American region was USD 321.60 million in 2020 and is likely to continue its authority during the forecast period, 2021-2028. The estimated share value is USD 310.55 million as of 2021. The U.S. has the biggest space-based institutions in comparison with the European and Asian leading nations. Furthermore, the U.S. Department of Defence expands greatly on supervising space debris to control the space rubbish in the forthcoming years.
Europe is projected to display substantial growth in the near future owing to the presence of renowned agencies such as the European Space Agency (ESA) and other space-related administrations. They play a critical role in space debris monitoring and removal from the Earth’s orbit.
Asia Pacific is predicted to showcase a higher CAGR in the market during the forecast period. The growth is owing to the surging demand for universe situational alertness abilities from leading nations such as India, China, and Japan.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Space Debris Monitoring and Removal Market
- Impact of COVID-19 on Global Space Debris Monitoring and Removal Market
- Steps Taken By Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Space Debris Monitoring and Removal Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Application
- Space Debris Monitoring
- Space Debris Removal
- Market Analysis, Insights and Forecast – By Debris Size Range
- 1mm to 1cm Debris Size
- 1cm to 10cm Debris Size
- Greater than 10cm
- Market Analysis, Insights, and Forecast – By Orbit Type
- Low Earth Orbit (LEO)
- Geostationary Earth Orbit (GEO)
- Market Analysis, Insights and Forecast – By End-use
- Market Analysis, Insights, and Forecast – By Region
- North America
- Asia Pacific
- Rest of the World
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Have a Look at Related Research Key Updates:
Space Situational Awareness (SSA) Market Size, Share & COVID-19 Impact Analysis, By Offering (Service and Software), By Object (Mission-Related Debris, Rocket Bodies, Fragmentation Debris, Non-Functional Spacecraft, Functional Spacecraft), By End-User (Commercial, Military, and Government), and Regional Forecast, 2021-2028
Defense IT Spending Market Size, Share & COVID-19 Impact Analysis, By Type (Services, Hardware, and Software), By Application (IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics & Asset Management, and Others), and Regional Forecast, 2020-2027
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