New York, Nov. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Space Traffic Management Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06364863/?utm_source=GNW
The global space traffic management market is expected to grow from $11.64 billion in 2021 to $12.55 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The space traffic management market is expected to grow to $16.91 billion in 2026 at a compound annual growth rate (CAGR) of 7.8%.
The space traffic management market consists of sales of space traffic management services by entities (organizations, sole traders, and partnerships) that are used to provide a solid framework for on-orbit coordination of activities to improve the safety, stability, and sustainability of space operations. Space traffic management is a set of technological and regulatory provisions intended to ensure safe entry, operations in space, and return from space to earth free of physical or radio-frequency interference.
The main activities of space traffic management are space situational awareness, space debris remediation, space orbit management, and launch vehicle operation.Space situational awareness (SSA) is referred to the process of keeping track of objects in orbit and forecasting their real-time location and is used to track objects in orbit.
The orbits include LEO, MEOand elliptical, and GEO.The various applications include communication, earth observation, navigation, global positioning system, and surveillance, technology development and education, and other applications.
The end users include civil and government, commercial, and military.
North America was the largest region in the space traffic management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the space traffic management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising threat of space debris is expected to drive the growth of the space traffic management market going forward.Space debris refers to the non-functional remains of artificial objects in space, particularly those revolving around the Earth’s orbit.
Space traffic management helps in monitoring and tracking functional and non-functional satellites, avoiding collisions with space debris and creating less debris, further paving a smooth path for satellites. For instance, according to an article published in May 2021 by The National Aeronautics and Space Administration, an independent agency of the U.S. federal government responsible for the civil space program, more than 27,000 pieces of orbital debris are tracked by the Department of Defense’s global Space Surveillance Network (SSN) sensors. Thus, the rising threat of space debris is driving the space traffic management market.
Advancement in space debris monitoring platforms is a key trend gaining popularity in the space traffic management market.Major companies operating in the space traffic management market are developing space debris monitoring platforms to strengthen their position in the space traffic management market.
For instance, in March 2022, Neuraspace, a Portugal-based space start-up developed an advanced AI-powered space debris monitoring and satellite collision avoidance platform, to enable safe and sustainable in-orbit operations.
In May 2022, EMCORE Corporation, a US-based leading provider of advanced mixed-signal products for aerospace, defense, and broadband communications, acquired L3 Harris’s space and navigation for an amount of $5 million.This acquisition enables EMCORE to offer a broader product portfolio to customers in the tactical, navigation, and increasing launch vehicle and space satellite markets.
L3 Harris is a US-based provider of tactical communications, geospatial systems, air traffic management, avionics, and space and intelligence.
The countries covered in the space traffic management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The space traffic management market research report is one of a series of new reports that provides Space traffic management market statistics, including Space traffic management industry global market size, regional shares, competitors with a Space traffic management market share, detailed Space traffic management market segments, market trends and opportunities, and any further data you may need to thrive in the Space traffic management industry. This Space traffic management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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