The space debris monitoring and removal market size is poised to grow by USD 610.47 million during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Space Debris Monitoring and Removal Market 2020-2024 (Graphic: Business Wire)
The increasing investments in space tourism will be a significant factor driving the growth of space debris monitoring and removal market size. Technological advancements and the completion of a few successful launches have enabled the concept of space tourism that will allow passengers to travel to space. People can get a glimpse of the Earth from outer space and experience specific attributes of space like weightlessness or zero gravity effect through orbital flights. Virgin Galactic, SpaceX, and Blue Origin are some of the companies catering to space tourism. Such developments in space tourism and the high stake of a collision with space objects will create a need for space debris removal systems during the forecast period.
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Report Highlights:
- The major space debris monitoring and removal market growth came from the space debris removal technology segment. The increasing investments in debris removal technologies is expected to fuel the growth of the space debris monitoring and removal market in this segment. The increased rate of adoption of mitigation and removal technologies and the development of new concepts in this field will also positively impact the growth of the market in the space debris removal technology segment.
- North America was the largest space debris monitoring and removal market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Various initiatives undertaken by the US government to establish a space force and implement new policies for space traffic control will significantly influence space debris monitoring and removal market growth in this region.
- The global space debris monitoring and removal market is concentrated. Airbus SE, Analytical Graphics Inc., Astroscale Holdings Inc., BAE Systems Plc, Boeing Corp., Cobham Plc, Electro Optic Systems Holdings Ltd., Lockheed Martin Corp., Northrop Grumman Corp., and S.P. Korolev Rocket and Space Corp. Energia. are some of the major market participants. To help clients improve their market position, this space debris monitoring and removal market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the space debris monitoring and removal market 2020-2024 is expected to have a Negative growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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High Laser Concept for Debris Removal will be a Key Market Trend
Large space debris may break into several smaller segments, which can then go on to strike other objects in orbit, forming a chain reaction of destruction. Scientists are planning to use a super-wide field-of-view telescope and coherent amplifying network (CAN) laser for effectual tracking and destroying of hazardous space debris. CAN laser can vaporize a thin film of matter off the surface of debris, and the resulting high-speed plasma would behave like a rocket exhaust plume, pushing the debris downward to burn up in Earth's atmosphere. The high laser concept for debris removal, which is one of the critical space debris monitoring and removal market trends, will positively influence the growth of the market during the forecast period.
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Space Debris Monitoring and Removal Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist space debris monitoring and removal market growth during the next five years
- Estimation of the space debris monitoring and removal market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the space debris monitoring and removal market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of space debris monitoring and removal market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- Space debris removal technology Market size and forecast 2019-2024
- Space debris monitoring technology Market size and forecast 2019-2024
- Market opportunity by Application
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver Demand led growth
- Volume driver Supply led growth
- Volume driver External factors
- Volume driver Demand shift in adjacent markets
- Price driver Inflation
- Price driver Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Airbus SE
- Analytical Graphics, Inc.
- Astroscale Holdings Inc.
- BAE Systems Plc
- Boeing Corp.
- Cobham Plc
- Electro Optic Systems Holdings Ltd.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- S.P. Korolev Rocket and Space Corp. Energia
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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