Surge in space debris threat and increase in satellite constellations drive the growth of the global space debris monitoring and removal market.
WILMINGTON, Del., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Space Debris Monitoring and Removal Market by Activity (Space Debris Monitoring and Space Debris Removal), Debris Size (1mm to 1 cm, 1 cm to 10 cm, and Greater than 10 cm), and Orbit (LEO and GEO): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global space debris monitoring and removal industry size generated $976.0 million in 2022, and is anticipated to generate $2,010.3 million by 2032, witnessing a CAGR of 7.7% from 2023 to 2032.
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Prime determinants of growth
The space debris monitoring and removal market is expected to witness notable growth owing to surge in space debris threat, increase in satellite constellations, and rise in initiatives associated with space sustainability. Moreover, growth in demand for space tourism and development of advanced technologies are expected to provide lucrative opportunities for growth of the market during the forecast period. On the contrary, high development costs and regulatory compliance with international space regulations & agreements limit the growth of the space debris monitoring and removal market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $976.0 million |
Market Size in 2032 | $2,010.3 million |
CAGR | 7.7 % |
No. of Pages in Report | 230 |
Segments covered | Activity, Debris Size, Orbit, and Region |
Drivers | Surge in space debris threat Increase in satellite constellations Rise in initiatives associated with space sustainability |
Opportunities | Growing demand for space tourism Development of advanced technologies |
Restraints | High development costs Regulatory compliance with international space regulations and agreements |
The Space Debris Monitoring segment to maintain its leadership status during the forecast period
Based on activity, the space debris monitoring segment held the highest market share in 2022, accounting for more than four-fifths of the global space debris monitoring and removal market revenue and is estimated to maintain its leadership status during the forecast period. Space debris monitoring refers to the development and operation of systems & technologies for tracking & observing space debris to predict & prevent collisions.
The space debris removal segment is expected to register the highest CAGR of 9.4% from 2023 to 2032. The space debris removal segment is witnessing continuous advancements in technologies, such as robotics, autonomous spacecraft, and advanced capture mechanisms. These innovations aim to improve the efficiency and success rates of debris removal missions.
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The 1mm to 1 cm segment to maintain its leadership status during the forecast period
Based on debris size, the 1mm to 1 cm segment held the highest market share in 2022, accounting for more than half of the global space debris monitoring and removal market revenue and is estimated to maintain its leadership status during the forecast period. Innovations in sensor technologies, such as smaller and more sensitive detectors, are improving the ability to detect and monitor this smaller debris. There is a trend toward the development of specialized sensors and tracking systems for this segment.
The 1 cm to 10 cm segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032. Monitoring systems and sensors continue to advance, enabling more precise tracking of debris within this size range. The growth of active debris removal initiatives is driven by increase in threat of this size category of debris. Many governments & private companies are exploring methods to capture & remove debris within this range.
The LEO segment to maintain its leadership status during the forecast period
Based on orbit, the LEO segment held the highest market share in 2022, accounting for more than three-fourths of the global space debris monitoring and removal market revenue and is estimated to maintain its leadership status during the forecast period. The segment is also projected to manifest the highest CAGR of 7.9% from 2023 to 2032. The rapid deployment of satellite constellations in LEO requires continuous monitoring and mitigation efforts to prevent collisions and protect operational satellites. This trend fuels the demand for space debris management solutions.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global space debris monitoring and removal market revenue. Governments in North America are actively involved in space sustainability efforts. In the U.S., agencies such as NASA and the Department of Defense play a pivotal role in space debris monitoring and research. Government-driven initiatives & regulations influence the growth of the market and promote responsible space activities.
Asia-Pacific is expected to witness the fastest CAGR of 8.8% from 2023 to 2032. Asia-Pacific has seen the emergence of new market players, particularly China and India. These countries have invested significantly in space programs, including satellite launches and lunar missions. The region is characterized by growing space activities, leading to the need for space debris monitoring and removal.
Leading Market Players: -
- Obruta Space Solutions Corp.
- Lockheed Martin Corporation
- Northrop Grumman
- Share My Space SAS
- Astroscale
- Electro Optic Systems
- OrbitGuardians
- Voyager Space Holdings Inc.
- ClearSpace
- Airbus SE.
The report provides a detailed analysis of these key players of the global space debris monitoring and removal market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Highlights:
- The report explores various segments, including activity, debris size, and orbit, and analyzes them across diverse regions such as North America, Europe, Asia-Pacific, and LAMEA. This study incorporates top-notch data, expert opinions, and analysis, as well as essential independent perspectives.
- The research methodology aims to present an unbiased perspective of global markets, aiding stakeholders in making well-informed decisions to attain their most ambitious growth goals.
- To enhance market comprehension, more than 3,700 product literatures, annual reports, industry statements, and similar materials from major industry participants were scrutinized.
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