Space Debris Monitoring and Removal Market Size Hit USD 1,527.7 Million by 2029 | Space Debris Monitoring and Removal Industry CAGR 7.15%
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
According to Fortune Business Insights, the Global Space Debris Monitoring and Removal Market Size is projected to reach USD 1,527.7 million by 2029, at CAGR of 7.15% during forecast period 2021-2029 | Growing Number of Satellite Launches and Space Exploration Activities to Augment Demand
Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global space debris monitoring and removal market size was valued at USD 866.4 million in 2021. The market is projected to grow from USD 942.3 million in 2022 to USD 1,527.7 millionby2029, exhibiting a CAGR of 7.15% during the forecast period.
The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the space debris monitoring and removal market growth.
Space Debris Removal Segment to Grow at a Greater CAGR Due to Rising Debris Removal Missions by Numerous Space Agencies
Based on application, the market is bifurcated into space debris monitoring and space debris removal. The space debris removal segment is anticipated to show significant growth during the forecast period due to rising development of initiatives by space agencies for the removal of space debris.
1mm to 1cm Debris Size Segment to Dominate Market Owing to Surge in Space Debris
Based on debris size range, the market is segmented into 1mm to 1cm debris size, 1cm to 10cm debris size, and greater than 10cm. The 1mm to 1cm debris size segment dominated the market in 2020 owing to an upsurge in rocket bodies and minor fragments from satellite launches across the world.
Increase in Space Presentations in Low Earth Orbit (LEO) Orbit May Spur Growth of the Segment
Based on orbit type, the market is divided into Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO). The Low Earth Orbit (LEO) segment is projected to grow at a higher CAGR during the forecast period.
Commercial Segment to be a Quicker Growing Segment and Boosts Market Growth
Based on end use, the market is divided into commercial and defense.
The commercial segment is projected to grow at a higher CAGR during the forecast period due to rising number of private companies in space debris monitoring and removal from the Earth’s orbit.
The global market is segmented based on region into North America, Europe, Asia Pacific, and the Rest of the World.
Growing Number of Satellite Launches and Space Exploration Activities to Augment Demand
The abrupt increase in demand for network and communication and network-based services across the world has empowered space launches over the past few years. The Starlink program presented by SpaceX gained sanction from the U.S. Federal Communication Commission (FCC) to unveil a 12000 startling small satellite for the internet constellation. However, the company is commencing to organize a spectrum to add a 30000 startling satellite in future.
Regional Insights:
North America to Lead Backed by Presence of Leading Players
North America is projected to hold the biggest space debris monitoring and removal market share and was valued at USD 268.6 million in 2021. It is predicted to continue its domination during the forecast period, 2022-2029. The U.S. has the biggest space-based companies in comparison with any European and Asian nations.
The European market is estimated to develop at a substantial growth rate during the forecast period. The existence of the European Space Agency (ESA) and additional space-based establishments plays an important role in the space debris monitoring and removal activity from the orbit.
Asia Pacific is projected to make progress at a colossal CAGR during the forecast period. The growth can be credited to the growing demand for space situational consciousness abilities from China, India, and Japan.
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
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January 2022: Northrop Grumman Corporation signed a contract with the U.S. Space Force to create a radar to track active satellites and debris in high orbits. The agreement is worth USD 341 million. Northrop's radar will be situated in the Indo-Pacific region and will be among the three-intended ground-based radar locations for the DARC program. The corporation has plans until September 2025 to develop a radar prototype.
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