The Space situational awareness market is expected to witness the highest CAGR
Space situational awareness refers to monitoring space weather conditions, tracking and surveillance of objects in the earth’s orbit, and track & detecting near-earth object to reduce collision hazards. Moreover, the space situational awareness market is estimated to reach from $ 1.5 billion to $1.8 billion at a CAGR of 4.6%.
Space situational awareness also incorporates the monitoring of distinct activities carried out by different countries and object characterization, in terms of type and speed, to identify threats posed to the security of different nations. The space situational awareness market growth includes driving factors like the growing congestion of objects in space and the focus of government agencies and private organizations on space situational awareness.
The prominent players operating in the space situational awareness market include Lockheed Martin Corporation (US), L3Hariis Technologies (US), Kratos Defense & Security Solutions, Inc.(US), Peraton (US), and Parsons Corporation(US), and others.
Service segment of the space situational awareness market to witness market growth
Recently, the space weather prediction center (US) added the WAM-IPE, its newest model to the space weather prediction center’s toolkit. This new model focuses on the earth’s atmosphere part where many US satellites are in orbit and could be vulnerable to energy from the sun. Moreover, the services segment of the space situational awareness market is predicted to witness the largest market share during the forecast period.
In July 2021, the space weather prediction center (US) added the WAM-IPE, its newest model, to the space weather prediction center (US) added the WAM-IPE, its newest model, to the Space Weather Prediction Center’s toolkit. This new model is focused on the part of the Earth’s atmosphere where many US satellites are in orbit and could be vulnerable to energy from the sun.
The US Space Force Service is pursuing a deep space advanced radar concept program, also known as DARC. According to the service, the platform is a ground-based radar system designed to detect, track, and maintain custody of deep space objects 24/7. It will primarily track objects in the geosynchronous-Earth orbit, though it could also track objects in low-Earth orbit. DARC will augment the military’s space surveillance network as an additional sensor with increased capacity and capability to monitor deep space objects and provide full global coverage.
Depending on the End User, the commercial segment to witness market growth
The space situational awareness market growth is driven by investments from private players in space research and satellite communication services, the requirement for real-time data on mission-related debris and space traffic assessment, and the requirement to monitor the structural integrity of nuclear power stations. Furthermore, depending on the end-user, the commercial segment of the space situational awareness market is estimated to reach the highest CAGR during the forecast period.
The Near-Earth segment is estimated to witness market growth during forecast period
Depending on the orbital range, the near-Earth segment is predicted to lead the space situational awareness market during the estimated period. The increasing demand for low-latency communication, high-speed, spacecraft launches in the low Earth orbit are primarily driving this segment. In 2020, the Russian developed a Soyuz-2.1b carrier rocket developed with a Fregat booster. It was launched successfully from the Plesetsk Cosmodrome carrying a Glonass- M navigational satellite into medium earth orbit.
In March 2021, an undisclosed commercial customer awarded a contract to Lockheed Martin to build and deliver a payload intended to ensure space domain knowledge. The payload, equipped with an optical session will be used for object detection and image capture from geosynchronous earth orbit in support of efforts to maintain space situational awareness.
Depending on Region, North America to witness market growth
The US government has taken various initiatives to encourage the growth of the space situational awareness market. For instance, space situational awareness programs conducted by the US government focus on intelligence, surveillance, reconnaissance, environmental monitoring, and command & control. Since the 1960s, the US military has had significant SSA capabilities, largely based on the backbone of missile warning radar. The original impetus was the need to track Soviet missiles, nuclear warheads, and space-based threats. In recent years, the US military’s operations have been more focused on protecting satellites. In May 2021, Parsons Corporation was awarded a task order contract by the Space and Missile Systems Center Special Programs Directorate (SMC/SPG) for Integrated Solution for Situational Awareness (ISSA) support, potentially worth up to USD 185 million. It will provide SMC/SPG and its strategic partners with highly specialized services in IT engineering, space domain expertise, software development, scientific analysis, and data analytics to develop, maintain, sustain, and enhance the ISSA system.
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America – 40%, Europe – 30%, Asia Pacific – 20%, and Rest of the World – 10%
Major companies profiled in the report include L3Harris Technologies (US), Lockheed Martin Corporation (US), Kratos Defense & Security Solutions, Inc. (US), Parsons Corporation (US), and Peraton (US), among others.
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