Top companies covered in space situational awareness market are Lockheed Martin Corporation, L3Harris Technologies Inc ., Vision Engineering Solutions, LLC, Analytical Graphics, Inc., Kratos Defense & Security Solutions , and more players profiled
Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global space situational awareness (SSA) market is set to gain traction from the increasing usage of radio frequency (RF) data to analyze and monitor objects in space and acquire crucial information, such as ownership, operation, health, intention, and location. Kratos Defense & Security Solutions Inc., for instance, is a renowned provider of RF spectral services with more than 20 RF monitoring sites worldwide. This information is given by Fortune Business Insights™ in a report, titled, “Space Situational Awareness (SSA) Market Size, Share & COVID-19 Impact Analysis, By Offering (Service and Software AG ), By Object (Mission-Related Debris, Rocket Bodies, Fragmentation Debris, Non-Functional Spacecraft, Functional Spacecraft), By End-User (Commercial, Military, and Government), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 1.21 billion in 2020. It is projected to grow from USD 1.27 billion in 2021 to USD 1.73 billion in 2028 at a CAGR of 5.27% in the forecast period.
COVID-19 Pandemic: Reduced Production and Delayed Product Launches to Hinder Growth
The COVID-19 pandemic has severely affected the global economy, which, in turn, has also resulted in the delay in product launches and reduced production. Small and medium enterprises (SMEs) were majorly affected by this pandemic. The space industry is also showcasing declining demand. As per a survey conducted by the U.K. Space Agency & Department of International Trade and UK space, 20% of companies suffered from economic losses. These factors may hamper the demand for space situational awareness services.
Top 10 leading players profiled in space situational awareness market are:
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The report provides an authentic assessment of several customers’ journeys associated with the market, regions, and segments. Besides, it delivers customer impressions about space situational awareness. The business intelligence and consultation solutions would aid interested stakeholders to refine customer experience maps developed as per their requirements. They can transform customer engagement with their in-house brands.
Space Situational Awareness Market Report Scope and Segmentation:
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Drivers & Restraints
Increasing Usage of Space for Commercial Purposes to Bolster Growth
The increasing number of small satellite launches is for military and commercial purposes is expected to lead to the issue of overcrowding in space. Hence, positioning and tracking of space objects is necessary. The Union of Concerned Scientists (UCS) mentioned that at present, there are around 3,373 operational satellites orbiting around the Earth. Besides, the surging usage of space of commercial services and national security would also drive the demand for these awareness services. However, non-government agencies must have the supervision and authorization to carry out space activities from the state. It may obstruct the space situational awareness market growth in the near future.
Presence of the Largest Space Surveillance Network in U.S. to Help North America Lead
In 2020, North America held USD 0.43 billion in terms of revenue. The region is set to remain at the forefront throughout the forthcoming years owing to the presence of the largest space surveillance network in the U.S. In Asia Pacific, the rising demand for space situational awareness services, especially from Japan, India, and China would propel growth. In Europe, Russia possesses the second-largest network of space surveillance that would accelerate the demand for SSA services.
Space Weather Services Sub-segment Held 30.05% in 2020: Fortune Business Insights™
Based on the offering, the market is bifurcated into software and services. The services segment is further categorized into space weather services, near-earth object detection services, and space surveillance and tracking services. Amongst these, the space weather services segment generated 30.05% in terms of the space situational awareness market share in 2020. This growth is attributable to the increasing number of new satellite launches across the globe.
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Key Players Focus on Winning New Contracts from Government Agencies to Compete in Market
The global market contains various companies that are nowadays focusing on winning new contracts from government or private agencies. A few others are also joining hands with reputed organizations to compete in this market.
Below are the two latest industry developments:
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