Space Situational Awareness Services Market to Reach $172.7 Million by 2032
The space situational awareness services market is projected to reach $172.7 million, in terms of revenue, by 2032, at a CAGR of 3.3%, according to a new report from BIS Research. The study covers 23 space situational awareness participants, of which 22 have been identified as commercial service providers (the other one is open source).
"With new satellite constellations in low Earth orbit evolving, the need for enhanced space situational awareness services is also expected to rise."
Arunkumar Sampathkumar, Principal Analyst, BIS Research.
The terms space situational awareness (SSA), space domain awareness (SDA), and space traffic management (STM) are widely used to refer to different segments of space situational awareness capabilities. For the purposes of this study, the term 'space situational awareness,' includes five segments of the SSA market:
Mission Operation Support
Collision Avoidance and Tracking
Interference Avoidance
Rendezvous Support
Space Weather
This study uses the previously highlighted segmentation after careful inspection of the service portfolios of the 22 commercial service providers. This study aims to estimate the global demand for the commercial SSA market while discussing the key requirements of different end users of SSA services.
Demand drivers for the global space situational awareness services market include an increase in the number of satellites in low Earth orbit (LEO) results in growing space congestion, natural orbital decay of satellites and the growing amount of space debris. Other factors include:
Evolving regulatory framework driving mandatory collision avoidance maneuvers
Growing need for predictive and actionable insights
Evolving constellation operational requirements
Increasing automation of mission operations
Growing threat perception amongst aviation industry stakeholders
Some limiting factors include a lack of global regulatory framework for the enforcement of space policies, the presence of open-source data sets, in-house capabilities and expensive customized solutions, and a lack of global space data exchange and relevant computing infrastructure.
"Mission operations spending is rising, with an increase in the number of satellite constellations globally," said Arunkumar Sampathkumar, Principal Analyst, BIS Research. "While comprehensive mission operations services are developing, various other services, such as collision avoidance and rendezvous support, are also advancing. With new satellite constellations in low Earth orbit evolving, the need for enhanced space situational awareness services is also expected to rise."
(Source: BIS Research news release)