Space Situational Awareness (SSA) Strategic Business Report 2023

The global Space Situational Awareness (SSA) market is estimated at $1.2 Billion in the year 2022, and is projected to reach a revised size of $1.7 Billion by 2030, growing at a CAGR of 4.6% over the analysis period 2022-2030.

The projections are included in the Space Situational Awareness (SSA) Strategic Business Report 2023 from Global Industry Analysts, Inc. According to the report, services, one of the segments analyzed in the report, is projected to record 4.8% CAGR and reach $1.3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the software segment is readjusted to a revised 4.1% CAGR for the next 8-year period.

The US Space Situational Awareness Market is Estimated at $574.2 Million

The SSA market in the U.S. is estimated at $574.2 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of $172.5 Million by the year 2030 trailing a CAGR of 6.4% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 3.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

According to Global Industry Analysts, the global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia's war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending.

As governments combat inflation by raising interest rates, new job creation will slow down and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

This year is expected to be tough for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

(Source: Research and Markets and Global Industry Analysts. Images provided and from file)