PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1389699
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1389699
Scope of the Report | |
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Years Considered for the Study | 2023-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Technique, Orbit, Debris Size, End User, Operation and Region |
Regions covered | North America, Europe, Asia Pacific, RoW |
The space debris removal market is valued at USD 0.1 billion in 2023 and is projected to reach USD 0.6 billion by 2028, at a CAGR of 41.7% from 2023 to 2028. Over the last few years, the space debris removal industry has continued to evolve with expanding use cases, better cost efficiencies, and a more significant impact of new technological developments in the space industry. The space debris removal market is experiencing growth driven by increasing space congestion and need for space sustainability. Technological advancements, particularly in cost-effective deorbiting platforms, are improving market accessibility. Growing involvement of commercial space enterprises and government investments in space based services are stimulating competition and innovation.
Based on technique, the indirect debris removal segment is estimated to have the second largest market share in 2023.
The indirect debris removal segment in the space debris removal market is being driven by increasing demand for high-precision deorbiting systems and debris decreasing techniques. Technological advancements, particularly in cost-effective LEO orbit platforms, are expanding market accessibility. Growing environmental concerns, along with government and commercial investments in space infrastructure, underscore the need for space debris removal and addressing environmental challenges. This competitive landscape is driving innovation and enhancing the market's overall growth prospects.
Based on operation, the multiple technique is estimated to have the second largest market share in 2023.
The multiple technique segment within the space debris removal market is being driven by effective solutions and versatility. The advancements in miniaturization and cost-effective technology have lowered entry barriers, fostering heightened competition. The escalating demand for cleaning different sizes of space junk with a single mission is driving the market.
Based on regions, the Asia Pacific region is estimated to have the second largest market share in 2023.
The Asia Pacific region is witnessing robust growth in the space debris removal market driven by key business factors. The region's thriving economies are generating increased demand for maintaining space sustainability. Governments in the region are making substantial investments in space infrastructure and satellite technology, which is accelerating the development and deployment of orbital debris removal technologies. Additionally, the presence of a rapidly expanding commercial space sector, particularly in countries like Japan and China, is intensifying competition and driving innovation, contributing to market expansion.
Major companies profiled in the report include Astroscale (Japan), ClearSpace (Switzerland), Surrey Satellite Technology Ltd (UK), Northrop Grumman (US), and Kall Morris Incorporated (US), among others.
This market study covers the space debris removal market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on debris size, orbit, technique, operation, end user, and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.