PUBLISHER: The Business Research Company | PRODUCT CODE: 1465909
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465909
Space debris monitoring and removal encompass the processes of identifying, tracking, and addressing objects of space debris orbiting Earth, along with their disposal to minimize the risk of collisions with operational satellites and spacecraft. This undertaking is crucial for safeguarding space assets, ensuring the safety of space operations, and fostering sustainable space endeavors.
The primary categories of debris size addressed in space debris monitoring and removal include debris ranging from 1mm to 1cm, 1cm to 10cm, and greater than 10cm. Debris measuring between 1mm and 1cm poses a threat to satellites and spacecraft due to their potential for collisions and resulting damage. Various types of orbits, including low Earth orbit (LEO) and geostationary Earth orbit (GEO), are utilized by diverse end-users such as commercial and defense sectors.
The space debris monitoring and removal market research report is one of a series of new reports from The Business Research Company that provides space debris monitoring and removal market statistics, including space debris monitoring and removal industry global market size, regional shares, competitors with a space debris monitoring and removal market share, detailed space debris monitoring and removal market segments, market trends and opportunities, and any further data you may need to thrive in the space debris monitoring and removal industry. This space debris monitoring and removal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The space debris monitoring and removal market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The historical growth can be attributed to the proliferation of satellites, incidents of spacecraft collisions, international agreements, the heightened risk to space assets, concerns regarding space sustainability, and commercial interests.
The space debris monitoring and removal market size is expected to see strong growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be linked to ongoing satellite deployment, the rapid expansion of mega constellations, the rise of space tourism and commercial space activities, regulatory advancements, and global space governance initiatives. Key trends in the forecast period comprise heightened demand for space situational awareness, the establishment of satellite constellations, the emergence of automated debris removal technologies, the integration of commercial solutions, and swift technological innovation.
The growth of the space debris monitoring and removal market is expected to be propelled by an increasing number of satellite launches. Satellite launches involve deploying artificial satellites into space using launch vehicles or rockets for various purposes such as communication, Earth observation, and scientific research. The surge in satellite launches is fueled by growing demand for global connectivity, Earth observation, scientific research, commercial applications, and an expanding interest in space exploration. Space debris monitoring aids satellite operators and launch providers in identifying and tracking debris objects that could potentially collide with satellites during launch and deployment. Additionally, efforts to remove space debris aim to reduce the overall debris population in orbit, thereby decreasing the likelihood of collisions with operational satellites. For example, in January 2023, Jonathan's Space Report reported 186 international space launches of defense-related satellites in 2022, compared to 146 in 2021. Moreover, the US attempted 78 defense-related satellite launches in 2022, with 72 successful, while China attempted 64 satellite launches in 2022, with 62 achieving orbit. Hence, the rising number of satellite launches is fueling the growth of the space debris monitoring and removal market.
Major players in the space debris monitoring and removal market are concentrating on developing innovative solutions, such as commercial debris inspection demonstration satellites, to enhance space situational awareness and foster sustainable space operations. These satellites aim to demonstrate advanced technologies for monitoring and managing space debris, contributing to space sustainability and safer orbital environments. For instance, in February 2024, Astroscale Japan Inc., a Japan-based aerospace company, launched the world's first debris inspection spacecraft, ADRAS-J. The ADRAS-J mission represents the world's initial endeavor to safely approach, characterize, and survey an existing large debris piece using RPO (Rendezvous and Proximity Operations) capabilities. ADRAS-J is designed to rendezvous with a Japanese H2A upper-stage rocket body, execute proximity operations, and capture photos to assess the rocket body's movement and structural condition. The mission will showcase the most intricate RPO capabilities needed for on-orbit services, demonstrating crucial proximity operations for on-orbit services by capturing images and evaluating the rocket body's movement and structural condition.
In April 2023, ClearSpace SA, a Switzerland-based aerospace company offering failed satellite and debris removal services, partnered with LeoLabs. This collaboration aims to advance a safer and more sustainable space environment by leveraging their shared vision for a safe and sustainable space ecosystem. This partnership marks a significant stride toward developing effective solutions to mitigate risks posed by space debris and enhance space safety. LeoLabs, a US-based aerospace company specializing in monitoring and tracking space debris in Low Earth Orbit (LEO) using a network of ground-based radar systems, is part of this endeavor.
Major companies operating in the space debris monitoring and removal market are Raytheon Technologies, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Mitsubishi Electric Corporation, Northrop Grumman Corporation, British Aerospace systems, L3Harris Technologies Inc., IHI Corporation, Teledyne Technologies, Thales Alenia Space, Ball Aerospace & Technologies Corp., Maxar Technologies Inc, Japan Aerospace Exploration Agency, The Aerospace Corporation, Kratos Defense & Security Solutions, Occupational Health Branch, Electro Optic Systems Holdings Limited, Rocket Lab Limited, Rustungs Unternehmen Aktiengesellschaft, Surrey Satellite Technology Limited, ClearSpace SA, Tethers Unlimited, Kongsberg Satellite Services
North America was the largest region in the space debris monitoring and removal market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space debris monitoring and removal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the space debris monitoring and removal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The space debris monitoring and removal market consists of revenues earned by entities by providing services such as orbital analysis and prediction, space debris remediation consultation, debris cataloging, space surveillance, database management, and space debris tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. The space debris monitoring and removal market also includes sales of space-based sensors, collision avoidance software tools, space situational awareness tools, tracking systems, spacecraft maneuvering systems, and space traffic management systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Space Debris Monitoring And Removal Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on space debris monitoring and removal market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for space debris monitoring and removal ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The space debris monitoring and removal market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.