PUBLISHER: The Business Research Company | PRODUCT CODE: 1465910
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465910
Space debris removal is a crucial process involving the active elimination of defunct satellites, spent rocket stages, and other non-functional objects from Earth's orbit. This aims to address the escalating problem of space debris and diminish the risk of collisions in space. The primary goal of space debris removal is to contain the proliferation of space debris and prevent collisions that could generate additional debris, posing a significant threat to space exploration and satellite operations.
The primary categories of debris size in space debris removal are 1 mm to 10 mm, 10 mm to 100 mm, and greater than 100 mm. Debris ranging from 1 mm to 10 mm poses a threat to satellites and spacecraft due to their potential for collisions and damage in space debris management. Techniques are classified as direct debris removal and indirect debris removal, considering operation types such as single technique and multiple techniques in low Earth orbit (LEO), medium Earth orbit (MEO), and geostationary orbit (GEO). End users of these techniques include both commercial and government entities.
The space debris removal research report is one of a series of new reports from The Business Research Company that provides space debris removal market statistics, including the space debris removal industry's global market size, regional shares, competitors with an space debris removal market share, detailed space debris removal market segments, market trends and opportunities, and any further data you may need to thrive in the space debris removal industry. This space debris removal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The space debris removal market size has grown exponentially in recent years. It will grow from $0.07 billion in 2023 to $0.10 billion in 2024 at a compound annual growth rate (CAGR) of 44.8%. The historical growth can be attributed to the increasing demand for safe and sustainable space environments, heightened concerns about space sustainability, greater dependency on space-based services, safety concerns regarding critical assets, and the rise of commercial space activities.
The space debris removal market size is expected to see exponential growth in the next few years. It will grow to $0.40 billion in 2028 at a compound annual growth rate (CAGR) of 40.8%. The anticipated growth in the forecast period can be attributed to increased satellite deployment, growing awareness of space sustainability, the proliferation of satellite mega constellations, an uptick in satellite launches, and expanded space exploration programs. Key trends in the forecast period include the development of innovative technologies and methods, partnerships and alliances among space debris removal companies, technological advancements in tracking and removing debris, progress in space technology, and international cooperation initiatives.
The growth of the space debris removal market is expected to be driven by an increasing number of satellite launches. These launches involve deploying artificial satellites into space using launch vehicles or rockets for various purposes, including communication, Earth observation, and scientific research. The rise in satellite launches is fueled by growing demand for global connectivity, Earth observation, scientific research, and commercial applications. This trend is facilitated by technological advancements, cost reductions, and a growing interest in space exploration. However, the proliferation of satellites also increases the risk of collisions with space debris, highlighting the need for space debris removal services to ensure the long-term sustainability of space activities. For example, according to Jonathan's Space Report, there were 186 international space launches of defense-related satellites in 2022 compared to 146 in 2021, with 182 successful launches. Furthermore, 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 increasing number of satellite launches is fueling the growth of the space debris removal market.
Key players in the space debris removal market are focusing on developing innovative solutions, such as commercial debris inspection demonstration satellites, to enhance space situational awareness and promote sustainable space operations. These solutions aim to demonstrate advanced technologies for monitoring and managing space debris, thereby contributing to space sustainability and creating safer orbital environments. For instance, in February 2024, Astroscale Japan Inc., a Japan-based aerospace company, launched the world's first active debris removal mission, ADRAS-J. This mission aims to safely approach, characterize, and survey an existing large debris piece using rendezvous and proximity operations, targeting a Japanese H2A upper-stage rocket body. By showcasing challenging RPO capabilities crucial for on-orbit services, such as proximity operations, image capture, and structural condition assessment, this mission highlights the potential for innovative space debris management solutions.
In November 2021, Nomura Holdings Inc., a Japan-based financial services group, acquired shares in Astroscale Holdings Inc. for an undisclosed amount. This strategic investment aligns with Nomura's commitment to fostering the growth of startup companies and contributing to Japan's economic development. This investment reflects Nomura's recognition of Astroscale's potential to play a key role in addressing the growing market demand for space debris mitigation services. Astroscale Holdings Inc. is a Japan-based company specializing in on-orbit servicing technologies, including debris removal solutions.
Major companies operating in the space debris removal market are Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Rocket Lab Limited, Astroscale Holdings Inc., Surrey Satellite Technology Limited, BlackSky Global LLC, Rogue Space Systems Corporation, Planetary Resources Inc., D-Orbit S.p.A., ClearSpace SA, LeoLabs Inc., Metrolaser Inc., Skyrora Limited, Skycorp Inc., Moon Express Inc., NorthStar Earth & Space Inc., Busek Co. Inc., TRL11 Limited, OrbitGuardians Inc., Obruta Space Solutions Inc., Space Logistics LLC, Moonshot Brands Inc., Altius Space Machines Inc., Shackleton Energy Company LLC
Europe was the largest region in the space debris removal market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the space debris removal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the space debris removal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The space debris removal market consists of revenues earned by entities providing services such as space debris removal services encompass orbital debris tracking and monitoring, collision avoidance assistance, active debris removal (ADR) technologies, end-of-life satellite services, debris mitigation strategies, space traffic management. The market value includes the value of related goods sold by the service provider or included within the service offering. The space debris removal market also includes sales of debris tracking systems, deorbiting modules, debris identification and characterization tools and space tugs and servicing vehicles. 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 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 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 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 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.
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