Space traffic management (STM) refers to the range of services and systems designed to monitor, regulate and manage the increasing volume of satellites and other objects in space. Space traffic management plays a critical role in ensuring the safe and efficient operation of satellites and spacecraft, preventing collisions and mitigating the risks associated with space debris.
The space traffic management market consists of revenues earned by entities (organizations, sole traders and partnerships) that provide space traffic management services for detecting, monitoring and managing all objects in space to prevent collisions and mitigate risks associated with space operations.
The global space traffic management market was valued at $10,554.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Growing Investments In Space Exploration And Satellite Launches
Growing investments in space exploration and satellite launches fueled the growth of the space traffic management market during this historic period. The influx of countries and private entities into the space sector led to a surge in satellite launches, heightening concerns over space congestion and collision risks. Governments and organizations responded by investing in technologies for efficient space traffic management, focusing on tracking, coordination and regulatory compliance. Additionally, the expansion of space exploration activities emphasized the need for comprehensive traffic management systems to ensure the safety of interplanetary missions, further driving innovation in this sector. For instance, in July 2022, according to The Space Report 2022, published by the Space Foundation, a US-based nonprofit advocacy organization for the global space ecosystem, the space economy in 2022 was $469 billion, marking a 9% growth from 2020. Government spending on military and civil space programs surged by 19%, with notable increases from the U.S. (18%), China (estimated 23%) and India (36%). Therefore, growing investments in space exploration and satellite launches drove the growth of the space traffic management market.
Integration Of AI To Improve Prediction Accuracy
Integration of artificial intelligence (AI) in space debris monitoring platforms is a key trend in the space traffic management market. Companies operating in the space traffic management market are focusing on the integration of AI in space debris monitoring platforms to enhance the accuracy and efficiency of tracking and predicting the trajectories of space debris. AI algorithms can process vast amounts of data from satellites and ground-based sensors to identify potential collisions and optimize avoidance maneuvers. For example, in March 2022, Neuraspace, a Portugal-based space startup, developed an advanced AI-powered space debris monitoring and satellite collision avoidance platform. This platform is designed to enable safe and sustainable in-orbit operations by addressing the critical issue of space debris, which poses a significant threat to satellites and other space assets. The development of this platform is part of Neuraspace's mission to combat the growing problem of space debris and enhance the safety and sustainability of space operations.
The global space traffic management market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 54.25% of the total market in 2023.
Space Traffic Management Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global space traffic management market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for space traffic management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The space traffic management 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 history and forecasts market growth by geography. It places the market within the context of the wider space traffic management market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by activity, by orbit, by application and by end-use.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the space traffic management market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by activity, by orbit, by application and by end-use in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for space traffic management providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Activity: Space Situational Awareness; Space Debris Remediation; Space Orbit Management; Launch Vehicle Operation
- 2) By Orbit: LEO; MEO And Elliptical; GEO
- 3) By Application: Communication; Earth And Space Observation; Navigation; Global Positioning System And Surveillance; Technology Development And Education; Other Applications
- 4) By End-Use: Civil; Commercial; Government; Military; Other End-Uses
- Companies Mentioned: Ariane Group; ANSYS, Inc; Northrop Grumman; Lockheed Martin Corporation; L3Harris Technologies Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; space traffic management indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.