Dublin, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The "Space Traffic Management Market By Application, By End Use, By Orbit, By Activity: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The space traffic management market was valued at $11.9 billion in 2020, and is estimated to reach $22.4 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
Since the inception of the space era in 1958, approximately 6,000 launched are made placing nearly 12,000 satellites in orbit. Among those 12,000 satellites, 4852 satellites are active as of 2022. The rest serve as space debris and continue to serve in orbit around earth.
More than 20,000 satellites are accounted to be launched during the forecast period, making space a highly congested area. Apart from the dead satellites, the rise in several small and micro-level particles serving as space debris is also threatening space operations. More than 1 million pieces of space debris between 1cm and 10cm are identified orbiting around Earth, and the count is constantly increasing. Increasing congestion in space due to the rising number of operational satellites and launch forecast, the threat of collision course, overlapping orbits, and debris collision has generated demand for an effective space traffic management system.
Asia Pacific dominated the space traffic management market in terms of growth, followed by North America, Europe, and LAMEA. The U.S. dominated the market share in 2020, whereas China is expected to grow at a significant rate in the market during the forecast timeframe.
The space traffic management industry holds a great potential in the near future to the rise in global launch activates. Initiative taken by major companies, public consortium and government authorities to place satellite constellation in low Earth orbit in efforts to establish a comprehensive communication network will notably raise the demand of space traffic management system. Reducing the space debris present in outer-space and effectively maneuvering operational satellite to ensure safe operations will become primary concern, supporting business opportunities within the market.
In addition, a shift in consumer dynamics universities, individual researchers, and private business owners are engaged in launching their small satellites in lower Earth orbit will require an end to end service provider, generating a demand of comprehensive space traffic management system. For instance, in November 2021, Aalto University signed a contract to launch the Foresail-1 satellite for research purpose. The launch will be conducted by a regional launch coordinator EXOlaunch.
Factors such as space based connectivity, satellite life vehicle extension programs, and internal co-operation between nations to agree on data sharing polices are some of the primary drivers supporting the business opportunities over coming years.
Initiatives taken by several regulatory bodies such as European Commission, United Nations Office For Outer Space Affairs (UNOOSA) and other U.S. federal departments to increase transparency about space operations across nations considering outer space a limited resource will promote orientation of space traffic management system.
Companies such as Lockheed Martin, L3Harris and Airbus among other have started offering innovative solution to address the rising threat of space debris and cater the consumer demand of effective space operations. Reduced launch cost due to introduction of re-usable rockets, adoption of smallsats and cubeasts, and rise in used of satellites for establishing communication constellations, and research and development on personal level has generated the demand of end to end space operations service provides, supporting business augmentation.
Key findings of the Study
By application, the communication segment leads the market during the forecast period.
By end use, the commercial segment leads the space traffic management market during the forecast period.
By orbit, LEO segment leads the market during the forecast period.
By activity, the space debris remediation is forecasted to witness highest growth rate during the forecast period.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
Key Market Players
L3Harris Technologies, Inc.
BAE Systems plc
Key Market Segments
Navigation, Global Positioning System, and Surveillance
Technology Development and Education
By End Use
Civil and Government
MEO and Elliptical
Space Situational Awareness
Space Debris Remediation
Space Orbit Management
Launch Vehicle Operations
Rest of Europe
Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/v4pdck
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