Yahoo Finance 
The Global Market for Space Debris Removal 2018-2028 and 2033: Analysis and Forecast by Debris Size, Technique, Operation, Orbit, End-user and Region
Global Space Debris Removal Market
Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Space Debris Removal Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global space debris removal market has grown exponentially in recent years. It will grow from $0.07 billion in 2023 to $0.1 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 is expected to see exponential growth in the next few years. It will grow to $0.4 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. 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. 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.
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.
Research Scope
Markets Covered:
1) By Debris Size: 1mm To 10mm; 10mm To 100mm; Greater Than 100mm
2) By Technique: Direct Debris Removal; Indirect Debris Removal
3) By Operation: Single Technique; Multiple Technique
4) By Orbit: Low Earth Orbit (LEO); Medium Earth Orbit (MEO); Geostationary Orbit (GEO)
5) By End User: Commercial; Government
Key Companies Mentioned: Lockheed Martin Corporation; Airbus SE; Northrop Grumman Corporation; Rocket Lab Limited; Astroscale Holdings Inc.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2024-2028 |
Estimated Market Value (USD) in 2024 | $0.1 Billion |
Forecasted Market Value (USD) by 2028 | $0.4 Billion |
Compound Annual Growth Rate | 40.8% |
Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
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
For more information about this report visit https://www.researchandmarkets.com/r/vy3pjp
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
