by The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global Space Situational Awareness (SSA) market consists of technologies and services that provide orbital data on natural and artificial objects in Earth orbits like space debris, inactive satellites, operational spacecraft, and active satellites. SSA technologies allow tracking of objects orbiting Earth and prediction of possible collisions between space objects, which help prevent accidents in space. SSA services are important for safety of spacecraft and satellites.
Market key trends:
One of the major trends in the global SSA market is the increasing number of small satellites and space debris in low-Earth orbit. The proliferation of small satellites and constellations of satellites operated by private space companies is leading to increased clutter in space. For example, SpaceX plans to launch nearly 12,000 satellites for its Starlink broadband internet service. Such increasing number of space objects raises risks of in-space collisions. SSA technologies help track space objects and identify collision threats to spacecraft and satellites, thereby preventing accidents in space. This is driving demand for SSA solutions from both public and private space sectors.
Porter’s Analysis
Threat of new entrants: The space situational awareness market requires high capital investment which creates entry barriers for new players. The presence of established players further increases the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is low as there are few alternatives available and switching costs are also high. However, larger customers have higher bargaining power.
Bargaining power of suppliers: A few companies dominate the supply of critical components and technologies in this market, giving them higher bargaining power over buyers.
Threat of new substitutes: There are currently no cost-effective substitutes for space situational awareness services. However, technological advancements may lead to new substitutes in the future.
Competitive rivalry: The global SSA market is highly fragmented with the presence of numerous global and regional players. Intense competition exists between existing players.
Key Takeaways
The Global Space Situational Awareness (SSA) Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing satellite launches and rising space debris. North America dominated the global market in 2023 with highest spending and presence of major players in the region.
The regional analysis comprises – North America will continue to dominate the global SSA market during the forecast period. This is attributed to substantial investments by the U.S. government and presence of leading companies. The Asia Pacific region is expected to grow at the fastest pace over the next few years mainly due to rapid space activities by China, India and other emerging Asian countries.
Key players operating in the global Space Situational Awareness (SSA) Market are Lockheed Martin, Northrop Grumman, Analytical Graphics, ExoAnalytic Solutions, Schafer, Etamax Space, Vision Engineering Solutions, Applied Defense Solutions, Spire Global, and Harris. Key players are involved in contracts, new product launches, partnerships and acquisitions to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
