Space Debris Monitoring and Removal Market Projected to Reach USD 2,068.80 Million, at 8.2% CAGR By 2032: Global Report by Polaris Market Research
Global space debris monitoring and removal market size & share is currently valued at USD 940.69 million in 2022 and is anticipated to generate an estimated revenue of USD 2,068.80 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
New York, NY, Nov. 03, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Space Debris Monitoring and Removal Market Share, Size, Trends, Industry Analysis Report, By Application (Space Debris Monitoring, and Space Debris Removal); By Debris Size Range; By Orbit Type; By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
According to the research report, the global space debris monitoring and removal market size and share is currently valued at USD 940.69 million in 2022 and is anticipated to generate an estimated revenue of USD 2,068.80 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What Exactly is Space Debris Monitoring and Removal? What is the Market for Space Debris Monitoring and Removal?
Space debris monitoring and removal are the techniques and technologies involved in observing, tracking, and mitigating the rising amount of space debris circling the Earth. Space debris, also called space junk, contains both inherently arising meteoroids and artificial (artificial) orbital junk. Orbital debris is any artificial object orbiting the Earth that is no longer needed for its intended purpose. Fragmentation debris, abandoned launch vehicle stages, wreckage from missions, and malfunctioning spacecraft are some examples of these forms of junk.
Spacecraft that are still in orbit around the Earth but are no longer in use by humans make up space trash. The businesses that track and remove space debris have noticed a tremendous demand as a result of the expansion of multiple space organizations and agencies, boosting the space debris monitoring and removal market growth.
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Essential Takeaways from the Report
- Rising satellite launches, increased space exploration, and growing partnerships among important countries for space situational awareness are some of the reasons driving the growth of the market.
- The increased awareness of the space solutions is propelling the market growth.
- The space debris monitoring and removal market segmentation is primarily based on the debris size range, application, end-use, orbit type, and region.
- North America accounts for the largest market share during the projection period.
Leading Players Appeared in the Report
- Airbus SAS
- Altius Space Machines
- Astroscale Holdings
- Electro Optic Systems
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Obruta Space Solutions Corp.
- Orbit Guardians Corporation
- Share my space
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Space Debris Monitoring and Removal Market: Report Scope
|Revenue Forecast in 2032||USD 2,068.80 Million|
|Market size value in 2023||USD 1,016.14 Million|
|Expected CAGR Growth||8.2% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Segments Covered||By Application, By Debris Size Range, By Orbit Type, By End-Use, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Important Growth Aspects of the Market
- The Expanded Collaborations between Businesses: The space debris monitoring and removal market size is growing as a result of partnerships between significant corporations from different countries to promote space solutions. Deepening their collaboration, the United Nations Office for Outer Space Affairs (UNOOSA) and the Government of the United Kingdom are launching a new program in December 2022 to promote space sustainability.
- Space Sustainability: This connection supports and raises awareness of Space Sustainability through Active Debris Removal by Astroscale-Japan, or ADRAS-J, a demonstration satellite for the removal of space debris. These businesses are collaborating with the major players to provide greater space possibilities. Since these are the drivers propelling the growth of the market, the debris monitoring capabilities are enhanced to increase the system’s performance.
Market’s Latest Key Trends
- Government Regulations: The main factor propelling the growth of the space debris monitoring and removal market over the forecast period is government rules for boosting space research and regulating the sale of space-related items.
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- The Leo Sector Holds the Fastest Market Share
Of the three, LEO has the greatest population. Tens of thousands of additional satellites are currently being launched there as part of the constellations of SpaceX, OneWeb, and other major corporations. The International Space Station is housed there as well. As its name implies, LEO is the closest to Earth and is found up to 2,000 kilometers from the surface. It makes sense that LEO contains the most junk. Consequently, it often becomes the focal point of conversation around the issue.
Moreover, space debris also poses a threat to satellites in MEO and GEO orbits above LEO. The fact that a number of critical spacecraft, including crucial GEO-based satellites for communications and MEO navigation systems like the European Galileo and the American GPS, are situated in these orbits makes them noteworthy. Satellites in geostationary orbit (GEO) are able to maintain a stable location above the planet because their orbital speed is equal to that of the Earth’s rotation.
- The 1 MM to 1 CM Sector Holds the Largest Market Share
A surge in rocket bodies and other small particles from satellite launches worldwide in 2022 gave the 1mm to 1cm debris size class the biggest space debris monitoring and removal market share. The 1 cm to 10 cm debris section is expected to rise significantly because of the growing number of space exploration missions. The U.S. Space Surveillance Network discovered nearly 20,000 artificial objects in orbit above the Earth, including 3,372 active satellites. However, they are the only things that can be tracked.
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North America: Due to a number of U.S. government laws pertaining to the sale and distribution of space-related products, as well as an increase in space launches in the region, the space debris monitoring and removal market in North America holds the biggest share throughout the projection period. The United States has become the most significant potential source of regulation due to its power in the sector and the International Traffic in Arms Regulations (ITAR). The United States has a regulatory framework known as ITAR that governs the manufacturing, marketing, shipping, and use of products connected to space and defense.
Europe: Due to a number of significant factors, including the employment of satellites in military operations, partnerships between large firms to remove debris from space, and other space-related activities, the European market has the fastest market share, followed by North America.
Browse the Detail Report “Space Debris Monitoring and Removal Market Share, Size, Trends, Industry Analysis Report, By Application (Space Debris Monitoring, and Space Debris Removal); By Debris Size Range; By Orbit Type; By End-Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC
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Market’s Common Questions Answered in the Report
- How much is the space debris monitoring and removal market worth?
- At what rate is the market expected to grow during the forecast period?
- What are the current market trends and opportunities influencing the market?
- Which are the key segments in the market?
- What factors are driving the space debris monitoring and removal market demand?
- Which region is leading the market?
- Who are the key vendors in this market space?
- What is the study period of the market?
Polaris Market Research has segmented the Space Debris Monitoring and Removal market report based on application, debris size range, orbit type, end-use, and region:
By Application Outlook
- Space Debris Monitoring
- Space Debris Removal
By Debris Size Range Outlook
- 1mm to 1cm Debris Size
- 1cm to 10cm Debris Size
- Greater than 10 Cm
By Orbit Type Outlook
- Low Earth Orbit (LEO)
- Medium-Earth Orbit (MEO)
- Geostationary Earth Orbit (GEO)
By End-Use Outlook
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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