June 16, 2024

The Global Space Situational Awareness (SSA) Market Propelled by Increased Adoption of Advanced Remote Sensing Satellites

The Global Space Situational Awareness (SSA) Market provides services to identify, track, catalog, and predict orbital parameters of objects orbiting Earth. It utilizes advanced remote sensing satellites and ground-based sensors for space surveillance. The increasing adoption of SSA solutions across government agencies and commercial companies to monitor space debris and inactive satellites is fueling market growth.

The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased Adoption of Advanced Remote Sensing Satellites
The growing investment in advanced optical and radar-based remote sensing satellites allow high-resolution monitoring of objects in orbits. These satellites detect debris as small as 10 cm and provide critical information on changing trajectories. A growing number of satellite operators are using SSA data for maneuver planning to avoid in-orbit collisions. This is driving adoption of advanced remote sensing satellites among government space agencies and commercial companies to ensure safety of orbital assets.

SWOT Analysis
Strength: The global space situational awareness market benefits from increased funding by government organizations for space situational awareness programs. Many countries are investing heavily in developing advanced SSA technologies to monitor space objects and debris.

Weakness: High costs associated with development and maintenance of SSA systems pose a major challenge. Advanced SSA technologies require significant R&D spending which is a burden for many organizations.

Opportunity: Growing commercialization of space presents new opportunities for SSA services and solutions. Private players are increasingly deploying satellites for various applications which is driving the need for effective space monitoring.

Threats: Space debris and growing number of satellites pose threats to functional satellites and spacecrafts operating in the earth’s orbit. Even minor collisions can create more orbital debris threatening other assets. This calls for improved space surveillance network and collision avoidance systems.

Key Takeaways
The Global Space Situational Awareness Market Size is expected to witness high growth over the forecast period driven by increasing commercialization of space and rising investment in advanced SSA technologies by government organizations worldwide. The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

The region of North America currently dominates the market owing to major space agencies and private space companies based in the US and Canada. Many new SSA initiatives have been announced by NASA and Defense agencies in the region focusing on effectively monitoring the congesting low earth orbit.

Key players operating in the space situational awareness market include Analytical Graphics, Inc., EOS Systems Inc., Etamax Space, GMV Innovating Solutions, Harris Corporation, Kratos Defence & Security Solutions, Inc., Lockheed Martin Corporation, Polaris Alpha, SST, Inc., and Vision Engineering Solutions. These players are focusing on contracts from government agencies for development and maintenance of space surveillance network and advanced SSA technologies including radars, telescopes and analytics. They are also collaborating actively with research organizations and space agencies on joint SSA programs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it