The global space situational awareness (SSA) market size is projected to grow from USD 1.27 billion in 2021 to USD 1.73 billion in 2028. Radio frequency data is nowadays being used extensively to monitor objects in space. It can also be used to detect and geo locate interference, be it an accidental misalignment of objects or a jammer. It can efficiently detect anomalies and its impact in the performance of the payload system. As per a report by Fortune Business Insights™, titled, “Space Situational Awareness Market, 2021-2028,” the market stood at USD 1.21 billion in 2020. It is set to exhibit a CAGR of 5.27% in the forecast period between 2021-2028.
L3Harris Technologies Wins Infrastructure Modernization Contract worth $89 Million
In February 2021, L3Harris Technologies, a technology company based in the U.S. received a U.S. Space Force and U.S. Space Command contract worth USD 89 million for the modernization and maintenance of the infrastructure to track objects in space. It also includes the Maintenance of Space Situational Awareness Integrated Capabilities (MOSSAIC) program. This program will be able to enhance the systems of Space Force and Space Command for getting a complete picture of the behavior and location of objects in space.
Launch of Small Satellites Has Not Affected Market Severely amid COVID-19 Pandemic
This industry has not been negatively impacted by the COVID-19 pandemic on account of the rising launches of small satellites in 2020. SpaceX, for instance, launched around 235 small satellites the same year. But, as per the U.K. Space Agency & Department of International Trade and UK space, approximately 63% of companies reported certain negative impact owing to the pandemic.
Report Coverage-
The research report is a blend of quantitative, qualitative, and first-hand information by analysts operating in this industry. It also contains inputs from experts across the value chain. It offers accurate analysis of governing factors, market attractiveness, trends, and macro-economic indicators as per segments. Lastly, it maps the qualitative impact of multiple factors on various regions.
Drivers & Restraints-
Increasing Usage of Space by Countries for National Security to Boost Growth
The rising participation of multiple countries in the use of space for science, national security, and safety would drive the space situational awareness market growth in the upcoming years. At present, around 80 countries are active in the space industry. The surging congestion in space is compelling companies to partner up with other firms for ensuring safety and sustainability of space-related activities. In December 2020, for instance, the Indian Space Research Organization (ISRO) set up a Space Situational Awareness Centre in Bangalore to work on the Network for Space Object Tracking and Analysis (NETRA) project. However, there are numerous limitations from international and national government agencies revolving around the space industry, which, in turn, may hamper growth.
Regional Insights-
Higher Investments by U.S. DoD to Help North America Dominate: Fortune Business Insights™
Regionally, North America is likely to lead the market in the near future backed by the surging investments in space situational awareness by the U.S. Department of Defense (DoD). The region procured USD 0.43 billion in terms of revenue in 2020. Also, the presence of reputed companies, such as NASA in the region would aid growth. In Asia Pacific, the expansion of the Asia-Pacific Optical Satellite Observation System (APOSOS) in China is anticipated to propel growth. In the rest of the world, increasing collaborations between non-U.S. countries would augment growth.
Source :- https://www.fortunebusinessinsights.com/space-situational-awareness-ssa-market-105446
