The active space debris removal industry analysis by BIS Research projects the market to have a significant growth of CAGR 27.66% based on the values during the forecast period from 2020 to 2030.
The space industry has seen a lot of technological advancements since the first artificial satellite, Sputnik, was launched by the Russians. The space industry has seen significant growth in the past few decades owing to the sophisticated and robust systems that have undergone continuous enhancements over the years. The satellites launched for various services such as navigation, telecommunication, climate, and environmental monitoring have become so advanced that it has become very difficult to imagine our day-to-day lives without information and data from the satellites. So, the need to protect these space assets has become very important for the countries that not only depend on the satellites for commercial and domestic services but for defense and safety operations as well.
The orbital debris, as explained by NASA, is ‘space debris that encompasses both natural (meteoroid), and artificial (man-made) particles. Meteoroids are in orbit around the sun, while most artificial debris is in orbit around the Earth. Hence, the latter is commonly referred to as orbital debris.’ Due to technological limitations, the removal of meteoroids from space is restricted at least for the next 15 years. Since the orbital debris poses a greater threat to the satellites, the industry is currently concentrating on the removal of orbital debris to protect the space assets from freely moving, high-velocity particles and objects.
The outer space has nearly 7,600 tons of man-made human junk orbiting the Earth and poses a great threat to the active satellites revolving around the planet at present, and this threat is going to increase exponentially in the future. Hence the need for developing such technologies has become an important goal for the key players.
The market is influenced by several factors that contribute to its growth. The factors include the increasing regulations from various international space agencies, such as the Inter-Agency Space Debris Coordination Committee, and national agencies, such as the Federal Communication Commission of the U.S., which have been making recommendations and regulations for the satellite manufacturers to make sure that they won’t increase the existing debris problem.
The active space debris removal market analysis by BIS Research projects the market to have a significant growth of CAGR 27.66% based on the values during the forecast period from 2020 to 2030. The North America region is expected to dominate the market by 2030 with a share of 61.43%. The North America region includes the U.S. and Canada, but the U.S. is expected to acquire a major share in 2030 due to the increase in the investment of companies in the country.
Low Earth Orbital Debris Dominates the Global Active Space Debris Removal Market:
The Low Earth Orbit is the most densely packed orbit with debris, and thus the market share for removing the particles and dead satellites from this orbit is huge, next comes the Geosynchronous Equatorial Orbit, and at last is the Middle Earth Orbit. Each orbit helps in providing services, and the number of satellites launched into those orbits has significant roles to play. The cost associated with removing the debris article is low for the low earth orbit satellites and increases as we go higher. The RemoveDEBRIS mission demonstrated the debris removal mission by capturing and removing debris particles from the low earth orbit in 2018.
North America Expected to Dominate the Global Share of the Active Space Debris Removal Market:
Having the greatest number of satellites from the region, especially from the U.S., the Space Liability Convention clearly states that the country responsible for the launch of the satellite will be held responsible for any damage caused by the satellite. Being the global leader in the satellite industry, the North American region is expected to have a major share of the market during the forecast period.
The key players in the active space debris removal market include Astroscale, Tethers Unlimited Inc., Altius Space, D-Orbit, ClearSpace, and Surrey Satellite Technologies Limited, among others. These companies are designing and developing the technologies that will help mitigate the amount of debris in space. Most of the key players are start-ups that are backed by international space agencies when it comes to funding and contracts. For instance, Astroscale was selected by the Japanese space agency for demonstrating an active debris removal solution. The satellite servicing missions are often confused as a solution to deal with the debris but, increasing the life of the satellite or spacecraft is just a temporary solution.
Key Questions Answered in this Report:
What are the drivers and challenges for the companies that are trying to penetrate the active space debris removal market?
How is the market expected to grow during the forecast period 2020-2030?
What are the opportunities generated for the new companies to expand their operations in the debris removal industry?
Which region is expected to be leading the active space debris removal market by 2030?
What are the recent technological trends developed to track and catalog the orbital debris?
What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
What is the current and future revenue scenario generated by this market going to be like?
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