Global Space Debris Monitoring and Removal Market

Space Debris Monitoring and Removal Market Size, Share, Growth Analysis, By Debris Size Range (1mm to 1cm Debris Size, Greater than 10cm), By Orbit Type (Low Earth Orbit, Medium & Geostationary Earth Orbit), By End-use (Commercial, Defense), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20A2268 | Region: Global | Published Date: November, 2024
Pages: 183 | Tables: 86 | Figures: 66

Space Debris Monitoring and Removal Market Insights

Global Space Debris Monitoring and Removal Market size was valued at USD 1.01 Billion in 2022 and is poised to grow from USD 1.08 Billion in 2023 to USD 1.75 Billion by 2031, growing at a CAGR of 7.15% in the forecast period (2024-2031).

Space debris monitoring and removal is a series of operations and systems that are needed to identify as well as limit the number of space debris or space junk in the orbit of Earth. It is important because, at present, the orbit of our planet is overcrowded with deceased satellites, rocket parts, lens caps, lens cover, gloves from previous spacewalks, and many other items made by people. Such debris is dangerous because they can hit operational satellites or spacecraft. Therefore, monitoring and removal are critical for maintaining space situational awareness and space sustainability. The rise in development costs and regulatory compliance concerning the international space regulations and agreement act as a significant barrier to the growth of the market across the globe. However, the rise in demand for space tourism and technological advancements create extensive room in the growth of space debris monitoring market during the given forecast period.

The exponential growth of space debris and its potential threat to operational satellites, space missions and space explorations in the future have resulted in the fact that many governments have initiated various policy frameworks and national strategies to reduce such a threat. It creates a basis for investment in the field of space debris mitigation and monitoring technologies. Many satellites that are now operating are relatively old, and most of them remain operational for up to 20-25 years. The situation contributes to the sources of space debris as the satellites contribute to the growth of this debris when they become defunct. In addition, satellites are at risk of derelict objects also end up being debris. In either case, the need to address this problem enhances the demand for monitoring, removal and end-of-life solutions.

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Global Space Debris Monitoring and Removal Market size was valued at USD 1.01 Billion in 2022 and is poised to grow from USD 1.08 Billion in 2023 to USD 1.75 Billion by 2031, growing at a CAGR of 7.15% in the forecast period (2024-2031).

Companies that engage in the removal of space debris are mandated to control the growing population of debris in space. Additionally, the companies are concerned with new product launches, patents, new technological tactical deployment and several other strategies. Rise in the awareness of space pollutants and increasing installation of satellites is the major factor expected to surge the growth of the global space debris monitoring market during the forecast period. The rising number of space tourists has helped the scientists to cater to the rising demand for the technology for monitoring space debris. Several companies have increased the budget of the R&D department to provide monitoring for the use of latest technologies such as coherent amplifying network lasers, and super wide field of view telescopes. 'Airbus S.A.S (Netherlands)', 'Astroscale (Netherlands)', 'ClearSpace (Switzerland)', 'Electro Optic Systems (Australia)', 'Lockheed Martin Corporation (U.S.)', 'Northrop Grumman Corporation (U.S.)', 'Orbit Guardians (U.S.)', 'Obruta (Canada)', 'Share my space (France)', 'Voyager Space Holdings Inc. (U.S.) '

One of the key drivers for the market is the increasing number of space activities, such as satellite launches or space missions. As a result, more debris is expected to be observed. For this reason, it is critical to develop effective monitoring and removal solutions to make future space operations safe and sustainable.

Advancements in Tracking and Monitoring Technologies: Round-based radars, space-based sensors, and optical telescopes are becoming more sensitive and therefore able to track increasingly smaller debris parts, creating an increasingly comprehensive picture of their locations. This progress allows the growing population of debris to be consistently cataloged, providing valuable information for assessing the risk of future collisions and planning their removal.

North America was the dominant region in 2023 due to the imposition of strict rules by the US government regarding the sale and distribution of space-related goods and the increase in the number of space launches in the region. The United States is the leading potential regulator for the high impact of the business and existences of the International Traffic in Arms Regulations. It is a United States regulatory provision that governs the development, commerce, transfer, and utilization of defense and space-related commodities. The market players in the region are incurring high costs and facing stiff competition whenever they wish to transact business that does not comply with US policies. Therefore, the United States will come up with effective regulations to control space debris.

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Global Space Debris Monitoring and Removal Market

Report ID: SQMIG20A2268

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