Global Space Situational Awareness (SSA) Market is Estimated to Witness High Growth Owing to Opportunity in Enhancing Space Safety

 Space Situational Awareness (SSA) is the knowledge and characterization of space objects and their operational environment that enable timely, informed decisions regarding activities in space. SSA tools and services provide accurate tracking and characterization of objects orbiting Earth and predict potential collisions. The continuous monitoring and precise tracking of satellites and space debris helps avoid accidents and preserve orbital slots allocated to countries.

The global Space Situational Awareness (SSA) Market is estimated to be valued at US$ 1.5 Bn in 2023 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 Opportunity:
Enhancing Space Safety
The increasing congestion in space owing to growing number of small satellites and space debris has heightened the need for enhanced space safety. As per estimates, over 27,000 pieces of debris are tracked regularly but the majority of the estimated 500,000 pieces of debris that are larger than 1 cm and over 100 million pieces that are larger than 1 mm cannot be tracked. This debris poses critical risks to operational satellites and even manned space missions. The growing need to prevent accidents and enable collision avoidance has opened significant growth opportunities for SSA solutions that can accurately track objects and predict potential collisions. Advancements in SSA sensors, technologies and data analytics are crucial to effectively monitor this complex space environment and enhance overall space safety.

Porter's Analysis
Threat of new entrants: The space situational awareness market requires huge capital investments and has high technical barriers. Thus threat of new entrants is low.
Bargaining power of buyers: The buyers have moderate bargaining power as there are few vendors operating in this market. However, switching costs are high.
Bargaining power of suppliers: A few major players dominate the supply side. Thus suppliers enjoy moderate bargaining power.
Threat of new substitutes: There are no close substitutes for space situational awareness systems. Threat from substitutes is low.
Competitive rivalry: The market has few global players operating. Intense competition exists among vendors on the basis of services, solutions, and pricing.

SWOT Analysis
Strength: Presence of advanced technologies enables accurate monitoring and tracking of space objects. Growing satellite manufacturing further drives demand.
Weakness: High costs associated with development and maintenance of SSA infrastructure. Dependence on government contracts and budgets.
Opportunity: Emerging nations increasing investments in space programs opens new avenues. Advent of miniaturized technologies to enhance capabilities.
Threats: Geopolitical risks may disrupt satellite launches and operations. Increased space debris poses threats to existing satellites.

Key Takeaways
The Global Space Situational Awareness (SSA) Market Size is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

North America dominates currently due to large investments by US government in space surveillance network. The region is expected to continue its dominance in coming years as well. Asia Pacific expected to be the fastest growing region during the forecast period. This is attributed to rising investments by China and India in development of space assets. Countries like Japan are also enhancing their SSA capabilities. Growing commercialization of space sector presents new opportunities for vendors in the region.

Key players related content comprises Key players operating in the space situational awareness market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc.

 

 

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