It was estimated prior to this unanticipated outbreak that the Space Situational Awareness (SSA) Market was likely to witness an impressive CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Space Situational Awareness Market Segment Insights:
By Offering Type:
The services segment dominated the market in 2018 and is likely to lead the market during the forecast period. The growth of this segment is owing to the unending activities, such as space debris modeling and robotic exploration of the solar system and prominence on emerging space weather and Near-Earth Object (NEO) services, while research, development, and authentication activities remain in the sphere of space surveillance and tracking.
By End-User Type:
The commercial segment is expected to depict a higher growth as against the government & military segment, in the coming five years, owing to various private space entities eyeing on SSA solutions for satellite operations during a satellite’s lifecycle. Commercial establishments are seeking an attention in space situational awareness to provide space-based services, such as conjunction avidness of satellites, deorbiting of non-functional spacecraft, and elimination of debris left over by government/military surveillance networks, and providing data-sharing transparency for satellite operators/owners.
By Object Type:
The fragmentation debris segment dominated the market in 2018, and is estimated to continue its command during the forecast period as well. The growth of this segment can be attributed to the escalating congestion in space, owing to fragmentation debris, coupled with an upsurge in various space exploration activities.
By Region:
North America held the largest share of the space situational awareness market in 2018. The market is driven by high demand for space situational awareness happenings from prominent establishments, such as NASA and the Department of Defense, owing to the growing dependence on space assets and for preserving safe space operations. Europe and Asia-Pacific held substantial shares of the space situational awareness market in 2018. The Middle East, South America, and Africa are the other major regions expected in the Rest of the World (RoW) region, which are also expected to offer considerable growth opportunities during the forecast period.