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 geolocate 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.
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
Segmentation-
Space Weather Services Sub-segment to Dominate Fueled by Surging Satellite Launches
By objects, thismarket is segregated into mission-related debris, rocket bodies, fragmentation debris, non-functional spacecraft, and functional spacecraft.Based on end-users, it is categorized into commercial and military & government. Lastly, by offering, it is fragmented into software and services.
List of the Top Companies Operating in the Space Situational Awareness Market
- Lockheed Martin Corporation (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Vision Engineering Solutions, LLC (The U.S.)
- Analytical Graphics, Inc. (The U.S.)
SOURCE OF INFORMATION:
https://www.fortunebusinessinsights.com/space-situational-awareness-ssa-market-105446
