Space Debris Monitoring and Removal Market by Application, and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40622
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The space debris monitoring and removal market size has the potential to grow by USD 610.47 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by application (space debris removal technology and space debris monitoring technology) and geography (APAC, Europe, MEA, North America, and South America). 

Space Debris Monitoring and Removal Market Size

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Who are the Major Space Debris Monitoring and Removal Vendors?

This space debris monitoring and removal market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Airbus SE
  • Analytical Graphics, Inc.
  • Astroscale Holdings Inc.
  • BAE Systems Plc
  • Boeing Corp.
  • Cobham Plc
  • Electro Optic Systems Holdings Ltd.
  • Lockheed Martin Corp.
  • Northrop Grumman Corp.
  • S.P. Korolev Rocket and Space Corp. Energia

The space debris monitoring and removal market is concentrated. The rising investments in space-related projects and an increasing number of satellite launches will create ample growth opportunities for vendors in the space debris monitoring and removal market. This space debris monitoring and removal market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.

Market drivers such as the space tourism concept attracting investments will create immense growth opportunities for vendors. However, legal and policy challenges of orbital debris removal may impede the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Which are the Key Markets for Space Debris Monitoring and Removal?

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North America was the largest space debris monitoring and removal market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Various initiatives undertaken by the US government to establish a space force and implement new policies for space traffic control will significantly influence space debris monitoring and removal market growth in this region.

Over 39% of the market’s growth will originate from North America during the forecast period. The US is a crucial market for space debris monitoring and removal in North America. Market growth in this region will be faster than the growth of the market in other regions.

What are the Major Application Segments in the Space Debris Monitoring and Removal Market?

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The increasing investments in debris removal technologies is expected to fuel the growth of the space debris monitoring and removal market in this segment. The increased rate of adoption of mitigation and removal technologies and the development of new concepts in this field will also positively impact the growth of the market in the space debris removal technology segment.

Market growth in this segment will be faster than the growth of the market in the space debris monitoring technology segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the space debris monitoring and removal market size.

What are the Key Space Debris Monitoring and Removal Market Drivers and Trends?

The increasing investments in space tourism will be a significant factor driving the growth of space debris monitoring and removal market size. Technological advancements and completion of a few successful launches have enabled the concept of space tourism that will allow passengers to travel to space. People that can afford orbital flights can get a glimpse of the Earth from outer space and experience specific attributes of space like weightlessness or zero gravity effect. Virgin Galactic, SpaceX, and Blue Origin are some of the companies catering to space tourism. The increasing investments in space tourism and the high stake of human lives involved with a collision with space objects will create a need for space debris removal systems during the forecast period.

  • Large space debris may break into several smaller segments, which can then go on to strike other objects in orbit forming a chain reaction of destruction.
  • Scientists are planning to use a super-wide field-of-view telescope and coherent amplifying network (CAN) laser for effectual tracking and destroying of hazardous space debris.
  • CAN laser would vaporize a thin film of matter off the surface of debris, and the resulting high-speed plasma would behave like a rocket exhaust plume, pushing the debris downward to burn up in Earth's atmosphere.
  • The high laser concept for debris removal, which is one of the critical space debris monitoring and removal market trends, will positively influence the growth of the market during the forecast period.
  • During 2020-2024, the space debris monitoring and removal market size will grow at a CAGR of almost 5%. 

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Key Highlights of the Space Debris Monitoring and Removal Market Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive space debris monitoring and removal market growth during the next five years
  • Precise estimation of the space debris monitoring and removal market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the space debris monitoring and removal industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of space debris monitoring and removal market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The space debris monitoring and removal market growth will increase by $610.47 million during 2019-2024.
The space debris monitoring and removal market is expected to grow at a CAGR of 4.51% during 2019-2024.
Technavio has segmented the space debris monitoring and removal market by application (Space debris removal technology and Space debris monitoring technology) and geographic (North America, Europe, APAC, MEA, and South America).
Airbus SE, Analytical Graphics Inc., Astroscale Holdings Inc., BAE Systems Plc, Boeing Corp., Cobham Plc, Electro Optic Systems Holdings Ltd., Lockheed Martin Corp., Northrop Grumman Corp., S.P. Korolev Rocket and Space Corp. Energia are a few of the key vendors in the space debris monitoring and removal market.
North America will register the highest growth rate of 39.14% among the other regions. Therefore, the space debris monitoring and removal market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the space debris monitoring and removal market growth are:
  • Rising amount of space debris
  • Emerging ADR concepts
The space debris monitoring and removal market vendors should focus on grabbing business opportunities from the space debris removal technology segment as it accounted for the largest market share in the base year.
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