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The global space debris monitoring and removal market size was valued at USD 866.4 million in 2021. The market is projected to grow from USD 942.3 million in 2022 to USD 1,527.7 million by 2029, exhibiting a CAGR of 7.15% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Space Debris Monitoring and Removal Market Size, Share & COVID-19 Impact Analysis, By Application (Space Debris Monitoring and Space Debris Removal), By Debris Size Range (1mm to 1cm Debris Size, 1cm to 10cm Debris Size, and Greater than 10cm), By Orbit Type (Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO)), By End-use (Commercial and Defense), and Regional Forecast, 2022-2029.”
Unparalleled Effect of COVID-19 Pandemic Boosted Prospects for Private Firms in Market
Over a long period of time, space activities were mainly emphasized on the investigation dynamic, administered by government and space-based agency programs. Nevertheless, it has been witnessed that from the past couple of decades, the activities associated with exploration have moved progressively to the phase of space exploitation. Moreover, the influence of the COVID-19 pandemic has radically influenced the enduring space programs and functions executed by the public space-based corporations. This affected the market of space debris monitoring and removal.
SpaceX Executive Pitches Starship for Space Debris Cleanup
SpaceX is likely to utilize its Starship automobiles to clear out space debris in the Earth’s orbit besides the program’s more exposed intention of transporting people and cargo in the outer space, a company executive stated. The Starship is the upper stage of a huge and novel rocket SpaceX is creating to bolster over 100 metric tons or over 220,000 pounds of payloads into low Earth orbit. With in-orbit refueling, the Starship’s methane-fed engines could thrust over 100 metric tons of material load to the moon, Mars as well as additional deep space locations as stated by SpaceX.
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Thriving Collaborations Among Major Nations for Space Conditional Alertness to Spur Growth
In the U.S., China, Russia, and India, space is actively identified as a sector of tactical significance for national protection. European and Asian nations are considering utilizing space for protection, national safety, and scientific intentions. Currently, about 80 economies are active in the space industry. Therefore, the rising requirement for mergers among the nations for amalgamating space traffic is predicted to thrive the space debris monitoring and removal market growth.
Key Players Sign Considerable Agreements to Make Notable Fluctuations in Market
The players operating in the market of space debris monitoring and removal often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
North America held the largest space debris monitoring and removal market share and was estimated to be USD 268.6 million in 2021. It is further predicted to continue its dominance during the forecast period, 2022-2029. The U.S. has the largest space-based companies as compared to any European and Asian countries.
Based on application, the market is bifurcated into space debris monitoring and space debris removal. The space debris monitoring segment is anticipated to lead the market owing to increase in space exploration activities and space debris modeling.
Table of Segmentation
Value (USD Million)
By Application, Debris Size Range, Orbit Type, End-use, and Geography
By Debris Size Range
By Orbit Type