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Space debris is the orbital space junk in the low earth orbit (LEO). There are millions of pieces of space junk produced due to satellite collisions that are flying in LEO. Orbital debris comprises of different objects such as parts of rockets, satellites, pieces of spacecraft that are no longer working in the orbit. Growing space debris monitoring activities by space agencies such as the U.S. Space Surveillance Network and European Space Agency (ESA) drive the growth of the market. Increasing the number of satellites in space creates more space debris is likely to fuel demand for space debris monitoring and removing technology in the future years. This, in turn, the market will witness significant growth due to growing awareness about space pollution.
By application, the market segmented into space debris monitoring and space debris removal. Based on the end use, the market is classified into commercial and defense. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, and rest of the World.
Key Market Driver -
Increasing awareness about space pollution drive the growth of the market.
Key Market Restraint -
Limited required infrastructure and high cost associated with the space debris monitoring and removal hampers the growth of the market.
Major key players that are present in the global space debris monitoring and removal market are Airbus S.A.S. (Netherlands), Lockheed Martin Corporation (The U.S.), Northrop Grumman Corporation (The U.S.), The Boeing Company (The U.S.), Altius Space(The U.S.), Astroscale(Japan), D-Orbit SpA(Italy),PAO "S.P. Korolev RSC "Energia" (Russia), and among others.
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The space debris monitoring and removal market is analyzed across four major regions North America, Europe, Asia Pacific, and Rest of the World. At present, North America held the highest shares in the market. Increasing expenditure on research and development and a growing number of space missions is likely to drive the market growth across North America. Furthermore, the presence of key players such as Altius Space, The Boeing Company, Northrop Grumman Corporation, and others propels the growth of the market.
Europe is estimated to showcase significant growth due to the presence of key players such as Airbus S.A.S., D-Orbit SpA, PAO "S.P. Korolev RSC "Energia", and others. Growing satellite launch programs from European countries created space debris which in turn creates demand for space debris monitoring and removal.
Asia-Pacific will witness remarkable growth in the space debris monitoring and removal market during the forecast period. The growth is attributed to the increased spending on space missions from emerging economies such as China and India. Furthermore, rising investments to develop space debris removal satellites by Astroscale (Japan) is driving the growth of the market across the Asia Pacific. In the Rest of the World, the market will show moderate growth due to growing expenditure in research and development programs.
By End Use
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