Space Traffic Management Market to Observe Highest Growth of USD 22.4 billion with Growing CAGR of 7.1% by 2030
space traffic management market
By application, the communication segment is expected to witness the highest growth rate within the forecast period.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 2, 2024 /EINPresswire.com/ -- The global 𝐒𝐩𝐚𝐜𝐞 𝐓𝐫𝐚𝐟𝐟𝐢𝐜 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at $11.9 billion in 2020, and is projected to reach $22.4 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030. Advent of satellite life extension vehicles, surge in number of space debris and overlapping space orbits, and space-based connectivity initiative drive the global space traffic management market.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A16155
Introduction of satellite life extension vehicles, increase in number of space debris and overlapping space orbits, and space-based connectivity initiative have boosted the growth of the global space traffic management market. In addition, the reduced launch cost due to advent of re-usable rockets and adoption of smallsats and cubeasts would open new opportunities in the future.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 -
𝐀𝐢𝐫𝐛𝐮𝐬 𝐆𝐫𝐨𝐮𝐩, 𝐓𝐡𝐚𝐥𝐞𝐬 𝐆𝐫𝐨𝐮𝐩, 𝐋𝐨𝐜𝐤𝐡𝐞𝐞𝐝 𝐌𝐚𝐫𝐭𝐢𝐧, 𝐑𝐚𝐲𝐭𝐡𝐞𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬, 𝐒𝐚𝐚𝐛 𝐀𝐁, 𝐁𝐨𝐞𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐲, 𝐋𝟑𝐇𝐚𝐫𝐫𝐢𝐬 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬, 𝐈𝐧𝐜., 𝐊𝐚𝐲𝐡𝐚𝐧 𝐒𝐩𝐚𝐜𝐞, 𝐍𝐨𝐫𝐭𝐡𝐫𝐨𝐩 𝐆𝐫𝐮𝐦𝐦𝐚𝐧, 𝐁𝐀𝐄 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐩𝐥𝐜
The space traffic management industry holds a great potential in the near future to the rise in global launch activates. Initiative taken by major companies, public consortium and government authorities to place satellite constellation in low Earth orbit in efforts to establish a comprehensive communication network will notably raise the demand of space traffic management system. Reducing the space debris present in outer-space and effectively maneuvering operational satellite to ensure safe operations will become primary concern, supporting business opportunities within the market.
On the basis of end use, the commercial segment dominated the market in 2020, accounting for around two-thirds of the market. In addition, the segment is projected to register the highest CAGR of 7.28% during the forecast period.
𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A16155
By application, the market is divided into communication, earth observation, navigation, global positioning system (GPS) & surveillance, technology development & education, and others. The other segment encompass several applications such as space science, maritime tracking and other personal space based operations. Based on end use, the space traffic management market is segmented by civil & government, commercial and military. The orbit segment will include low earth orbit (LEO), medium earth orbit (MEO) & elliptical orbit, and geostationary orbit (GEO). The activity segment is categorized into space situational awareness, space debris remediation, space orbit management, and launch vehicle operations.
The global space traffic management market size is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 8.4% during the forecast period.
Factors such as space based connectivity, satellite life vehicle extension programs, and internal co-operation between nations to agree on data sharing polices are some of the primary drivers supporting the business opportunities over coming years. Initiatives taken by several regulatory bodies such as European Commission, United Nations Office For Outer Space Affairs (UNOOSA) and other U.S. federal departments to increase transparency about space operations across nations considering outer space a limited resource will promote orientation of space traffic management system.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/a1e335843c04c98b68a8f788bf24a7e4
In addition, a shift in consumer dynamics universities, individual researchers, and private business owners are engaged in launching their small satellites in lower Earth orbit will require an end to end service provider, generating a demand of comprehensive space traffic management system. For instance, in November 2021, Aalto University signed a contract to launch the Foresail-1 satellite for research purpose. The launch will be conducted by a regional launch coordinator EXOlaunch.
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
By application, the communication segment leads the market during the forecast period.
By end use, the commercial segment leads the space traffic management market during the forecast period.
By orbit, LEO segment leads the market during the forecast period.
By activity, the space debris remediation is forecasted to witness highest growth rate during the forecast period.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
Space Robotics Market - https://www.prnewswire.com/news-releases/space-robotics-market-to-reach-8-billion-globally-by-2031-at-6-9-cagr-allied-market-research-301746497.html
Military aircraft communication avionics Market - https://www.globenewswire.com/news-release/2022/06/13/2461098/0/en/Military-Aircraft-Communication-Avionics-Market-to-Garner-35-0-Billion-by-2030-Allied-Market-Research.html
Military Simulation and Training Market - https://www.globenewswire.com/en/news-release/2021/11/18/2336989/0/en/Military-Simulation-and-Training-Market-to-Garner-20-58-Billion-by-2030-Allied-Market-Research.html
David Correa
Allied Market Research
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