The global space debris monitoring and removal market is expected to register significant growth during the forecast period owing to factors such as the increasing number of satellites and rising awareness about space pollution. However, high costs associated with research and development and absence of required infrastructure in developing economies are expected to hamper the market growth.
The global space debris monitoring and removal market has been segmented based on purpose, debris size, end use, and region.
On the basis of purpose, the global space debris monitoring and removal market has been bifurcated into space debris removal and space debris monitoring. The space debris monitoring segment is expected to account for a larger market share during the forecast period of 2019 to 2024 due to the increase in space debris monitoring activities by space exploration agencies such as the US Space Surveillance Network and European Space Agency (ESA). However, the space debris removal segment is expected to register a higher CAGR during the forecast period.
Based on debris size, the market has been divided into larger than 10 cm, between 1 and 10 cm, and between 1 mm and 1 cm. The between 1 and 10 cm segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the forecast period. This is due to the presence of around 900,000 objects in this size range in the Earth’s orbit and their ability to damage active satellites.
In terms of end use, the global space debris monitoring and removal market has been classified as commercial and defense. The commercial segment dominated the market in 2018 and is expected to register a higher CAGR during the forecast period due to the rise in the number of satellites for navigation, television, and satellite imagery applications. Therefore, rise in the number of satellites is projected to increase space debris. This, in turn, is expected to fuel the demand for space debris removal and monitoring.
Based on region, the global space debris monitoring and removal market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is expected to hold the largest market share during the forecast period. However, the market in Asia-Pacific is expected to register the highest CAGR during the review period. Factors such as increasing expenditure on defense in developing economies such as China and India are boosting the market growth. Additionally, increasing investments made in developing space debris removal satellites by key players such as Astroscale Holdings Inc is propelling market growth in the region.
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The key players in the global space debris monitoring and removal market are D-Orbit SpA (Italy), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), PAO S.P. Korolev RSC Energia (Russia), and The Boeing Company (US).