Market Highlights
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.
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Key Players
The key players in the global space debris monitoring and removal market are Airbus S.A.S. (Netherlands), Altius Space Machines, Inc (US), Astroscale Holdings Inc (Japan), D-Orbit SpA (Italy), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), PAO S.P. Korolev RSC Energia (Russia), and The Boeing Company (US).