At 7.5% CAGR, the Asia Pacific Space Situational Awareness (SSA) Market is projected to be worth US$ 378.91 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific space situational awareness (SSA) market was valued at US$ 245.56 million in 2022 and is expected to reach US$ 378.91 million by 2028, registering a CAGR of 7.5% from 2022 to 2028. Increasing number of objects launches into space and rising amount of space debris are the critical factors attributed to the Asia Pacific space situational awareness (SSA) market expansion.       

Assets in space are gaining importance for several countries, mainly concerning national security. The growing interest in deploying space assets and ensuring their long functional life is leading to several partnerships among countries. Such partnerships cover several aspects of space-related joint missions and information sharing, which, in turn, is expected to offer promising growth opportunities for the space situational awareness market. In December 2021, Australia and South Korea signed a memorandum of understanding (MoU) to collaborate on space exploration, launch services, and satellite navigation, as well as improve each other's capacities in SSA, Earth observation, space traffic, and debris management. In November 2021, Japan and India held a virtual space dialogue to exchange information on the space policy of each country and have discussions on space security, bilateral cooperation between Japan Aerospace Exploration Agency (JAXA) and ISRO, their space industries, space-related rules and norms, global navigation satellite systems, SSA, and other areas of mutual interest. In March 2019, Japan and the US governments signed agreements to link up the SSA systems of Japan's Self-Defense Forces (SDF) and the US military from fiscal 2023 to share real-time information on third-country satellites and space debris, among others. Such partnerships and agreements between various countries showcase the growing importance of space, available space assets, and SSA among the various governments, which is expected to offer ample growth opportunities for the space situational awareness market in the near future. This is expected to drive the Asia Pacific space situational awareness (SSA) market during the forecast period.

On the contrary, environmental concerns involving satellite launch hurdles the growth of Asia Pacific space situational awareness (SSA) market. 

Based on offering, the Asia Pacific space situational awareness (SSA) market is bifurcated into software and services. The services segment held 69.9% market share in 2022, amassing US$ 171.72 million. It is projected to garner US$ 269.55 million by 2028 to expand at 7.8% CAGR during 2022–2028.

Based on object, the Asia Pacific space situational awareness (SSA) market is categorized into mission-related debris, rocket bodies, fragmentation debris, functional spacecraft, and non-functional spacecraft. The fragmentation debris segment held 32.9% market share in 2022, amassing US$ 80.76 million. It is projected to garner US$ 123.28 million by 2028 to expand at 7.3% CAGR during 2022–2028.

Based on end user, the Asia Pacific space situational awareness (SSA) market is bifurcated into commercial and government & military. The government & military segment held 64.1% market share in 2022, amassing US$ 157.29 million. It is projected to garner US$ 237.58 million by 2028 to expand at 7.1% CAGR during 2022–2028.

Based on orbit range, the Asia Pacific space situational awareness (SSA) market is bifurcated into deep space and near earth. The near earth segment held 69.8% share of Asia Pacific space situational awareness (SSA) market in 2022, amassing US$ 109.82 million. It is projected to garner US$ 161.78 million by 2028 to expand at 6.7% CAGR during 2022–2028.

Based on country, the Asia Pacific space situational awareness (SSA) market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.  Our regional analysis states that China captured 43.1% share of Asia Pacific space situational awareness (SSA) market in 2022. It was assessed at US$ 105.75 million in 2022 and is likely to hit US$ 167.55 million by 2028, exhibiting a CAGR of 8.0% during the forecast period.

Key players dominating the Asia Pacific space situational awareness (SSA) market are Ansys Inc; GMV Innovating Solutions SL; L3Harris Technologies Inc.; Kratos Defense and Security Solutions Inc.; Lockheed Martin Corp; Parsons Corp; and Belcan LLC among others.

• In May 2021, Parsons wins $185M space situational awareness contract.
• In Feb 2021, GMV consolidates its Space Traffic Management leadership.

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