Space situational-awareness market will be driven by need for satellite and GPS, study saysNews
July 01, 2022
NORTHBROOK, Ill. The space situational-awareness market, which was at a level of $1.5 billion in 2021, is projected to grow to $1.8 billion by 2026, at a combined annual growth rate (CAGR) of 4.6%, according to a new MarketsandMarkets study, "Space Situational Awareness Market."
The study authors cite as factors driving growth in this market increasing demand for low-Earth-orbit-based services such as broadband, imagery capture, space situational awareness, and on-orbit servicing. In particular, they see increased demand for and advancements in small satellites, which can be attributed to their affordable cost, high capacity, and improved ability to offer low-latency broadband services.
Regionally, the study projects that North America is will lead the space situational-awareness market during the study period, as the U.S. government continues its various initiatives in this market, including intelligence, surveillance, and reconnaissance (ISR); environmental monitoring; and command and control.
For additional information, visit the MarketsandMarkets website.