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LONDON–()–The global space debris monitoring and removal market is expected to grow by USD 610.47 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The concept of space tourism is gaining traction in the aerospace industry owing to rapid technological advances coupled with several successful space missions. Companies such as Virgin Galactic, SpaceX, and Blue Origin are showing keen interest in the space tourism. For instance, Virgin Galactic’s Virgin Orbit received the license from the Federal Aviation Administration (FAA) for the first launch of its LauncherOne vehicle. Similarly, in 2019, the United Arab Emirates Space Agency introduced its plans to introduce space tourism. With growing investments in space tourism, the need for removing space debris becomes crucial.
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As per Technavio, the high energy laser concept for debris removal will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Space Debris Monitoring and Removal Market: High energy laser concept for debris removal
A team of international scientists in Japan’s RIKEN are planning to engage a super-wide field-of-view telescope to detect space debris and employ a high-efficiency laser system, the coherent amplifying network (CAN) laser, to monitor and remove them from orbit. The CAN laser consists of many small lasers that work together to generate a single powerful beam. This beam vaporizes a thin film of matter off the surface of debris, and the resulting high-speed plasma pushes the debris downward and away from the space station to eventually burn up in Earth’s atmosphere. Such developments in space debris management are expected to have a positive impact on the market during the forecast period.
“Emerging ADR concepts and the development of self-replicating robots for debris removal will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Space Debris Monitoring and Removal Market: Segmentation Analysis
This market research report segments the global space debris monitoring and removal market by application (space debris removal technology and space debris monitoring technology), and geography (APAC, Europe, MEA, North America and South America).
The North America region led the space debris monitoring and removal market in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the North America region is expected to register the highest incremental growth due to the various initiatives undertaken by the US government to establish a space force and implement new policies for space traffic control.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Space debris removal technology
- Space debris monitoring technology
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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