Global Space Debris Removal Market 2024 : Trends, Business Growth And Major Driving Factors | Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Rocket Lab Limited

"The new report published by The Business Research Company, titled ""Space Debris Removal Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the space debris removal market size has grown exponentially in recent years. It will grow from $0.07 billion in 2023 to $0.10 billion in 2024 at a compound annual growth rate (CAGR) of 44.8%. The space debris removal market size is expected to see exponential growth in the next few years. It will grow to $0.40 billion in 2028 at a compound annual growth rate (CAGR) of 40.8%.

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Surge In Satellite Launches Driving Growth In Space Debris Removal Market
The increasing number of satellite launches is expected to propel the growth of the space debris removal market going forward. Satellite launches involve the deployment of artificial satellites into space using launch vehicles or rockets for various purposes, such as communication, Earth observation, and scientific research. The rise in the number of satellite launches is driven by increasing demand for global connectivity, earth observation, scientific research, and commercial applications, facilitated by advancements in technology, cost reduction, and growing interest in space exploration. The proliferation of satellites increases collision risks with space debris, necessitating space debris removal services to ensure long-term space activity sustainability. For instance, according to Jonathan's Space Report, a US-based space program researcher, there were 186 international space launches of defense-related satellites in 2022 compared to 146 in 2021, with 182 successful. Further, the US attempted to launch 78 defense-related satellites in 2022, with 72 flourishing, and China tried to launch 64 satellites in 2022, of which 62 made orbit. Therefore, the increasing number of satellite launches is driving the growth of the space debris removal market.

Key Players Set The Bar For Advanced Rendezvous And Proximity Operations
Major companies operating in the space debris removal market focus on developing innovative solutions, such as commercial debris inspection demonstration satellites, to enhance space situational awareness and promote sustainable space operations. It aims to showcase advanced technologies for monitoring and managing space debris, contributing to space sustainability and safer orbital environments. For instance, in February 2024, Astroscale Japan Inc., a Japan-based aerospace company, launched the world's first active debris removal mission, ADRAS-J. Aiming to safely approach, characterize, and survey an existing piece of large debris through rendezvous and proximity operations, the mission targets a Japanese H2A upper-stage rocket body. It demonstrates challenging RPO capabilities crucial for on-orbit services by showcasing proximity operations, gathering images, and assessing the rocket body's movement and structural condition.

The space debris removal market covered in this report is segmented -

1) By Debris Size: 1mm To 10mm, 10mm To 100mm, Greater Than 100mm
2) By Technique: Direct Debris Removal, Indirect Debris Removal
3) By Operation: Single Technique, Multiple Technique
4) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Orbit (GEO)
5) By End User: Commercial, Government

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Major companies operating in the space debris removal market are Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Rocket Lab Limited, Astroscale Holdings Inc., Surrey Satellite Technology Limited, BlackSky Global LLC, Rogue Space Systems Corporation, Planetary Resources Inc., D-Orbit S.p.A., ClearSpace SA, LeoLabs Inc., Metrolaser Inc., Skyrora Limited, Skycorp Inc., Moon Express Inc., NorthStar Earth & Space Inc., Busek Co. Inc., TRL11 Limited, OrbitGuardians Inc., Obruta Space Solutions Inc., Space Logistics LLC, Moonshot Brands Inc., Altius Space Machines Inc., Shackleton Energy Company LLC

Contents of the report:
1. Executive Summary
2. Space Debris Removal Market Report Structure
3. Space Debris Removal Market Trends And Strategies
4. Space Debris Removal Market - Macro Economic Scenario
5. Space Debris Removal Market Size And Growth
…..
27. Space Debris Removal Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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