Design optimization through the adoption of the size, weight, price, and cost (SWaP-C) concept and reduction of manufacturing cost through the integration of additive manufacturing processes, along with long-term service agreements has reduced the overall cost of operation. Such initiatives by major industry players are expected to provide new business horizons to the Space Traffic Management market.
The North America and Europe market is anticipated to capture the highest market share, followed by Asia-Pacific and LAMEA. Asia-Pacific is expected to exhibit the highest growth rate during the forecast period, backed up by several driving factors such as the developing of indigenous space-based technologies, increasing satellite launch programs, government support towards foreign direct investment (FDI), and increasing interest in capital ventures towards space-based start-up, among others.
Among the analyzed regions, North America is the highest revenue contributor, followed by Europe, Asia-Pacific, and LAMEA. North America is expected to maintain its lead during the forecast period, owing to an increase in funding for conducting space-based research, the presence of major companies such as L3Harris, Lockheed Martin, and Northrop Grumman within the region, and the introduction of innovative products within the space traffic management system market, allowing them to gain technological competitiveness.