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(Wireless-NewsWire.Com, January 05, 2018 ) The Small Satellite Market is growing at a very fast rate primarily driven by increased investment in space science, growing demand for high resolution earth imaging and rise in the number of government space missions. The global market for small satellite is estimated at USD 1,986 million in 2016 and is projected to reach USD 4,364 million by the end of 2021, at a substantial CAGR of 17.05% during the period 2016-2021.
Mini satellite dominates the global satellite market followed by micro satellites in 2016. However, Nano satellite is expected to grow at the highest rate during the forecast period owing to less stringent regulations, less complex manufacturing process and low cost.
Earth Observation and meteorology segment is estimated to hold the largest share in the small satellite market during the forecast period owing to the fact that these satellites are capable of monitoring situations such as cyclones, hurricanes, earthquakes, powerplant disasters, storms, volcanic activities, among others.
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The commercial small satellite market is projected to grow at the highest rate during the forecast period due to increase investment in R&D by corporates. Demand for satellite based navigation system and internet services will propel the growth of the commercial small satellite market during the forecast period.
The small satellite market is dominated by the North American followed by Asia-Pacific, Europe and ROW. North American region will continue to dominate and holds the largest market share in the global small satellite market during the forecast period. The growth of small satellite market in the North American region is attributed to the increasing focus towards reducing the space mission costs as well as the growing demand for earth imaging.
This research report on small satellite market provides in-depth analysis of the global market based on type, end-user, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for small satellite market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.
Some of Key Players:
Boeing Co., Sierra Nevada Corporation, Lockheed Martin Corporation, Aerospace Corp., Spire Global Inc., SpaceX, Harris Corporation, Airbus Defence and Space, GeoOptics, Millennium Space Systems
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The global small satellite market is segmented on the basis of type
-End-User
-Application
-Geography
Global Small Satellite Market by Type
- Nano
- Mini
- Micro
Global Small Satellite Market by End-User
- Commercial
- Civil
- Defence
Global Small Satellite Market by Application
- Communication
- Earth Observation & Meteorology
- Scientific Research & Exploration
- Mapping & Navigation
- Surveillance & Security
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