Small Satellite Market over the Next Five Years – Market Research Report
Posted: Jan 03, 2019
The Small Satellite Market is estimated to be USD 2.92 billion in 2017 and is projected to reach USD 7.53 billion by 2022, at a CAGR of 20.83% during the forecast period.
"Increasing focus on reducing mission cost, satellite miniaturization, and rise in demand for earth observation related activities are expected to drive the small satellite market"
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This report provides an analysis of the small satellite market over the next five years. It discusses industry and technological trends that are currently prevailing in the market. The report analyses factors driving and restraining the growth of the small satellite market as well as challenges faced by this market. The small satellite market is estimated to be USD 2.92 billion in 2017 and is projected to reach USD 7.53 billion by 2022, at a CAGR of 20.83% during the forecast period. Key factors such as increasing focus on reducing mission cost, satellite miniaturization, and rise in demand for earth observation related activities are expected to fuel the growth of the small satellite market.
Based on type, the nanosatellite segment of the small satellite market is projected to witness the highest growth during the forecast period. Rapid advancements in miniaturization of the space technology have made nanosatellites economically and potentially more viable for their widespread use in commercial, civil, government, and military applications. Decline in the cost of such satellites, increasing demand and increase in the number of application areas of small satellites, growth in investments, and superior mission launches are expected to fuel the demand for small satellites.
Based on end user, the commercial segment of the small satellite market is projected to witness the highest growth during the forecast period. Small satellites help commercial companies to gather global real-time data and distribute it at a surprisingly low price to their customers across the globe.
Based on application, the earth observation & meteorology segment of the small satellite market is anticipated to grow at the highest CAGR during the forecast period. Successful programs to develop and examine advanced hyper-spectral imaging systems compatible with satellites have enabled earth observation & meteorology missions to generate high-quality complex images.
The small satellite market in North America is expected to witness the highest growth during the forecast period, due to increasing participation of private players in small satellite development and rising demand for small satellites for use in earth observation related applications.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.