According to a new report by ASDReports, the global small satellite market has been estimated to be worth $2.2 billion in 2016 and is projected to be valued at $5.3 billion by 2021, registering a CAGR of 19.14 percent during the forecast period.
The U.S. Army Space and Missile Defense Command/Army Forces Strategic Command's Nanosatellite Program, or SNaP, will be a small satellite communications, or SATCOM, constellation. This will allow communication across great distances using existing UHF tactical radios.
According to ASDReports, the global electronic warfare systems market is expected to value $10.2 billion by the end of 2014, which is estimated to increase to $13.2 billion by 2024, representing a CAGR of 2.68 percent during the forecast period.
Global spending on GPS/GNSS systems and devices is expected to remain robust over the coming decade, according to Strategic Defence Intelligence new report – The Global Military GPS/GNSS Devices Market 2013-2023 – which forecasts market growth at a CAGR of 4.6%, primarily driven by their extensive use alongside associated software in modern or fourth-generation warfare.
The global smart weapons market is valued at $3621 million in 2013 and is expected to register a CAGR of 8.06% to reach $5335.1 million by 2018. The cumulative market across the forecasted period is estimated to be $26.73 billion.