Small satellite market worth $5.3B by 2021
The report, now available on ASDReports, "Small Satellite Market by Type (Nano, Mini, & Microsatellite), by Application (Earth Observation & Meteorology, Scientific Research & Exploration, Surveillance & Security, and Others), by End-User, by Geography - Global Forecast to 2021", 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.
A number of factors, such as increasing focus on reducing mission costs as well as increasing demand for earth observation-related applications of small satellite, are expected to bolster the growth of the said market.
Based on product type, Microsatellites is projected to be the fastest-growing segment
The microsatellite segment has changed the landscape of space exploration as they facilitate quicker, cost-effective and reliable access to space. Moreover, they serve as low-mass platforms that can be sent into the orbit for well. The demand for microsatellites is expected to increase as these can be used for high precision and complex space missions such as remote sensing, navigation, maritime and transportation management, space and earth observations, disaster management, military intelligence, telecommunications and other academic purposes.
The Earth Observation and Meteorology segment is projected to witness highest growth in the small satellite market
The earth observation and meteorology segment is estimated to capture the largest share of the total small satellite market due to the increase in demand and technological requirements in the commercial, defense and civil use globally. These satellite are capable of monitoring situations such as cyclones, storms, floods, fires, earthquake, volcanic activities and power plant disasters, among others, which increased the requirement for this segment across the world.
The small satellite market is expected to witness the highest growth in the Asia-Pacific region
The growth can be attributed to the demand for small satellite that has been rising owing to the increasing focus on reducing total mission costs. The lower costs of these satellites have further spurred the countries in this region to invest in their development. The small satellite market is expected to register further growth in the emerging economies, such as China, India. Some of the factors that are driving the growth of the studied market in this region, including decreasing in satellite mass and increasing demand across verticals.
Sierra Nevada Corp. (U.S.) is one of the key players in the small satellite market. The major players in this market have been identified to be PlanetLabs (U.S.), Surrey Satellite Technology (U.K.), and ST Electronics (Singapore), among others, which also include government institutions/universities.
The report classifies the small satellite market based on type, application, end-user, and by region. The report analyses and studies major market drivers, restrains, opportunities and challenges in North America, Asia-Pacific, Europe and the rest of the world.