The report on Small Satellite Market to be published by Stratview Research focusses on current trend insights and also predicts about the market condition and its future in the forecast period of 2020 – 2025.
Feb 05, 2021/IndustryNewsGlobal/ Small satellite market is likely to witness an impressive CAGR of 22.2% during the forecast period. Factors such as growing attention on minimizing mission costs, satellite miniaturization, and rising demand for earth-observation-related applications are expected to drive the growth of the global small satellite market.
Based on the type, the market is segmented as nanosatellite, microsatellite, and minisatellite. The nanosatellite segment is estimated to register the highest growth during the forecast period. This growth can be attributed to their low mass and small size which enable several satellites to be launched simultaneously from a single vehicle launcher. These satellites are engineered for specific tasks, such as communication, earth observation, and space exploration, and together in a group, serve a mission.
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Application Type Segment
Based on the application type, the market is segmented as earth observation & meteorology, communication, scientific research & exploration, surveillance & security, and mapping & navigation. The earth observation & meteorology segment is expected to depict the highest growth in the coming five years, owing to the rise in demand for technologically progressive small satellites for commercial, defense, and civil use across the globe.
End-User Type Segment
Based on the end-user type, the market is segmented as civil, commercial, and defense. The commercial segment is estimated to portray the highest growth during the forecast period. This unprecedented growth can be attributed to the increase in R&D activities to develop advanced small satellites to cater to the needs of various commercial services, such as broadband connectivity.
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Region Wise Segment
In terms of regions, North America dominated the small satellite market in 2018, driven by the increase in demand for small satellites from NASA and the Department of Defense (U.S.), and private sectors, such as other research organizations and telecommunication. Nevertheless, the market in the European region is expected to offer the highest growth during the forecast period. The market is driven by the high demand for small satellites as they are employed in battlefield missions, earth observation, and scientific exploration activities undertaken by various government and private organizations. Asia-Pacific is also expected to offer sizeable growth opportunities during the forecast period.
Some of the major players in the small satellite market are Airbus Defense and Space, Aerospace Corporation, The Boeing Company, Thales Alenia Space, Geooptics Inc., Harris Corporation, Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, and Orbital ATK.
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