DUBLIN--(BUSINESS WIRE)--The "Small Satellite Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The small satellite market is estimated to register a CAGR of more than 17% during the forecast period
Huge investments by the venture companies, the growing demand for low-cost miniaturized satellites, and increasing demand for Earth observation applications are some of the major driving factors propelling the growth of the small satellite market. However, power-related limitations and regulations related to the launch of small satellites may generate barriers for the market growth during the forecast period.
Nevertheless, technological advancements, in terms of miniaturization of electronic components, space 3-D printing, advanced material technology, artificial intelligence, and machine learning are likely to help the manufacturers to overcome some of the barriers and develop advanced small systems capable of performing multiple missions in the future.
Scope of the Report
The report includes CubeSats, PocketQubes, TubeSat, and SunCubes, which have been classified depending on its mass within nanosatellites, microsatellites, and picosatellites. Small satellites have been segmented into minisatellite (100 kg - 500 kg), microsatellite (10 kg - 100 kg), nanosatellite (1 kg - 10 kg), picosatellite (0.1 kg - 1 kg), and femtosatellite (< 100 gm) depending on its mass. Furthermore, the report includes the following aspects:
Key Market Trends
The Military Segment Held the Highest Market Share in 2018
In segmentation by end user, the military segment held a major share in 2018. Armed forces are enhancing their satellite communications, globally, to gain an advantage over other countries. The fact that the large satellites are at risk in the outer space, due to the weapons developed by the countries, like China and Russia, that can destroy large satellites, is making other countries, like the United States, to develop and launch their small satellites.
However, the commercial segment is anticipated to register the highest CAGR during the forecast period. Investments are being poured on a large scale for commercial launches of small satellites. As the cost for launching these small satellites is less compared to that of conventional satellites, many startups are being formed in this market. This is also expected to drive the growth of the commercial segment of the small satellite market during the forecast period.
Asia-Pacific is Expected to Grow, With the Highest CAGR During the Forecast Period
In 2018, North America holds the highest market share, mainly due to a number of small satellite launches by the United States. In the United States, along with many companies and Universities, NASA is also making use of small satellites for conducting advanced exploration, scientific research, and educational investigations, as well as for demonstrating newly emerging technologies.
However, the market for small satellites is largely shifting from North America to the Asia-Pacific region, where significant investments are made on space technology. China is making huge leaps in the small satellite technology currently. In addition, countries, like India, Japan, and South Korea, are also developing and deploying their own small satellites. Hence, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Planet Labs, SPIRE, Thales Alenia Space, GomSpace, and Surrey Satellite Technology Ltd are some of the prominent players in the market. The market is becoming fragmented, as the number of startups manufacturing these satellites has increased over the years.
The number of schools and universities manufacturing these small satellites are also growing. In addition, the number of small satellites being sent to the space for government and military purposes is expected to further reduce the market share of the companies launching these satellites for commercial purposes.
- Harris Corporation
- Thales Alenia Space
- Singapore Technologies Engineering Ltd
- Blue Canyon Technologies Inc.
- Sierra Nevada Corporation
- Northrop Grumman Corporation
- GomSpace Group AB
- Surrey Satellite Technology Ltd
- Millennium Space Systems
- Adcole Maryland Aerospace
- Planet Labs
For more information about this report visit https://www.researchandmarkets.com/r/9mb76t