LONDON--(BUSINESS WIRE)--The new low-cost satellite market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the low-cost satellite market.
"One of the primary growth drivers for this market is the rapid development and deployment of low-cost satellites”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the low-cost satellite market size to grow by USD 1.06 billion during the period 2020-2024.
Low-Cost Satellite Market Segment Highlights for 2020
- The low-cost satellite market is expected to post a year-over-year growth rate of 3.31%.
- Based on the type, the market saw maximum growth in the low-cost communication satellite segment in 2019. The growth of the segment is driven by the development of a large number of mini, micro, and nanosatellite programs and increased demand for low-cost and high-speed internet services.
- The market growth in the segment will be significant over the forecast period.
- 39% of the growth will originate from the North America region.
- The growth of the market in North America is driven by the increasing number of developments, investments, and satellite programs.
- The US is the key market for low-cost satellite market in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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- The low-cost satellite market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The low-cost satellite market is segmented by Type (Low-cost communication satellite and Low-cost imaging satellite) and Geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AAC Clyde Space group, Axelspace Corp., BlackSky Global LLC, Bradford Engineering B.V., Dauria Aerospace, GeoOptics Inc., Planet Labs Inc., Sierra Nevada Corp., Space Exploration Technologies Corp., and Spire Global Inc.
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