Small Satellite Market - Global Forecast to 2021 - New Market Report
Recently published research from Markets and Markets, "Small Satellite Market - Global Forecast to 2021", is now available at Fast Market Research
[ClickPress, Wed May 04 2016] 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 small satellite market is expected to grow from USD 2.22 billion in 2016 to USD 5.32 billion by 2021, at a CAGR of 19.14% from 2016 to 2021. The market for small satellite is driven by factors, such as the increasing focus on reducing mission costs as well as increasing demand for earth observation-related applications of small satellite. Various growth opportunities for the small satellite market include the proposed development of satellite networks to provide internet access to areas without broadband connectivity.
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Microsatellite segment based on class to witness the highest growth during the forecast period
The microsatellite segment is projected to be the fastest-growing segment in the small satellite market. These satellite are useful for high precision and complex space missions, such as remote-sensing and navigation, maritime and transport management, space and earth observation, disasters management, military intelligence, telecommunication, and among other academic purpose. The segment comprising mapping and navigation is projected to be the fastest-growing segment in the small satellite market as it helps the Global Navigational Satellite Systems (GNSS) to generate signals for effective navigation and accurate global positioning data during the forecast period.
The Asia-Pacific region to offer significant opportunities for growth: The Asia-Pacific region is expected to exhibit the highest growth rate in the small satellite market during the forecast period from 2016 to 2021. The growth of the small satellite market in this region can be attributed to the rising demand for earth observation and scientific segment, which will support the governments' decision making process in areas such as climate monitoring, soil prospection for terrestrial and maritime areas, agricultural planning, and border surveillance.
BREAK-UP FOR PROFILE OF PRIMARIES
By Company Type - Tier 1 - 35 %, Tier 2 - 45% and Tier 3 - 20%
By Designation - C level - 35%, Director Level - 25%, others - 40%
By Region - North America - 45%, Europe - 20%, APAC - 30%, RoW - 5%
The major players in the small satellite market include Sierra Nevada Corporation, ST Engineering Limited, Surrey Satellite Technology Ltd., Planet Labs Inc., Airbus Defense and Space, Northrop Grumman Corporation, Space Exploration Technologies Corp. (SpaceX), Boeing, Thales Alenia Space, Millennium Space System Inc., Lockheed Martin Corporation , GeoOptics Inc., OneWeb Ltd, OHB, Harris Corporation, Spire Global Inc., and Aerospace Corporation.
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