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(IT-NEWSWIRE.COM, September 29, 2018 ) According to the new market research report "Small Satellite Market by Type (Nanosatellite, Microsatellite, Minisatellite), End User (Civil, Defense, Commercial), Application (Earth Observation & Meteorology, Communication, Scientific Research & Exploration), and Region - Global Forecast to 2022", The small satellite market is estimated to grow from USD 2.92 Billion in 2017 to USD 7.53 Billion by 2022, at a CAGR of 20.83% during the forecast period.
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Key factors such as increasing focus on reducing mission costs, rise in demand for earth observation related activities, satellite miniaturization, and satellite cost reduction are expected to fuel the growth of the small satellite market.
Based on type, the minisatellite segment is expected to lead the small satellite market during the forecast period
Based on type, the minisatellite segment is estimated to lead the small satellite market during the forecast period, as these satellites can be used for high precision and complex space missions such as remote sensing, navigation, maritime and transportation management, space & earth observations, disaster management, military intelligence, telecommunications, and other academic purposes.
Browse and in-depth TOC on "Small Satellite Market"
68 - Tables
41 - Figures
163 - Pages
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https://www.marketsandmarkets.com/Market-Reports/small-satellite-market-150947396.html
The earth observation & meteorology application segment is estimated to lead the small satellite market during the forecast period
Based on application, the earth observation & meteorology segment is estimated to lead the small satellite market during the forecast period. Small satellites are capable of monitoring natural or manmade disasters, such as cyclones, earthquakes, landslides, and environmental pollution, among others. Small satellites have computational and communication capabilities, along with competencies in taking decisions about which data to be sent and when.
North America is projected to account for the largest share of the small satellite market in 2017
North America is estimated to lead the small satellite market in 2017. Increasing interest in small satellites due to their low cost, advanced mechanics, and ease of assemble and launch has led to a rise in venture capital-backed funding for small satellites in the region. The small satellite market in the North American region is expected to witness high growth during the forecast period.
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Boeing (U.S.), Airbus Defense and Space (France), OneWeb (U.S.), Planet Labs (U.S.), Space Exploration Technologies Corporation (U.S.), Sierra Nevada Corporation (U.S.), and Surrey Satellite Technology (U.K.), among others, are the major players in the small satellite market.
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