Reportocean.com have announced the addition of a new report titled "Small Satellite Market and Forecast to 2026"
Delhi, Delhi/NCR -- (SBWIRE) -- 11/26/2019 -- Based on the latest insights in the report title "Small Satellite Market by Type (Minisatellite, Microsatellite, Nanosatellite, Pico-Satellites, and Femto Satellites), Application (Imaging and Earth Observations, Satellite Communications, Science & Explorations, Technology Development, and Space Situational Awareness), and End-User (Civil & Commercial and Government & Defense): Global Opportunity Analysis and Industry Forecast, 2019-2026" by Report Ocean, the Market is anticipated to reach $15,686.3 million by 2026, registering a CAGR of 20.1%.
The report published on the global small satellite market revealed the growth to be at an impressive rate of 20.1% during the period between 2019 and 2026. The valuation of the small satellite market was further stated to surpass its previous valuation of $3,632.4 million in 2018 and reach a projected figure of $15,686.3 million by 2026.
The market of small satellite is expected to gain positive growth in the forthcoming years of the forecast period primarily due to the rising demand for the same in LEO (Low Earth Orbit) based services. LEO (Low Earth Orbit) based services include imagery-based intelligence, space-based communication, and situational awareness (SA). However, the economic instability across regions like Latin America, Middle East & Africa, and Asia Pacific makes it difficult to conduct these expensive space research programs. This factor can go on to hamper the overall growth of the global market.
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The global small satellite market has been segmented in terms of type, end-user, and applications.
By type, the market is segmented into pico-satellites, microsatellite, nanosatellite, minisatellite, and femto satellites. The nanosatellite segment of the market is anticipated to gain the highest growth rate in the coming years. This is due to its small size and low weightage, which ensures the launch of various satellites from a particular vehicle launcher. The satellites are designed specifically for particular tasks like space exploration, earth observation, communication, and perform together a mission.
By application, the market comprises technology development, satellite communications, imaging and earth observations, space situational awareness, and science & explorations. The earth observation and imaging segment is gaining significant popularity and is expected to remain at the forefront of the market in the forthcoming years. This is due to the rising demand for advanced small satellites for defense, commercial, and civil usage.
By end-user, the market includes government & defense and civil & commercial. The commercial segment of the market is expected to gain the maximum share over the forecast period due to the increasing number of R&D activities that are being run in order to ensure development of advanced small satellites and cater to commercial services.
The global small satellite market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
North America leads the global market of small satellites due to the growing demand for the same from the Department of Defense in USA, private sectors like telecommunication and research organizations, and NASA. However, the market in Europe is slated to grow with the maximum pace in the coming years. This is due to the high demand for small satellites in battlefield missions, scientific exploration activities, and earth observation that are performed by numerous private and government entities.
The global small satellite market comprises a host of key players. This includes names like Planet Labs Inc., Northrop Grumman Corporation, Airbus S.A.S., Lockheed Martin Corporation, Sierra Nevada Corporation, Blue Canyon Technologies, The Aerospace Corporation, L3Harris Technologies, Inc., Thales Group, GomSpace, Boeing, and others. Add to this, there are other names like Geooptics Inc., Space Systems Loral, OHB AG, Orbital ATK, Spire Global Inc., Lockheed Martin Corporation, and others.
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