Market Definition:
Small satellites, also known as miniaturized satellites are satellites of small size and low mass generally below 500 kg. The main advantage offered by the small satellites is associated with the cost of launching the satellites and the low construction cost. Small satellites if used in more numbers prove more effective and economical as compared to the larger satellites used in fewer numbers. One of the technical restraints in the construction of small satellites is the absence of appropriate storage for power supply and propulsion system. The global small satellite market is analyzed to witness substantial growth over the forecast period. Technological advancements and a wide array of applications in various markets have attracted many commercial and government investments in small satellites. Small satellites are extensively used in navigation systems, crop monitoring, human migration, weather forecasts, ariel photography, earth observation and military purposes. Small satellites are also used for tactical communication, medium resolution imagery, technology development, geospace and atmospheric research.
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Market Growth and Analysis:
The small satellite market is driven by the increasing demand for satellite miniaturization across the globe. The increased focus on reducing the mission cost is anticipated to boost the global small satellite market over the forecast period. In addition to this, the huge investment in major key players in small satellite market is expected to augment the demand for small satellite over the forecast period. The lack of vehicles to launch the small satellites to space is projected to restrain the growth of small satellite market. In addition, the scientific and programmatic risk involved in small satellites is expected to hamper the growth of small satellite market in the recent years. The increased demand for big data is anticipated to bring in new opportunities for major players in small satellites market.
Market Segment:
The small satellite market is bifurcated on the basis of type, end-use, and application. The market is segmented based on type as Nano satellite, micro satellite, and mini satellite. The small satellite market is segmented by end-use as commercial, civil and defense. The global small satellite market is bifurcated based on the application as communication, scientific research and exploration, mapping and navigating earth observation and meteorology, and surveillance and security.
Key Players:
Some key players in the small satellite market Sierra Nevada Corporation, SpaceX, Surrey Satellite technologies Ltd., ST Engineering Limited, Airbus Defense and space, Planet Labs, GeoOptics Inc., Northrop Grumman Corporation, and Oneweb Ltd. The major players in the global small satellite market have adopted the strategy of mergers and agreements so as to sustain their significant market share. This has helped the companies to extend their services to different regions.
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Regional Analysis:
The market for small satellite is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and Middle East. North America dominated the small satellite market in the current year because of the increased demand from defense sector in this region. Asia-Pacific and Europe are also expected to contribute a significant share in the global small satellite market. Middle East is projected to witness moderate growth in the global small satellite market.
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