Global nanosatellite market likely to grow at 17.05
The global market for small satellite is estimated at $1,986 million in 2016 and is projected to reach $4,364 million by the end of 2021, at a substantial CAGR of 17.05% during the period 2016-2021, market research firm GMI Research reported.
Global nanosatellite market likely to grow at 17.05% CAGR by 2021: Report
The global market for small satellite is estimated at $1,986 million in 2016 and is projected to reach $4,364 million by the end of 2021, at a substantial CAGR of 17.05% during the period 2016-2021, market research firm GMI Research reported. Mini satellite dominates the global satellite market followed by micro satellites in 2016. However, nanosatellite is expected to grow at the highest rate during the forecast period owing to less stringent regulations, less complex manufacturing process and low cost.
Earth observation and meteorology segment is estimated to hold the largest share in the small satellite market during the forecast period owing to the fact that these satellites are capable of monitoring situations such as cyclones, hurricanes, earthquakes, powerplant disasters, storms, volcanic activities, among others.
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The commercial small satellite market is projected to grow at the highest rate during the forecast period due to increase investment in R&D by corporates. Demand for satellite based navigation system and internet services will propel the growth of the commercial small satellite market during the forecast period.
The small satellite market is dominated by the North American followed by Asia-Pacific, Europe and ROW. North American region will continue to dominate and holds the largest market share in the global small satellite market during the forecast period. The growth of small satellite market in the North American region is attributed to the increasing focus towards reducing the space mission costs as well as the growing demand for earth imaging.
This research report on small satellite market provides in-depth analysis of the global market based on type, end-user, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants.
The research report provides market size and forecast for small satellite market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.
The report also profiles the major companies active in this field, including Boeing Co., Sierra Nevada Corporation, Lockheed Martin Corporation, Aerospace Corp., Spire Global Inc., SpaceX, Harris Corporation, Airbus Defence and Space, GeoOptics, Millennium Space Systems