The micro satellite segment has changed the landscape
of space exploration as they facilitate quicker, cost-effective and reliable
access to space. Moreover, they serve as low-mass platforms that can be sent
into the orbit for well. The demand for micro satellites is expected to increase
as these can be used for high precision and complex space missions such as
remote sensing, navigation, maritime and transportation management, space and
earth observations, disaster management, military intelligence,
telecommunications and other academic purposes.
A number
of factors, such as increasing focus on reducing mission costs as well as
increasing demand for earth observation-related applications of small
satellite, are expected to bolster the growth of the said market.
The small satellite market has been estimated to be
worth USD 2.22 Billion in 2016 and is projected to be valued at USD 5.32
Billion by 2021, registering a CAGR of 19.14% during the forecast period. This
report covers the forecast of the small satellite market and its dynamics over
the next five years, while also recognizing market application gaps, evolving
technologies, recent developments in the market, and high potential geographic
regions and countries. In this report, 2015 has been considered as the base
year and forecast period is between 2016 and 2021.
The earth observation and meteorology
segment is estimated to capture the largest share of the total small satellite
market due to the increase in demand and technological requirements in the
commercial, defense and civil use globally. These satellite are capable of
monitoring situations such as cyclones, storms, floods, fires, earthquake,
volcanic activities and power plant disasters, among others, which increased
the requirement for this segment across the world.
The major
players in the market include Sierra Nevada Corporation (U.S.), Planet Labs
(U.S.), and Surrey Satellite Technology (U.K.), among others and the contracts
comprise major strategy adopted by the players in the small satellite market.
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