Global Small Satellite Market Outlook to 2023: A $6.91 Billion Opportunity - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 4, 2018--The “Global Small Satellite Market - Segmented by Type (Mini-satellite, Micro-satellite, Nano-satellite, Pico-satellite, Femto-satellite), End User (Civil, Commercial, Defense), and Region - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global small satellite market was valued at USD 2.69 billion in 2017, and is expected to reach USD 6.91 billion by 2023, growing at a CAGR of 17.05% over the forecast period (2018-2023).
More than 500 small satellites are expected to be launched in the next five years. The United States is the most proactive participant in small satellite deployment, followed by Russia, Japan, China, and India.
Huge Investments by Venture Companies is Driving Market Growth
Most venture companies are showing interest towards making investments in satellites. For instance, Softbank is actively looking for making investments in the satellites industry.
Other factors like satellite miniaturization and increasing focus on reducing mission costs are also driving the growth of the market. Lack of dedicated launch vehicles to launch small satellites into space, design-related limitations, and programmatic risks involved in the products are hindering market growth.
Defense Holds a Large Share
Owing to their performance upgrades and potential to deliver an enhanced payload, small satellites find various applications in the defense industry. In addition, the navy and army have been identified to increasingly use small satellites for tactical and low-bandwidth communications.
Lockheed Martin recently financed Rocket Lab, a startup based out of New Zealand. The carbon-composite rocket built by Rocket Lab is expected to allow companies to launch small satellites into orbit, for less than USD 5 million. This drastic reduction in cost of deploying small satellites is expected to further reinforce investments being made by defense industries, worldwide, as observation and monitoring become increasingly crucial to mitigate terrorist threats and activities.
Notable Development in the MarketAirbus has been selected by the European Space Agency (ESA) to be one of the four suppliers for DIAS, the Copernicus Data and Information Access Service.
Companies ProfiledAirbus Defense and Space Thales Group ST Engineering Limited Surrey Satellite Technology Space Exploration Technologies Sierra Nevada Corporation Thales Alenia Space Planet Labs Millennium Space Systems Geooptics Harris Corporation Spire Global Northrop Grumman Corporation
Key Topics Covered
2. Research Approach and Methodology
3. Executive Summary
4. Market Insights
5. Market Dynamics
6. Technology Snapshot
7. Global Small Satellite Segmentation
8. Competitive Intelligence - Company Profiles
9. Investment Analysis
10. Outlook of the Market
For more information about this report visit https://www.researchandmarkets.com/research/jf58ww/global_small?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180904005492/en/
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Related Topics:Satellite Communications
INDUSTRY KEYWORD: TECHNOLOGY SATELLITE
SOURCE: Research and Markets
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PUB: 09/04/2018 08:49 AM/DISC: 09/04/2018 08:49 AM