According to Stratistics MRC, the Global Small Satellite market is expected to grow from $ 2.28 billion in 2016 to reach $ 7.66 billion by 2023 with a CAGR of 18.8%. Rising demand for high-resolution imaging services, favourable costs and modified scope of applications and new technological advancements are some of the factors driving the market. On the other hand, shortage of small satellite launch vehicles is one of the major restraints restricting the market. However, growing demand for small satellite in emerging countries is expected to witness huge growth rate during the forecast period.
Based on the application segment, earth observation & meteorology leads the market globally with the biggest market share and is expected to grow with a high CAGR during the forecast period. The growth of this segment is attributed to usage of small satellites to test the capabilities of various technologies which are used in space. By end-user, commercial sector has acquired the largest market share. The growth of this segment is contributed to the increasing demand for high-resolution imaging services which is accompanied by high-speed communication services. North America accounted for largest market share followed by Asia pacific.
Some of the key players in Global Small Satellite Market include Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc, Lockheed Martin Corporation, Millennium Space Systems Inc, Northrop Grumman Corporation, OHB AG, Oneweb Ltd, Planet Labs Inc, Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd and Thales Alenia Space.
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End Users Covered:
• Technology Demonstration
• Earth Observation & Meteorology
• Mapping & Navigation
• Surveillance & Security
• Scientific Research & Exploration
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• Rest of the World
o Middle East
o South Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
For More, Please Visit:http://www.strategymrc.com/report/small-satellite-market
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