The small market is foreseen to enlarge at a higher rate of development and register a double-digit CAGR in the upcoming years. The dominance of nano-satellites continue to exist and remain at a significant position for the next few years.
According to the report on Small Satellite Market published at Upmarketresearch, the small satellite market is highly driven by rise in R&D activities by defense and space institutions along with increase in government funds, private-government partnership for satellite devices and increase in space infrastructure. In addition, innovative features However, market constraints such as low availability of skilled resources, significant costs of manufacture and assembling & regulatory obligations is likely to slower the pace of market growth in the near future.
The small satellite market is dominated by product types such as micro-satellite, mini-satellite and pico-satellite. Micro-satellite and pico-satellite account for a significant market share. Rise in investment by VCs is helping to boost the market in near future.
Commercial ventures and defense institutions sum up as end-users for small satellite market. Defense institutions account for a significant market share due to rise in border patrolling, demand for national security and use of modern warfare techniques is primarily responsible for the market development. In addition, the market is also witness to the substantial support by government.
Small satellites, as applications are used for metrology, communication, scientific research, earth and geological observation, movements in space and space exploration. Scientific research, earth and geological observation is likely to have a relative higher market share in the near future.
North America and European regions dominate the small satellite market attributing to increase in R&D activities, government collaborations and presence of key players. Rise in cross-border terrorism and national threat have called upon the remote surveillance for regional safety.
Asia-Pacific small satellite market is expected to exhibit a significant market share in the forecast period due to rise in use of satellites and increase in satellite projects for various purpose such as surveillance, expansion of technology, increase in mobile communication and moreover, tremendous developments in space infrastructure. Surge in natural calamities such as floods, cyclones, tsunami and earthquakes occurring at the various regions of earth can now be monitored via satellites so that local authorities and rescue team are notified beforehand.
Prominent players in the Airbus Defense and Space, ST Engineering, Space Exploration Technologies, Sierra Nevada, Planet Labs, Earth-i, Millennium Space Systems, Spaceflight Industries, Satellogic, Geooptics, Harris Corporation, Spire Global and Northrop Grumman Corporation, Thales and Alenia Space.