Global Small Satellite Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “Small Satellite Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2018–2025,” the Small Satellite Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025. North America is considered to the leading region for this market. Growing interest in small satellites due to their low cost, advanced mechanics, and ease of assemble and launch has led to a rise in venture capital-backed funding for small satellites in the region.
Small satellites are referred as a spacecraft which consist of a mass less than 500 kg and helps to conduct missions beyond low earth orbit (LEO). Small satellite is classified into minisatellites (mass of 100-500 kg), microsatellites (10-100 kg), and nanosatellites (110 kg). small satellites are mainly used for different applications such as earth observation, communication, scientific research, and technology demonstration.
The market is driven by the rising in need to reduce costs related to space missions. Enterprises around the world are investing in small satellite market for the purpose of imaging and communication services. However, lack of dedicated launchers for small satellites and privacy of data related to earth observation restrain the industry growth. The application across diverse sectors includes defense, civil, commercial, and government offers various opportunities for the growth of market.
On the basis of segmentation, the market is bifurcated into various segments such as by type, by application, by end-user, and by region. According to the type of market, it is divided into minisatellites, microsatellites, and nanosatellites. Based on the application of the market, it is categorized as earth observation, telecommunication, scientific research & experimentation, and technology demonstration. However, the end-users of market are further categorized into civil, defense, commercial, and government.
Key Question Answered: •What will be the market size in 2025 and at what rate it will grow? •Who are the major key players in global small satellite market and what are their strategies? •Which vertical industry is expected to show major growth? •What segment and region will lead the market and why?
The major companies profiled in the report include: Sierra Nevada Corporation, Lockheed Martin Corporation, Airbus Defense and Space, Northrop Grumman Corporation, Harris Corporation, Aerospace Corporation, Planet Labs Inc., The Boeing Company, Thales Alenia Space, and Surrey Satellite Technology Ltd.
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