Small Satellites Market Stood at USD 3.8 Billion in 2018, and is Being Driven by Growing Number of Private Space Companies
According to a new report published by FAST.MR, titled, “Small Satellites Market” witnessed a market value of USD 3.8 billion in 2018 and is considered to surpass USD XXX billion by 2024, recording a compound annual growth rate (CAGR) of 17.8% between 2019 and 2024. The small satellites market is analysed based on regions, by type, by application, and by end user. The regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The research report also includes detailed competitive analysis of dominant market players in small satellites market, such as Space Systems Loral, Airbus Defense and Space, Lockheed Martin Corporation, Orbital ATK, Boeing, Thales Alenia Space, Mitsubishi Electric, Harris Corporation, Spire Global Inc., Planet Labs Inc.
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Based on the type, the market has been classified into minisatellite, microsatellite, nanosatellite, picosatellite, and femtosatellite. In the type segment, nano satellite segment contributed around XX% market share of the small satellites market in 2018. The number of small satellites launched per year is growing at remarkable rate. It is expected that 2,000 – 2,800 nano/microsatellites will require launch over the next 5 years. This rise in number of small satellites is anticipated to augment the growth of nano satellite segment in upcoming years.
The application segment includes space exploration, earth observation, communication & navigation and others. Space exploration segment was valued at USD XX million in 2018 and is expected to reach USD XX Million by 2024, progressing at a CAGR of XX% from 2019 to 2024. Based on the end user segment, the market is categorized into defence & security, government, commercial and others. At present, commercial segment represents XX% of the total small satellites market. Emerging private space companies and ongoing commercial satellite programs are envisioned to foster the growth of this segment in future.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. The North America region has acquired significant market shares and is poised to continue its dominance in the coming years. The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Space Systems Loral, Airbus Defense and Space, Lockheed Martin Corporation, Orbital ATK, Boeing, Thales Alenia Space, Mitsubishi Electric, Harris Corporation, Spire Global Inc., Planet Labs Inc. and others prominent players.
Research Scope and Deliverables:
- Research Methodology & Executive Summary
- Market Drivers, Trends, Barriers and Opportunities
- Market Size and Forecast Projections
- Competitive Analysis
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the small satellites market by the following segments:
- End User
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.
FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.
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