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SOURCE Research and Markets
DUBLIN, Jan. 3, 2018 /PRNewswire/ --
The "Global Small Satellites Market - Analysis and Forecast: 2017 to 2021 Focus on Types, Subsystems and End Users " report has been added to Research and Markets' offering.
Small Satellites Market Reported a Revenue of $2,528.1 Million in 2016, and Government End User is Expected to Generate the Highest Revenue by 2021
Over the last few years, large number of companies have entered the satellite industry, motivated by the significant reduction of manufacturing cost due to invention of small satellites. Globally, companies are developing relatively inexpensive small satellites, which facilitate services almost equivalent to the traditional big satellites that serve governmental agencies or public sector industries. The market of small satellites is expected to show robust growth rate due to increasing rate of investments in the space industry by the government organizations. A major advantage with small satellites is that they allow business & scientific establishments, educational institutions, non-spacefaring states, non-profit organizations, and even individuals an easy access to space. However, there are several market factors that will define the dynamics of the small satellites industry in the next five years.
Advancements in satellite miniaturization, increasing capability of electronic technology, ascending demand for small satellite constellations, and increase in the deployment of small satellites for commercial end users are driving the growth of the market. In addition to this, developing safe, low-cost, and small payload satellite to launch beyond low-earth orbit, clean-up and removal of space debris act as the major challenges to the market.
Furthermore, increasing market penetration of small satellites into disaster management - an emerging small satellite application, nations developing their own Global Navigation Satellite System (GNSS), advancements in small satellite structure, and increase in the requirement of low cost launching sites for small launch vehicles are expected to create lucrative opportunities for the market in the coming years. Each of these factors has a definite impact on the growth of the market.
As represented by the preceding figure, government end user had the highest market penetration rate in the overall small satellites market in 2016, followed by commercial, academic, and defense. The commercial end user is expected to witness a high growth rate owing to increasing research and development (R&D) activities to develop small satellite constellation for varied applications such as navigation, provision of global wireless internet system, and telecommunication, among others.
The demand for small satellites across different geographies in the near future is expected to be promising, with North America having the highest market share during the period 2016-2021, followed by Asia-Pacific, Europe, and Rest of the World. North America is expected to maintain its dominance through the forecast period, owing to maximum number of small satellite launches by the government end user in the region. In addition to this, the emerging start-ups in the region are also keen to develop small satellites for the emerging applications for varied end users, thus, boosting the utilization of small satellites for commercial and academic. Moreover, Europe is expected to witness the highest growth rate in the market, mainly driven because of heavy ongoing investments by government in the region to develop enhanced small satellite subsystems, such as solar electric propulsion system, laser communication system, and many more, for safety & security, navigation, and communication applications.
Clyde Space Ltd., Space Systems/Loral, LLC, Surrey Satellite Technology Ltd., Tyvak Nano-Satellite Systems, Inc., Israel Aerospace Industries Ltd., Lockheed Martin Corporation, OHB SE, and Orbital ATK, Inc. are some of the major players of the small satellites market.
Key Topics Covered:
1 Research Scope & Methodology
2 Market Dynamics
3 Competitive Insights
4 Industry Analysis
5 Global Small Satellites Market
6 Global Small Satellites Market by Type
7 Global Small Satellites Market, by Subsystem
8 Global Small Satellites Market, by End User
9 Global Small Satellites Market, by Region
10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/fg57d6/global_2_5?w=5
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