Global Small Satellites Market Anticipated to Reach $10.1 Billion by 2021

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By Doug Messier

BLOOMINGTON, Minnesota, December 22, 2017 (BIS Research PR) — According to a market intelligence report by BIS Research titled Global Small Satellites Market, Analysis & Forecast, 2017-2021, the global market is expected to reach $10.10 billion by 2021, growing at a CAGR of 31.9% during the forecast period, 2017 – 2021. In the recent years, small satellites have gained traction owing to the significant mass reduction in the subsystems and components along with higher cost-efficiency. The interest in small satellites has increased significantly during the last few years. Over the past decade, nearly $2.5 billion has been invested in small satellites, of which half of the amount was generated in the last two to three years.

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The evolution of small satellites has considerably reduced the cost of space mission for end users, such as academic and commercial, which do not require high-end satellite capabilities. This cost reduction is due to the alterations in the construction process, which is essentially an amalgamation of traditional components with technological innovations. The space industry is undergoing a transformational evolution, thus making space industry accessible and affordable for small businesses and everyday individuals as the potential participants. The benefits of utilizing small satellites over the conventional ones are also responsible for the emergence of multiple space industry segments.

The small satellites market has witnessed a high growth rate owing to the advancements in satellite miniaturization, increasing capability of electronic technology, ascending demand for small satellite constellations, and an increase in the deployment of small satellites for commercial end users. Recent innovations in satellite equipment and services enable the small satellite technology to reach a wider segment of consumers in the industry. However, 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 for the market. Companies are developing emerging technologies such as 3D printed electronic components, on-board internet system, and electronic propulsion system, among others, which are expected to increase the competition in the near future as well as facilitate the utilization of small satellites as the primary satellite for space missions. Furthermore, the satellites market is replete with technological developments in satellite subsystems, such as propulsion system, on-board computer, payloads, power system, and structure, among others, to facilitate a significant reduction in size and mass of satellites.

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 rise in the requirement of low cost launching sites for small launch vehicles are the major factors which are expected to create lucrative opportunities for the market in the next five years. Currently, the satellite industry is witnessing a rapid growth in the number of constellations consisting of hundreds of small satellites that will be used for applications such as earth observation and telecommunications.

With drastic rise in the utilization of small satellites, various end users, including academic, commercial, government, defense, and non-profit organization, are investing in the market to generate greater revenues. Furthermore, government is the biggest end-user of the market, utilizing and availing benefits of small satellites.

According to Ayushi Bajpai, analyst at BIS Research, “From growth prospect, Asia-Pacific is expected to witness a higher growth rate of 32.9% in the market, owing to heavy investment by the companies in the emerging nations of this region, such as China and India. Furthermore, the demand for small satellites in the region is mainly driven by the dynamic approaches of the key players in the region towards risk management, such as natural catastrophes, cyber risk, natural resource management, and crop management.”

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The report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by types, including femtosatellite, picosatellite, nanosatellite, microsatellite, and minisatellite; subsystems, including payload, structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system; and end users, namely: academic, commercial (agriculture, IT & telecommunication, oil & gas, and mining), government, defense, and non-profit organizations. The report also includes a comprehensive section on the geographical analysis including North America, Europe, Asia-Pacific, and Rest of the World…

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This article (Global Small Satellites Market Anticipated to Reach $10.1 Billion by 2021) was originally published on Parabolic Arc and syndicated by The Event Chronicle

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