The global small satellite services market size is projected to grow from an estimated USD 14.88 Billion in 2017 to USD 53.22 Billion by 2022, at a CAGR of 29.03% during the forecast period. Key factors, such as increasing demand for earth observation and satellite broadband services, and satellite miniaturization technology are expected to fuel the growth of the small satellite services market.
The cost incurred, with respect to launching a large satellite, acts as a restraint to the growth of the nascent space industry, and space-related research and exploration activities. The demand for small satellites is rising, owing to the increasing focus on reducing the total mission cost. Moreover, small satellites tend to cost less, especially in cases where mission payloads have less demanding accommodation requirements. Furthermore, small satellites can be launched on small launch vehicles that are cost-efficient. This decline in cost is anticipated to provide impetus to small satellite missions and spacecraft buses that support the same. In addition, technological advancements are expected to further enhance the capabilities of small satellites and cost less.
Based on platform, the minisatellite (101–500 kg) segment is estimated to account for the largest share of the small satellite services market in 2017 due to the increasing demand for services, such as remote sensing, disaster management, military intelligence, telecommunications, and other academic services globally.
Based on vertical, the commercial segment is projected to lead the small satellite services market during the forecast period
Based on vertical, the commercial segment is projected to lead the small satellite services market during the forecast period. Small satellites have computational and communication capabilities, along with competencies in making decisions about the time the particular data is required to be sent.
North America is estimated to lead the small satellite services market in 2017. Increasing interest in small satellites due to their low cost, advanced mechanics, and ease of assembly and launch has led to a rise in venture capital-backed funding for small satellites in the region and is thus leading to the increasing scope for satellite services. The small satellite services market in the North American region is expected to witness high growth during the forecast period.
Key Companies Outlook
The demand for satellite broadband services is increasing in the US and Canada. Broadband service providers are witnessing a surge in demand for broadband services from urban as well as rural populations.
Singapore Telecommunications Limited (Singapore), Eutelsat Communications S.A. (France), EchoStar Corporation (US), Inmarsat plc (UK), and Viasat, Inc. (US), among others, are the major players in the small satellite services market.
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