It was estimated prior to this unanticipated outbreak that the Small Satellite Market was likely to witness an impressive CAGR of 22.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Factors such as growing attention on minimizing mission costs, satellite miniaturization, and rising demand for earth-observation-related applications are expected to drive the growth of the global small satellite market.
Small Satellite Market Segment Insights:
By Type:
The nanosatellite segment is estimated to register the highest growth during the forecast period. This growth can be attributed to their low mass and small size which enable several satellites to be launched simultaneously from a single vehicle launcher. These satellites are engineered for specific tasks, such as communication, earth observation, and space exploration, and together in a group, serve a mission.
By Application Type:
The earth observation & meteorology segment is expected to depict the highest growth in the coming five years, owing to the rise in demand for technologically progressive small satellites for commercial, defense, and civil use across the globe.
By End-User Type:
The commercial segment is estimated to portray the highest growth during the forecast period. This unprecedented growth can be attributed to the increase in R&D activities to develop advanced small satellites to cater to the needs of various commercial services, such as broadband connectivity.
By Region:
North America dominated the small satellite market in 2018, driven by the increase in demand for small satellites from NASA and the Department of Defense (U.S.), and private sectors, such as other research organizations and telecommunication. Nevertheless, the market in the European region is expected to offer the highest growth during the forecast period. The market is driven by the high demand for small satellites as they are employed in battlefield missions, earth observation, and scientific exploration activities undertaken by various government and private organizations. Asia-Pacific is also expected to offer sizeable growth opportunities during the forecast period.