Industry Background:
Small satellites are the satellites with a low mass usually less than 500 kg, and are used to conduct missions beyond low Earth orbit (LEO). These small satellites are of various types such as minisatellites (mass of 100-500 kg), microsatellites (10-100 kg), & nanosatellites (1-10 kg). Small satellites are used for several applications like scientific research, Earth observation, communication, and technology demonstration. Growing satellite miniaturization, massive investments by venture companies in the small satellite market, as well as growing focus on reducing mission cost are the factors that impel the growth of the global small satellites market.According to AMA, the market for Small Satellite is expected to register a CAGR of 21.1% during the forecast period to 2026. This growth is primarily driven by Growing Satellite Miniaturization, Massive Investments by Venture Companies in the Small Satellite Market and Growing Focus on Reducing Mission Cost.
Globally, a noticeable market trend is evident Technological Developments in Earth Observation Services. The Aerospace & Defense sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Lockheed Martin Corporation (United States), Surrey Satellite Technology (United Kingdom), Axelspace Corporation (Japan), Sierra Nevada Corporation (United States), Millennium Space Systems, Inc. (The Boeing Company) (United States), Northrop Grumman Corporation (United States), The Raytheon Company (United States), Dynetics (United States), Planet Labs, Inc. (United States) and China Aerospace Science and Technology Corporation (CASC) (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In September 2018, The Boeing Company has announced the completion of acquisition of California-based Millennium Space Systems, a provider of agile small-satellite solutions.
Market Drivers
- Growing Satellite Miniaturization
- Massive Investments by Venture Companies in the Small Satellite Market
- Growing Focus on Reducing Mission Cost
Market Trend
- Technological Developments in Earth Observation Services
Restraints
- Programmatic & Scientific Risks Related In the Production of Small Satellites
- Deficiency of Dedicated Launch Vehicles to Launch Small Satellites into Space
Opportunities
Projected Development of Satellite Networks to Offer Internet Access to Areas Lacking Broadband Connectivity and High Data Rate Communication
Challenges
Concerns Regarding Radio Spectrum Availability
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Small Satellite Study Sheds Light on
The Small Satellite Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Small Satellite industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Small Satellite industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.