The Small Satellite industry is expected to grow from $2.22 billion to $5.31 billion by 2021 at a CAGR of 19.14% from 2016 to 2021. Whatech.com featured market research as part of their telecommunications market research channel from RnR market research. This article is a summary of their findings.
According to Whatech.com, The small satellite market is driven by factors, such as the increasing focus on reducing mission costs as well as increasing demand for earth observation-related applications of small satellite. Various growth opportunities for the small satellite market include the proposed development of satellite networks to provide internet access to areas without broadband connectivity.
More important, the micro satellite is projected to be the fastest-growing segment in the small satellite market. These satellites are generally used for high precision and complex space missions, such as remote-sensing and navigation, maritime and transport management, space and earth observation, disasters management, military intelligence, telecommunication, and among other academic purpose. Tasks involving mapping and navigation is ultimately going to be the most valuable and important for the satellites to be used for.
In previous articles, we've explored many companies that are currently utilizing small satellites or developing methods of reducing costs, personalization for specific missions and different regulations or policies being enacted in different countries regarding the small satellite industry. The market research conducted in this article predicts that the Asia-Pacific region is expected to exhibit the highest growth rate in the small satellite market during the forecast period from 2016 to 2021.
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