Global Small Satellite Market was valued at USD 3.1 billion in the year 2017. Lockheed Martin Corporation (U.S.), Airbus S.A.S. (France), Boeing (U.S.), The Aerospace Corporation (U.S.), Thales Group (France), Harris Corporation (U.S.), Orbital ATK, Inc. (U.S.), Sierra Nevada Corporation (U.S.), Singapore Technologies Engineering Limited (Singapore), Spire Global Inc. (U.K.), Millennium Space Systems Inc. (U.S.), Surrey Satellite Technology Ltd (U.K.), are some of the key players in the Global Small Satellite market.
Global Small Satellite market is further estimated to grow at a CAGR of 16.5% from 2018 to reach USD 7.8 billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At country level U.S is projected to grow strongly in the coming years. Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
Drivers:
Enhanced devotion to necessities of low-budget users
Restraints:
Signal strength and reception of satellite is the major drawback
Opportunities:
Deliver improved social assistance for better structure
Challenges:
Regulatory affairs and norms can differ across the nation
The major shares of the market comes from Commercial segment in Global Small Satellite Market. On the other hand, Earth Observation & Meteorology, by size for this market is expected to grow at highest CAGR during year 2018-2023.
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Key Benefits for Stakeholders
Small Satellite Manufacturers,
Component Supplier, Scientific Institutions
Technology Solution providers, Aerospace industry
Payload Suppliers, End use industries
Regulatory bodies.
By Size
Micro-Satellite
Mini-Satellite
Nano-Satellite
By Application
Communication
Surveillance & Security
Earth Observation & Meteorology
Scientific Research & Exploration
Mapping & Navigation
Others
By End User
Defense
Commercial
Civil
By Region
North America
Europe
Asia-Pacific
RoW
Key Market Players
Lockheed Martin Corporation
Airbus S.A.S.
Boeing
The Aerospace Corporation
Thales Group
Harris Corporation
Orbital ATK, Inc
Sierra Nevada Corporation
Singapore Technologies Engineering Limited
Spire Global Inc.
Millennium Space Systems Inc.
Surrey Satellite Technology Ltd
(A brief overview of 13 companies is also provided)
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