Small Satellite Market Booming the Industries by Ravisisng keyplayers | Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation

Small satellites are satellites of low mass and size that are usually under 500 kg. All such satellites can be referred to as ‘small’. However, different classifications are used to categorize these satellites based on mass. Small satellites reduce the huge economic cost of launch vehicle and cost associated with its construction.

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The global small satellite market is expected to witness significant growth during the forecast period (2018–2026). The growth is majorly attributed to development of advanced small satellites such as small sat express of HawkEye 360 Inc, GTOSat-Cubesat mission and Asteria small satellite of NASA that are capable of performing a number of operations such as earth observatory and communication.

Increasing use of mobile phones, communication modules, data-based services, and GPS systems, owing to next-generation 4G/LTE networks is driving growth of the small satellite market. These services are used by various sectors such as automotive, electronics, military, IT, communication, and others.

Key Companies:

Key players operating in the global small satellite market include, Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, Oneweb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space.

Earth observatory segment is expected to witness considerable growth in the market over the forecast period:

Earth observatory small satellites are used to monitoring civil engineering projects, especially in rural or remote areas. Therefore, increasing development of spectral imaging technologies is expected to boost demand for small satellites over the forecast period. For instance, in 2014, Boeing received its first commercial order for the 502 Phoenix small satellite from HySpecIQ — a high resolution hyperspectral imaging information provider based in Washington D.C. These satellites will carry the company’s first high-resolution hyperspectral payload that is capable of providing high-fidelity spectral imaging by earth observatory.

North America is expected to hold dominant position in the small satellite market over the forecast period:

Among Regions, North America held dominant position in the global small satellite market, accounting for 55% market share by value in 2017. The region is expected to retain its dominance in the market over the forecast period, owing to presence of major players such as National Aeronautics Space Association (NASA), Space Exploration Technologies Corp., and The Boeing Company.

Increasing demand for weather forecast software such as AccuWeather, The Weather Channel, Yahoo Weather, and Google Weather is also expected to boost the market growth. The increase in demand is mainly attributed to growing air and sea transport services and weather monitoring services for disaster management.

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Detailed Segmentation:

By application type:
• Earth Observation
• Telecommunication
• Scientific Research
• Technology Demonstration

By end user:

• Civil
• Defense
• Commercial
• Government
• Global Small Satellite Market, By Geography:
• North America

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This release was published on openPR.