Small Satellite Market Grow With CAGR Of 20.1% Report 2020-2026 Focuses On Top Companies, Region And Opportunities
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Market players have been taking various steps to ensure they provide innovative small satellites for carrying out space missions. From launching space stations to collaborating with governments to develop satellites that are lighter in weight and offer better propulsions, they have been progressing toward new horizons. Rocket Lab unveiled its launch site in the U.S. for small satellites. This site is known as Launch Complex 2 or LC-2, and located at a seaside pad at the Mid-Atlantic Regional Spaceport. This is the first U.S. launch site, situated at the NASA's Wallops Flight Facility. Peter Beck, the CEO of Rocket Lab, outlined that having a launch site in the U.S. to serve government customers while catering to national security needs is a huge step for the company.
Riding on the wave of developing innovative technologies, Orbion, a Michigan-based in-space propulsion startup, collaborated with the U.S. Department of Defense (DOD) for development of small satellite propulsion technology. Based on the research contract received by Orbion, this collaboration aims to improve resiliency of the U.S. systems in the space. The propulsion technology will be utilized for DOD satellites to offer extra propulsion while satellites are revolving in orbits. Moreover, it will offer cost-effectiveness. According to the statement by Orbion CEO Brad King, the volume is the major strategy to protect the U.S. systems in space against the attacks. He added that the way to improve resilience of space systems is to build huge number of small satellites at low costs. The mass-production techniques should be deployed for commercial purposes. With this contract, the company has been looking for ways to modify the manufacturing processes to cater to DOD requirements.
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Determining the huge opportunities at the global stage, market entry strategy has been adopted to explore the opportunities and innovate. Taiwan Innovative Space Inc. (TiSPACE) has been launched for development of commercial applications of hybrid rockets, according to statement given by Chen Yen-sen to The Taipei Times. The company has been founded by Chen, a NASA veteran. It raised efficiency of hybrid rocket engines for gaining NASA-defined Class-I rocket propulsion. The Founder highlighted that the company was able to manage this by keeping the costs lower as compared to other firms. He added that these hybrid rocket engines are able to create more than 1,000 kilograms of thrust.
The company plans to offer small satellite launch services to clients across the world and negotiating with various countries for leasing the launch site. It has further plan to get an office at California to explore opportunities in the U.S. commercial space and satellite ecosystem. According to the statement given by Chen to the Taipei Times, the company has plans to develop a satellite technology industrial park along with carrying out nearly 100 launches by 2023. Based on the projections of the small satellite market, its satellite technology will offer consumer-centric electronic products for carrying out more launches.
Small Satellite Market https://www.alliedmarketresearch.com/small-satellite-market
The key Player operating and profiled in the market include Sierra Nevada Corporation, Lockheed Martin Corporation, Airbus S.A.S., Northrop Grumman Corporation, L3Harris Technologies, Inc., The Aerospace Corporation, Planet Labs Inc., Boeing, Thales Group, GomSpace and Blue Canyon Technologies
Players in the value chain of the small satellite market include Orbital ATK, Space Systems Loral, OHB AG, Spire Global Inc., Geooptics Inc., Lockheed Martin Corporation, and others.
Driving factors for the market
1. High demand for high-resolution imaging services
2. Technological advancements
Market Restraints and Opportunities:
1. Lack of dedicated small satellite launch vehicles
2.High demand from emerging economies
3. Increase in government investments
Aerospace Robotics Market
Space Launch Services Market
Commercial Satellite Imaging Market
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