Future Market Insights has developed a report on global small satellites market over the forecast period 2018-2028. A researcher from FMI has been asked a bunch of question related to the growth of the global small satellite market.
What is your take on the evolution of global small satellites market?
Well, the global small satellite market of US$ 2.31 Bn is poised to surpass US$ 8.9 Bn, in terms of revenues by 2028-end. According to the report generated by FMI, the global market is projected to witness expansion at 13.5% CAGR throughout the assessment period.
What are the factors influencing growth of the market?
The growth of the global market is attributed to rising support from private entities, increasing government funding, rising demand for low-earth orbit services, increasing satellite adoption for R&D purposes. On the other hand, lack of skilled resources, multiple regulatory hurdles as well as space debris issues are key restraints in the global market. However, improvements in space technology as well as strong government support will collectively help market overcome these restraints and thrive at stellart pace, across the globe.
On the basis of satellite types, what are the segments of small satellite market?
The nano-satellites, by satellite type are anticipated to remain the largest segment in the global market for small satellites. The nano-satellite segment is anticipated to procure over two-fifth share of the global market. Owing to increasing applications in cellular communications, nano-satellites will continue to gain traction in the global market. Further, increasing demand for nano-satellite is attributed to the innovations in IoT technology in the recent past. The segment is anticipated to surpass US$ 3 Bn by 2028-end, up from US$ 946 Mn in the year 2017.
What are the other type of small satellites based on satellite types, which is leading segment in the global market?
The nano-satellite segment is likely to expand at healthy double-digit CAGR over the assessment period. The report reveals that the satellite type segment will further showcase impressive expansion during the assessment period. Other type of satellites include pico-satellites, micro-satellites and mini-satellites. Micro-satellites are anticipated to procure one-fourth of the market share by the end of assessment period. On the other hand, the mini-satellite segment will hold 22% share of the global market over the assessment period.
What are the segments of the market on the basis of end-user?
By the end of 2028, the defense sector is likely to hold largest share of the global market, whereas commercial sector segment is likely to showcase largest growth rate through 2028. In terms of value, the defense sector has covered more than 42% market share in the year 2017. On the other hand, consumption by commercial sector is anticipated to grow at considerable growth rate to bring revenues of more than 31% of the global market. Further, the North America is likely to remain the largest contributor to the growth of the global market.
What are the leading market players operating in the global market?
Lockheed Martin Corporation, Orbital ATK, Inc., QinetiQ, Ball Corporation, Boeing, Israel Aerospace Industries Ltd., and Airbus S.A.S. are observed as leading players in the global market. Further, ISIS- Innovative Solutions In Space B.V., Lockheed Martin Corporation, OHB SE, Planet Labs Inc. and Surrey Satellite Technology Ltd., have consolidated their footprints in the global market as well in recent past.
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