FREMONT, California, Aug. 7, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Small Satellite Market - Analysis and Forecast, 2019 - 2030", the global small satellite market was generated a revenue of $513.6 million in 2018 and is expected to reach $2.9 billion by 2030. The market is anticipated to grow at a significant CAGR of 14.15%, during the forecast period from 2019 to 2030.
Browse 14 market Data Tables and 151 Figures spread through 233 Pages, and in-depth TOC on "Global Small Satellite Market"
The growth of the market is aided by the development of low-cost small satellites enabled by the miniaturization of components of satellites. There has been a robust growth in the small satellite market over the years, however, developing safe, low-cost, and small payload satellites to launch beyond low-earth orbit, and cleanup and removal of space debris are the major restraints for the market.
Globally, several nations are keen to launch their own small satellites and are actively collaborating with space-faring agencies currently. With the increase in the capabilities of small satellites, the space industry is developing their increasing strategic utility, thus motivating various stakeholders including government, space agencies and private companies to develop dedicated and next-generation small satellite constellations.
BIS Research Report: https://bisresearch.com/industry-report/small-satellite-market.html
Presently, small satellites are being increasingly used for applications such as weather forecast, surveillance, earth observation, navigation, communication, meteorology, and other purposes. Of late, there has been an increased demand for efficient small satellite constellations for providing better connectivity for smart devices, Internet of Things (IoT), increased data analytics, and migration to streaming broadband.
According to Swati Chaturvedi, Lead Analyst at BIS Research, "Small satellite industry is rapidly moving ahead to adopt small and lightweight swarm of satellites with equal power and higher agility. The next big trend in the market is the emergence of autonomous small satellites, which are capable to undertake fault corrections independently and avoid any sort of mishap in the orbit. Furthermore, small satellite technology is actively leading the paradigm shift in the satellite industry with its capability complimenting the heavy satellites and shorter lead-time. Companies like OneWeb, are planning to build satellite factories, wherein they are expected to produce up to 15 satellites per week. These companies have laid the foundation of adoption of economies of scale streamlined with production and it is expected that management practices like lean manufacturing and a just-in-time supply chain are expected to increase efficiencies and profitability for the companies during the forecast period."
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into end user, application, subsystem, type, and region.
Some of the key players in the global small satellite market includes BAE Systems, Planet Labs, SSTL, SSL, Innovative Solutions In Space BV, The Boeing Company, Tyvak Nano-Satellite Systems, Inc., Airbus S.A.S, Harris Corporation, Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, OHB System, OneWeb, and QinetiQ Group PLC. These companies are aiming for a wide range of product launches and collaborations to expand their operations and also to prevent new companies from becoming future competitors. At the same time, a number of startup companies are venturing into the market to provide small satellites to a variety of end users.
Key Questions Answered in the Report:
- What are the prime demand-side factors that affect the growth of the market and the current and future trends, market drivers, restraints, and challenges prevalent in the global small satellite market?
- What is the detailed analysis of value chain analysis and small satellite service market?
- Who are the key players present in the global small satellite market and how much is the market share of each player?
- How is the market based on different end users such as commercial, government, academic, and defense expected to grow during the forecast period?
- How is the global small satellite market analysis based on the application segment, such as technology development and demonstration, earth observation and remote sensing, communication, space exploration, and surveillance expected to grow by 2030 and how was the scenario during 2018?
- How is the global small satellite market based on the type segment, such as femtosatellite, picosatellite, nanosatellite, microsatellite, and minisatellite expected to grow by 2030 and how was the scenario during 2018?
- How is the global small satellite market based on the subsystem segment, such as payload, structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system expected to grow by 2030 and how was the scenario during 2018?
- How is the global small satellite market based on the services segment, such as mission planning, environment test verification, and satellite launch services expected to grow by 2030 and how was the scenario during 2018?
- How is the global small satellite market based on major geographies analyzed in the report for the major geographies including North America, Europe, Asia-Pacific, and Rest-of-the-World? How is each geography expected to grow and perform during the forecast period?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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