The market was valued at USD 1.92 billion in 2015 and is estimated to grow at a CAGR of 18.4%, to reach USD 4.47 billion by 2020. In the initial years of satellite development, most of the focus was on developing the satellites and launching vehicles that are heavyweight and huge in size, respectively. With the increasing technological advancements, over time, the focus has been on launching the satellites into different orbits. Integration of sensors into the satellite design has further boosted the capabilities. Integration of such technologies has helped many organizations, such as military, healthcare, entertainment, etc., to grow commercially. Developed countries, especially Russia and the United States, have started the space rivalry in launching the highest number of satellites into the orbit. Over time, this rivalry has increased the space debris and consumed more time and money in designing huge satellites. This phenomenon has effected many commercial companies, with a few going into losses. Advances in space technology have increased the interest in designing small satellites. Whereas, small satellites are designed with less mass and volume and can be launched into the orbit at a lower cost. As per the standard convention, medium satellites fall in the range of 500 kg–1000 kg, and small satellites are known to have a maximum weight of 500 kg. However, cost-effective small satellite launching options are still not available, and this is a huge limitation for the market.
Features like the requirement of fewer logistics, lesser manufacturing time, ease of launch, lesser orbital space requirement, etc., are major drivers of this market. Small satellites are in huge demand in various industries (like defense sector, commercial organizations, educational organizations, healthcare, transportation and logistics, BFSI sector, chemical and metrological, GIS sector and others). The market is also segmented by type (mini-satellite, micro-satellite, nano-satellite, pico-satellite, Femto-satellites) and geography (North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa). This market is still untapped in the regions of APAC and the Middle East and Africa.
The report includes a competitive assessment regarding an overview of the market players, profiles, products and services, business strategies, recent developments and innovation, market landscape, future trends and forecasts, and mergers & acquisitions.
The major companies dominating this market for its products, services, and continuous product developments are –
Key Deliverables in the Study