The earth observation & meteorology application segment is estimated to lead the small satellite market
The small satellite market is estimated to grow from USD 2.92 Billion in 2017 to USD 7.53 Billion by 2022, at a CAGR of 20.83% during the forecast period.
Based on application, the earth observation & meteorology segment is estimated to lead the small satellite market during the forecast period. Small satellites are capable of monitoring natural or manmade disasters, such as cyclones, earthquakes, landslides, and environmental pollution, among others. Small satellites have computational and communication capabilities, along with competencies in taking decisions about which data to be sent and when
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Key factors such as increasing focus on reducing mission costs, rise in demand for earth observation related activities, satellite miniaturization, and satellite cost reduction are expected to fuel the growth of the small satellite market.
Based on type, the minisatellite segment is estimated to lead the small satellite market during the forecast period, as these satellites can be used for high precision and complex space missions such as remote sensing, navigation, maritime and transportation management, space & earth observations, disaster management, military intelligence, telecommunications, and other academic purposes.
The major players in the small satellite market.
Boeing (U.S.), Airbus Defense and Space (France), OneWeb (U.S.), Planet Labs (U.S.), Space Exploration Technologies Corporation (U.S.), Sierra Nevada Corporation (U.S.), and Surrey Satellite Technology (U.K.), among others