Small Satellite Market will exhibit a CAGR of 3.92% and reach 18.30 Billion by 2026, and the market value as per 2018 was USD 4.18 Billion.
Fortune Business Insights™ in a recently published report, titled, “Small Satellite Market Size, Share & Industry Analysis, Type (Mini Satellite, Micro Satellite, and Nano Satellite), By Component (Structure, Payload, Electric Power System, Solar Panel and Antenna Systems, Propulsion Systems, and others), By Application (Communication, Earth Observation, Navigation, Technology Development, and Others), By End User (Commercial, Military, Civil, and Government) and Regional Forecast, 2019-2026.”
Small Satellite Market Drivers and Restraint :
The connectivity offered by (IoT) in industrial application for machine control & production through satellites is projected to boost the market during the forecast period. Industrial applications for IoT based devices are exchanging real time data to the processing units, that help to enhance the machine control and production operation in the manufacturing industry. IoT devices use satellite connectivity to transmit & exchange real time data between the IoT systems and components in the manufacturing process. Earlier, data exchange between the machine control & production was dependent on terrestrial GSM networks, which is now getting replaced by the satellite connectivity. Satellite technology proves as a key enabler to transform IoT connectivity across manufacturing industries and process automation.
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List of Significant Manufacturers Small Satellite Market are:
- Sierra Nevada Corporation
- Singapore Technologies Engineering Limited
- Surrey Satellite Technology LTD.
- Planet Labs Inc.
- Airbus S.A.S
- Northrop Grumman Systems Corporation
- Space Exploration Technologies Corp. (Space X)
- Thales Alenia Space
- Millennium Space Systems Inc.
- Lockheed Martin Corporation
- Geooptics Inc.
- Oneweb LTD.
- Harris Corporation
The enhancement and improvement in communication networks have presented the pioneering 5G technology, which offers new applications and services through high gigabit speed. After 2G, 3G, and 4G mobile networks, the upgraded 5G network will provide an enhanced range of high-speed broadband services. 5G will have its application in high altitude platform systems (HAPS) and satellite technology. HAPS and satellite systems will be able to deliver high data rates to terrestrial wireless backhaul networks outside major urban as well as suburban areas. These factors together are expected to spur demand for 5G networks, which will, in turn, aid the expansion of the market in the forthcoming years. Furthermore, the development of smart cities and IoT through the deployment of low-power sensor networks such as 5G will subsequently enable the growth of the market. In addition, high security and robustness of 5G will be used for public safety and during mission-critical services, such as healthcare, smart grids, energy, and power utilities.
Browse Complete Summary of research Report: https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917
Surge in Satellite Communications to Facilitate Growth in North America
North America was valued at USD 2.57 Billion in 2018 and is predicted to lead the market during the forecast period. The rising adoption of the triband antenna will have a positive impact on the market in North America. Furthermore, the introduction of SKYWAN technology by NASA, a unique hybrid modem which competes with MF-TDMA and DVB-S2X, allowing for real-time transmission with high throughput, the best transport per application will augment healthy growth of the market in the forthcoming years.
Some of the key industry developments in the Small Satellite Market Include:
December 2019: Landscape, a Chinese space launch company received USD 71 million funding from Garden Venture Capital to develop two-stage Zhuque-2 (Vermillion Bird-2) medium-lift launch vehicle. This vehicle is used to launch small satellite
February 2016: Harris Corporation received a contract from NASA. In this contract, Harris corporation to build two payloads for the fourth and fifth weather satellite in the National Oceanic & Atmospheric Administration (NOAA). This is a joint polar satellite systems program.
March 2016: Airbus Defense and Space had a contract with the U.K. Ministry of Defence for the manufacturing and operation of two solar-powered Zephyr 8 High altitude Pseudo-satellite (HAPS) craft.