The global small satellite market size is expected to reach USD 9.75 billion, registering a CAGR of 18.99% during the forecast period. Satellites are launched into various orbits like geostationary earth orbit (GEO), middle earth orbit (MEO), and lower earth orbit (LEO). Depending on the deployment purpose, the satellites are designed and developed with different payload capacities and sizes. Satellites are utilized for specific purposes like communication, navigation, earth observation, etc. Fortune Business Insights™ has presented this information in an upcoming report titled, “Small Satellite Market Size, Share & COVID-19 Impact Analysis, By Type (Mini, Micro, Nano), Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), Application (Communication, Navigation, Earth Observation, Technology Development, Others), End-User (Commercial, Civil, Military, Government), and Regional Forecast, 2020-2027”. The market size stood at USD 3.07 billion in 2019.
According to the report, the compact satellite market is gaining immense popularity due to several reasons. For instance, an increasing number of space research missions are expected to boost the small satellite market growth significantly. Reportedly, around 389 small satellites were launched in 2019.
Key Industry Developments:
July 2020: L3Harris Technologies Inc. launched their first satellite of remote sensing constellation to provide imagery to U.S. Air Force’s ground military operators.
June 2020: The U.S. National Reconnaissance Office (NRO) signed an agreement with Rocket Lab for the launch of two back-to-back small satellites aboard an Electron launch vehicle.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917
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