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(IT-NEWSWIRE.COM, September 23, 2019 ) The small satellite services market is projected to grow from USD 11.04 Billion in 2016 to USD 53.22 Billion by 2022, at a CAGR of 29.03% from 2017 to 2022. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
Increasing use of small satellite remote sensing services and high investments by venture companies are expected to drive the small satellite services market
This report provides an analysis of the small satellite services market over the next five years. It discusses industry and technological trends that are currently prevailing in the market. The report analyses factors driving and restraining the growth of the small satellite services market as well as challenges faced by this market. The small satellite services market is estimated at USD 14.88 billion in 2017 and is projected to reach USD 53.22 billion by 2022, at a CAGR of 29.03% during the forecast period. Key factors, such as increasing use of small satellite remote sensing services, growth of the cloud computing market and high investments by venture companies are expected to fuel the growth of the small satellite services market.
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Based on platform, the nanosatellite segment of the small satellite services market is projected to witness the highest growth during the forecast period. Rapid advancements in the miniaturization of space technology have made nanosatellites economically and potentially more viable for widespread use in commercial, civil, government, and military services. Decline in the cost of such satellites, increasing demand and increase in the number of application areas of small satellites, growth in investments, and superior mission launches are expected to fuel the demand for nanosatellite services.
Based on vertical, the commercial segment of the small satellite services market is projected to witness the highest growth during the forecast period. Small satellites help commercial companies gather global real-time data and distribute it at a surprisingly low price to their customers across the globe.
Based on application, the remote sensing segment of the small satellite services market is projected to grow at the highest CAGR during the forecast period. Successful programs to develop and examine advanced hyper-spectral imaging systems have enabled earth observation & meteorology missions generate high-quality complex images from remote sensing satellite services.
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The small satellite services market in North America is expected to witness the highest growth during the forecast period, due to increasing participation of private satellite service providers and rising demand for earth observation services and related applications.
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