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Global Small Satellite Market Expected to Grow Rapidly with a CAGR 18.9% for 2016-2023
January 9, 2018 | Business WireEstimated reading time: Less than a minute
The global small satellite market is expected to grow rapidly with a CAGR 18.9% during forecast period (2016-2023).
The factors which are responsible for the growth of small satellite market are raising focus on decreasing mission costs as well as growing demand for earth observation-related applications of small satellite are expected to support the growth of the small satellite market.
Furthermore, increasing demand due to technological advancement of small satellites among emerging countries such as India, China and Japan of Asia-Pacific boost the market. However, lack of dedicated launch vehicles to launch small satellites into space and design-related limitations for small satellites are some restraint limiting the growth of global small satellite market.
The global small satellite market is segmented on the basis of type, application and end-users. On the basis of type small satellite market is sub divided into Nanosat (1 Kg to 10 Kg), Microsat (10 Kg to 100 Kg) and Minisat (100 Kg to 500 Kg). Among all types of small satellites, nanosatellites are reported for a majority market share in 2015 as it is flexible to use, increased adoption in wide range of applications, and due to its ability to perform similar functions as medium and large satellites.
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