Small Satellite Market Research and Forecast by 2021

The micro satellite segment has changed the landscape of space exploration as they facilitate quicker, cost-effective and reliable access to space. Moreover, they serve as low-mass platforms that can be sent into the orbit for well. The demand for micro satellites is expected to increase as these can be used for high precision and complex space missions such as remote sensing, navigation, maritime and transportation management, space and earth observations, disaster management, military intelligence, telecommunications and other academic purposes.

A number of factors, such as increasing focus on reducing mission costs as well as increasing demand for earth observation-related applications of small satellite, are expected to bolster the growth of the said market.

The small satellite market has been estimated to be worth USD 2.22 Billion in 2016 and is projected to be valued at USD 5.32 Billion by 2021, registering a CAGR of 19.14% during the forecast period. This report covers the forecast of the small satellite market and its dynamics over the next five years, while also recognizing market application gaps, evolving technologies, recent developments in the market, and high potential geographic regions and countries. In this report, 2015 has been considered as the base year and forecast period is between 2016 and 2021.

The earth observation and meteorology segment is estimated to capture the largest share of the total small satellite market due to the increase in demand and technological requirements in the commercial, defense and civil use globally. These satellite are capable of monitoring situations such as cyclones, storms, floods, fires, earthquake, volcanic activities and power plant disasters, among others, which increased the requirement for this segment across the world.

The major players in the market include Sierra Nevada Corporation (U.S.), Planet Labs (U.S.), and Surrey Satellite Technology (U.K.), among others and the contracts comprise major strategy adopted by the players in the small satellite market.