VALLEY COTTAGE, N.Y. , May 14, 2018 (GLOBE NEWSWIRE) -- The US$ 2.31 Bn small satellites market is slated to reach beyond US$ 8.9 Bn in revenues by the end of 2028. Attributed to surging government funding, increasing support from private entities, soaring satellite adoption for R&D purposes, and increasing demand for low-earth orbit services, Future Market Insights expects the global market for small satellites to observe robust growth at an estimated CAGR of 13.5% over a 10-year period 2018-2028.
During the assessment period, small satellites market is anticipated to encounter with a few challenges such as space debris problems, insufficiency of skilled resources, and multiple regulatory hurdles; however, advances in space technology and strong governmental support will collectively help the market overcome the restraints and thrive at a stellar pace, globally.
Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-3298
Technological Advent and Surging Applications to Boost Nano-satellites Segment
By satellite type, nano-satellites are presumed to remain the largest as well as fastest growing segment throughout the forecast period. With around 41% revenue share of the market attained in 2017, nano-satellites segment will continue to gain traction due to growing applications in cellular communication. Innovations in IoT technology has also been a significant factor impacting the demand for nano-satellites in a positive manner since the recent past. Up from US$ 946.8 Mn achieved in 2017, this segment is expected to reach beyond US$ 3,000 Mn by the end of 2028.
Within this 10-year period, nano-satellites segment will reportedly expand at a healthy CAGR of 14%. Other satellite type segments are also anticipated to see impressive growth, including mini-satellites, micro-satellites, and pico-satellites. While micro-satellites represent a substantial market value share of above 25%, mini-satellites segment will continue to hold a considerably large share of above 22% by value, over the forecast period. Future Market Insights records growing demand for mini-satellites for weather forecasting and R&D applications.
Preview Analysis Global Small Satellite Market Segmentation By satellite type- mini-satellites, micro-satellites, nano-satellites, and pico-satellites: https://www.futuremarketinsights.com/reports/small-satellite-market
Market Taxonomy: Overview
Among end-users, defence sector is likely to represent the largest shareholding segment by 2028 end, whereas commercial sector is anticipated to witness higher growth. Defence area has been generating substantial demand for small satellites, covering over 42% market value share by 2017 end, whereas the consumption from commercial sector is slated to increase at a high rate and bring in above 31% share of the market value for commercial segment during the assessment period. As per the regional segmentation analysis, North America will remain the largest market share contributor through to 2028. Western Europe, and SEA and others of APAC will exhibit significant growth over the decade.
Key Market Players: Overview
Some of the leading players in the global market for small satellites include Orbital ATK, Inc., Ball Corporation, Airbus S.A.S., Boeing, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., QinetiQ, ISIS- Innovative Solutions In Space B.V., OHB SE, Surrey Satellite Technology Ltd., and Planet Labs Inc. While Airbus, Boeing, Lockheed Martin Corporation have been identified to be the predominant players, it has been found that the winning strategies of these three giants will provide a major thrust to the global small satellites market in near future.
Our advisory services are aimed at helping you with specific, customised insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you: https://www.futuremarketinsights.com/askus/rep-gb-3298
More from FMI’s Electronics, Semiconductors, and ICT Market Intelligence:
- Radar Market Segmentation By Platform - Land, Naval, Airborne, Space; Range - Short Range, Medium Range, Long Range; Application - Defence & Aerospace, Marine, Weather Forecasting, Remote Sensing, Automotive, Others; Type - Detection and Search, Targeting Radars, Weather Sensing Radars, Navigational Radars, Mapping Radars, Others: https://www.futuremarketinsights.com/reports/radar-market
- Automatic Identification System Market Segmentation by Category- Vessel Based: Class A, Class B; Shore Based: AIS base stations, AIS AtoN, Others; Application- Fleet Management, Vessel Tracking, Maritime Security, Others: https://www.futuremarketinsights.com/reports/automatic-identification-system-market
- Radiation Dose Optimisation Software Market Segmentation By Component- Software, Automatic, Manual, Services, Education & Training, Support; End User- Hospitals, Diagnostic Centres, Cancer Research Institutes, Others: https://www.futuremarketinsights.com/reports/radiation-dose-optimisation-software-market
About Us
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Browse More Electronics, Semiconductors, and ICT Market Insights
Contact Us
Mr. Sudip Saha
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): + 44 (0) 20 7692 8790
Sales: sales@futuremarketinsights.com
Press Office: Press@futuremrketinsights.com
FMI Blog: http://www.fmiblog.com/
Website: www.futuremarketinsights.com