Global Small Satellite Market to Surge Past Valuation of US$ 8.9 Bn as Adoption Soars in Defense Sector
The global small satellite market is anticipated to proliferate at a healthy pace and surge past valuation of US$ 8.9 Bn by the end of the forecast period (2018 – 2028), according to a new market study by XploreMR. The growth of the market is mainly driven by soaring demand in earth observation services applications in numerous sectors such as agriculture, energy, civil engineering, oil & gas, and others.
Furthermore, small satellites are gaining remarkable traction in the defense sector for applications such as medium-resolution imagery, tactical communication, and geospace & atmospheric research. Besides, small satellites have a competitive advantage over conventional satellites, on the back of their compact size that requires lesser development and production time, which subsequently reduces the manufacturing and operations costs. Backed by the aforementioned factors, the global small satellite market is set to bestow an incremental opportunity of US$ 2.31 to market players during the forecast period.
Increased Government Expenditure Promises Healthy Adoption in Defense Sector
Small satellites are becoming more attractive, as they enable missions that cannot be accomplished by large satellites, such as high temporal and spatial resolution by gathering data from multiple points, in-orbit inspection of large satellites, and space missions consisting of a large number of satellites forming constellations. Small satellites enable missions in navigation, communication, remote sensing, and scientific research for civilian, commercial, and military purposes. XploreMR in its newly published report assesses the global small satellites market over a 10 year forecast period – 2018-2028.
This report presents an analysis about the current trends and ongoing developments in the small satellite market. Small satellites are artificial satellites with lower weights and smaller sizes, and are becoming more attractive in recent years due to lower development costs and shorter lead times as compared to large satellites. In the past few years, space systems and technologies have become a crucial part of the economic, scientific, and security capabilities of countries across the world. Various government and private organizations in the world are now focused on capitalizing on space systems to improve operational effectiveness, and to enhance homeland security and digital communication capabilities.
Scope of the Report
Small Satellite Market: North America to Continue Market Dominance; Western Europe Slated for Robust Growth in the Years Ahead: Global Industry Analysis 2013 - 2017 and Opportunity Assessment 2018 - 2028Buy Now
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