Small Satellite Services Market Is Estimated To Reach USD 58.2 Billion By 2024

Global Small Satellite Services Market: Key Highlights

According to the new market research report “Small Satellite Services Market Small Satellite Services Market by Component (Payload, Antennas Others), by Product Type (PocketQube, Nanosatellite, Microsatellite Others), by End User (Civil, Non-profit, Military), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast 2017 to 2024”, the global Small Satellite Services Market is estimated to reach USD 58.2 Billion by 2024 at a CAGR of around 27.5% during the review period.
Man-made satellites are launched in the space to revolve around the Earth or other planets for various operations.
Space sector is experiencing significant change because of rapid technology advancement. Small satellite is a rising type of spacecraft which is made by advanced hardware and software resulting in high performance in small package.
However, shorter life span remain a major restraining factor for the growth of the Small Satellite Services Market.

Small Satellite Services Market

Global Small Satellite Services Market: Key Market Dynamics

Trend of satellite miniaturization boost the demand for the satellite broadband and earth observation which is projected increase the growth of small satellite services market.
Small satellites is launched on small vehicles which is cost efficient. However, the cost reduction is anticipated to fuel the small satellite missions and spacecraft buses.
Space debris may hamper the market growth as it can create major problem to the earth space activity.
Growing demand of Low Earth Orbit (LEO) service helps to fuel the transform the connection with outer space which may benefits the growth of market.

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Global Small Satellite Services Market: Regional Overview

North America

According to the International Air Transport Association (IATA), The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. In the same year, the aerospace and defense exports of the country were USD 151 billion, which was an increase of 5.81% as compared to 2017. The region is increase its revenue in 2019 and know to be a strong economic growth then other region which may lead to boost the market in the forecast period.

Europe

In the UK, aerospace industry is the third largest industry in world and second largest in Europe. According to the Aerospace & Defense Industries Association of Europe, the region has invested about USD 21.76 Billion in the aerospace and defense R&D. According to the European Commission, aeronautics industry is consider to be one of the high tech sector in the region. The region is increasing pressure from the US government on North Atlantic Treaty Organization (NATO) countries with boost military expenditures, this may fuel as a key driver for the defense sector in the region.

Global Small Satellite Services Market: Key Players Overview

Boeing Co:

Boeing Co. is a multinational company which design, sells airplanes, manufacture, satellite, telecommunication equipment and rockets. Also, the company delivers the company satellite and ground solution for civil communication as well as for military and national defense. Also the company has develop the small satellite prototype known as Phantom Phoenix which can be designed for special mission. In 2018, the company acquired Millennium Space Systems of EI Segundo which will help for manufacture of small satellites.

Thales Group:

Thales Group is a multinational company which provides its services to defense, aerospace, security market and transport. To best way to maintain the requirement of the highly competitive telecom market are the new digital model of satellite system. This type of system was mostly developed for the military telecom and now transitioned to commercial market. In2019, the Thales Alenia Space has a joint venture between the Thales and Leonardo for the launch of new Space Inspire satellite product line which will help in seamless mission and services reconfigurations.

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