Global Small Satellite Services Market: Key Highlights
Global Small Satellite Services Market: Key Market Dynamics
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Global Small Satellite Services Market: Regional Overview
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.
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. 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 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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