Pune - The global Small Satellite Market size expected to reach USD 18.30 Billion by 2026, exhibiting a CAGR of 20.28% during the forecast period. The rising integration of the Internet of Things (IoT) in various industries will boost the Small Satellite Market growth in the forthcoming years. As IoT provides secure and high-availability data services for professional users along with high level of service reliability for active IoT deployments has led to the higher implementation of IoT. Additionally, the connectivity offered by (IoT) in industrial application for machine control & production of satellites will create new opportunities for the market in the foreseeable future.
According to the report, published by Fortune Business Insights, in a report, titled “Global Small Satellite Market Size, Share & Industry Analysis, Type (Mini Satellite, Micro Satellite, and Nano Satellite), By Component (Structure, Payload, Electric Power System, Solar Panel and Antenna Systems, Propulsion Systems, and others), By Application (Communication, Earth Observation, Navigation, Technology Development, and Others), By End User (Commercial, Military, Civil, and Government) and Regional Forecast, 2019-2026” the market size was valued at USD 4.18 Billion in 2018.
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List of the Major Companies in the Global Small Satellite Market Include:
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The Small Satellite Market report performs a SWOT analysis and PESTEL study to uncover the stability, limitations, openings, and risks in the small satellite industry. Combining the Small Satellite Market analysis capabilities and knowledge integration with the relevant findings, the report has foretold the robust future growth of the market all told its geographical and merchandise segments. Moreover, it also displays different procedures and strategies, benefactors and dealers working in the market, explores components convincing market development, generation patterns, and following systems. Nonetheless, the figures and topics covered in this report are both all-inclusive and reliable.
Increasing Deployment of 5G Network to Contribute Healthy Growth
The enhancement and improvement in communication networks have presented the pioneering 5G technology, which offers new applications and services through high gigabit speed. After 2G, 3G, and 4G mobile networks, the upgraded 5G network will provide an enhanced range of high-speed broadband services. 5G will have its application in high altitude platform systems (HAPS) and satellite technology. HAPS and satellite systems will be able to deliver high data rates to terrestrial wireless backhaul networks outside major urban as well as suburban areas. These factors together are expected to spur demand for 5G networks, which will, in turn, aid the expansion of the market in the forthcoming years.
Furthermore, the development of smart cities and IoT through the deployment of low-power sensor networks such as 5G will subsequently enable the growth of the market. In addition, high security and robustness of 5G will be used for public safety and during mission-critical services, such as healthcare, smart grids, energy, and power utilities.
Contract Between Lockheed Martin Corporation and the U.S. Air Force to Spur Growth Opportunities
The increasing collaborations between key players and government organizations will bolster the Small Satellite Market growth in the foreseeable future. For instance, Raytheon Company (US) and the U.S. Air Force signed a contract with a valuation of USD 37 million to support anti-jamming efforts for satellite communications. Furthermore, the growing concerns regarding national safety and security will boost the Small Satellite Market trends during the forecast period. For instance, In November 2019, Lockheed Martin Corporation. and the U.S. Air Force Space and Missile Systems Center signed a contract with a valuation of USD 3,300 million for support services on classified military communications satellites.
Moreover, the launch of an orbit surveillance satellite by the Indian Space Research Organisation (ISRO) will boost the Small Satellite Market share in the forthcoming years. For instance, In 2019, the Polar Satellite Launch Vehicle (PSLV) technology used by the Indian Space Research Organisation (ISRO). PSLV C-45 satellite is a low-earth orbit surveillance satellite, mainly launched for military purposes, and helps to monitor the locations of enemy radar sites deep in their territory.
Surge in Satellite Communications to Facilitate Growth in North America
North America was valued at USD 2.57 Billion in 2018 and is predicted to lead the market during the forecast period. The rising adoption of the triband antenna will have a positive impact on the market in North America. Furthermore, the introduction of SKYWAN technology by NASA, a unique hybrid modem which competes with MF-TDMA and DVB-S2X, allowing for real-time transmission with high throughput, the best transport per application will augment healthy growth of the market in the forthcoming years.
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Detailed Table of Content:
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