Global Low-Cost Satellite Market: Information by Satellite Type (Nano, Micro, and Others), by Function (Communication, Imaging, and Others), by End User (Commercial and Military), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2025
The cost of launch represents a significant challenge for space missions as it involves substantial investment in systems and infrastructure. Consequently, only a few governments and large private companies are able to engage in space explorations activities. The emergence of low-cost satellites has resulted in a resurgence in interest in space activities. Low-cost satellites provide an advantage over conventional satellites in terms of development and propulsion cost. Market Research Future (MRFR) has published a report on the global low-cost satellite market which contains valuable insights on the market backed by historical data as well as forecast for the period of 2018-2023. The low-cost satellite market is primed to expand at a CAGR of 8% over the forecast period of 2018-2023, asserts MRFR.
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The low-cost satellite space is rife with developmental activities. Space agencies, across the globe, such as NASA, ISRO, and SpaceX, have initiated a number of launch operations in the recent past. The demand for nano and micro-satellites have witnessed a steep surge and concurrently various regions are widening their satellite manufacturing base which is signaling positive prospects for the low-cost satellite market.
A number of companies have demonstrated interest in the launch of lightweight satellites which include some big names of the industry such as Lockheed Martin Corporation, Planet Labs, OneWeb, and SpaceX. Low-cost satellites are being increasingly placed in the lower orbits of space. Numerous countries are endeavoring to achieve low-cost access to space, which has fueled the demand for low-cost satellites.
The global low-cost satellite market has been segmented based on satellite type, function, and end-user.
By satellite type, the low-cost satellite market has been segmented into nanosatellite, microsatellite, and others. The microsatellite held the largest share of the market in 2017, while the nanosatellite segment is likely to exhibit the fastest growth rate over the forecast period.
By function, the low-cost satellite market has been segmented into communication, imaging, and others. The communication segment dominated the market in 2017 and is expected to capture the highest CAGR over the forecast period.
By end-user, the low-cost satellite market has been segmented into commercial and military. In 2017, the commercial segment led the market, whereas the military segment is expected to be the fastest-growing market over the forecast period.
Region-wise, the low-cost satellite market has been segmented into the Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America has captured the majority share of the market. The region is home to some of the major companies such as SpaceX, Lockheed Martin Corporation, and Planet Labs Inc. These players have deep pockets and invest heavily in R&D activities. The US, Canada, Mexico, and Brazil are actively involved in space programs. Moreover, the region possesses advanced technical capabilities and has the infrastructure to support satellite-based research.
APAC is expected to be the fastest-growing market for low-cost satellite. The region is acquiring advanced technological capabilities and investing in satellite systems alongside. India is contributing majorly to the low-cost satellite market. The country launched its low-cost satellite in July 2019 for its second moon mission, Chandrayan 2. India has marked the leading position in the low-cost satellite market with this move.
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Sierra Nevada Corporation (US), Axelspace Corporation (Japan), Spire Global Inc. (US), OneWeb (US), Geooptics Inc. (US), OHB AG (Germany), Lockheed Martin Corporation (US), SpaceX (US), Planet Labs Inc. (US), and Dauria Aerospace (Russia) are the key players in the low-cost satellite market.
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Also Read: https://www.marketresearchfuture.com/press-release/satellite-manufacturing-and-launch-industry