Article -> Article Details
| Title | Small Satellite Market Interesting Facts, I Bet You Never Knew About This in 2020 |
|---|---|
| Category | Business --> Accounting |
| Meta Keywords | Small Satellite Market |
| Owner | Prapti Hinge |
| Description | |
| The global small satellite market size is
projected to reach USD 9.75 billion by the end of 2027. The increasing number
of space programs across the world will emerge in favor of market growth.
According to a report published by Fortune Business Insights, titled “Small
Satellite Market Size, Share & COVID-19 Impact Analysis, By Type (Mini,
Micro, Nano), Component (Structures, Payload, Electric Power System, Solar
Panel and Antennas System, Propulsion System, Others), Application
(Communication, Navigation, Earth Observation, Technology Development, Others),
End-User (Commercial, Civil, Military, Government), and Regional Forecast,
2020-2027,” the market was worth USD 3.07 billion and will exhibit
a CAGR of 18.99% during the forecast period, 2020-2027. Small satellites are widely used in several space applications
including observational and functional purposes. These satellites have a
lower mass as well as the size and require lesser propellant fuel
than conventional satellites. The increasing demand for small satellites is
consequential to the rising awareness as well as debates surrounding high fuel
consumption in larger satellites. The huge investments in the research
and development of small satellites will bode well for the growth of the market
in the coming years. An increasing number of observational space programs
by globally renowned organizations such as ISRO and NASA will give the platform
for growth for the companies operating in the small satellite market. Covid-19 Pandemic to Halt Production of Proposed Satellites The recent coronavirus outbreak has had a drastic impact on
several businesses across the world. Due to the rapid spread of the
disease governments across the world have been compelled to implement strict
measures with the aim to curb the spread of the disease. As a result, people
have been advised to stay indoors which has ultimately led to a shortage of
labor and workforce across the world. Thus several space programs that
were lined up during the pandemic have been delayed. Moreover, the
coronavirus outbreak has also brought a halt in the production of proposed
satellites. These factors have had a direct negative impact on the small
satellite market in the past few months. Having said that the efforts taken to
recover these economic losses will bring relief to manufacturers in the small
satellite sector. Increasing Number of Company Mergers and Acquisitions will Emerge
in Favor of Market Growth | |