By February 5, 2020 Read More →

Small satellite sector set for 17% growth

The small satellite market is estimated to register a CAGR of more than 17% to 2025, according to a new report from Mordor Intelligence. Significant investments by venture companies, the growing demand for low-cost miniaturised satellites, and increasing demand for Earth observation applications are some of the major driving factors propelling the growth of the small satellite market.

However, design limitations related to the fabrication of small satellites may generate barriers for market growth during the forecast period.

Nevertheless, technological advancements, in terms of miniaturisation of electronic components, space 3D printing, advanced material technology, artificial intelligence (AI) and machine learning are likely to assist the manufacturers to overcome some of the existing growth restraints and develop advanced small satellites with multi-mission capabilities in the future.

The report predicts that the shift in the market away from North America and towards the Asia-Pacific region will continue during the forecast period, the region seeing the highest CAGR. Significant investments are being routed for augmenting the region’s space-based capabilities by countries such as China, India, and Japan.

China has developed a sustainable environment for accelerating the space economy. In 2018, China conducted around 39 launch missions and accounted for over 33% of the total launches globally. As per the China National Space Administration, the country intends to launch about 100 satellites by 2025.

Since 2015, several new startups have emerged that are focused on reinventing the small satellite market in India.

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