The Low-Cost Satellite Market is estimated to register a CAGR of approximately 8% during the forecast period of 2018 to 2023.
A number of companies such as Lockheed Martin Corporation, Planet Labs, One Web, and SpaceX are primarily focusing on the launch of small and lightweight satellite systems, in order to reduce the costs associated with the satellite launch. As a result, in the recent years, a large number of small and low-cost satellites placed in the lower and higher orbits in the space. Many of the developing nations have also shown a keen interest in the utilization of satellites such as CubeSats (U-class spacecraft). These satellites use enhanced electro-optical/infrared (EO/IR) sensor systems to obtain images of Earth.
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In the recent years, there have been some major developments of small and low-cost satellite systems, which drive the market growth. Some of them have been mentioned below:
In November 2016, Scotland-based Clyde Space signed a contract with Canada-based Kepler Communications, to manufacture two nanosatellites. These satellites would provide enhanced telecommunications network across Canada.
In September 2016, San Francisco-based Planet Labs, signed a contract worth $20 million with the National Geospatial-Intelligence Agency (NGA), to provide small satellites for earth observation (EO) missions in the LEO.
One of the major advantages of the low-cost satellites market, when compared to the conventional large satellites, is their lower development and propulsion costs. Therefore, a constellation of such satellites can be used to provide low-cost solutions, which would otherwise cost a significant amount. The cost to build a nano- or microsatellite is almost nil in comparison to the traditional satellite.
With the launch of these nano- and micro satellites, the satellite propulsion costs also reduce, which is a boost for the global satellite industry. Moreover, such satellites are capable of enabling missions that were not feasible with the larger satellites such as inspection of the larger satellites in orbit, gathering data from multiple points, lower data rate communications, and space-based research.
Regional Analysis:
On the basis of region, the global low-cost satellite market has also been segmented into three regions, namely, Americas, Europe Middle East & Africa, and Asia-Pacific. North America had the largest share of the market in 2017, primarily due to the presence of the major companies such as SpaceX, Lockheed Martin Corporation, and Planet Labs Inc. in the region. The countries such as the US, Canada, Brazil, and Mexico are the major markets for space-based programs, in the region, as these countries have advanced infrastructures and are involved in various space programs. Similarly, Asia-Pacific is expected to be fastest growing region for the low-cost satellite market, during the forecast period. This is primarily due to the increasing technological capabilities and extensive investments on satellite systems and services, particularly in China, Japan, and India.
Key Players:
The key players in the global low-cost satellite market are Dauria Aerospace (Russia), SpaceX (US), Geooptics Inc. (US), OHB AG (Germany), OneWeb (US), Lockheed Martin Corporation (US), Axelspace Corporation (Japan), Planet Labs Inc. (US), Sierra Nevada Corporation (US), and Spire Global Inc. (US).
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