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Small Satellite Market 2022 | Scope of Current and Future Industry 2031 Future Market Insights (FMI) estimates that the demand for Small Satellite will grow at a robust CAGR of 18.5 percent between 2021 and 2031. By the end of 2021, the market is expected to be valued at more than US$ 3.2 billion, according to the analysis. According to FMI, the emergence of artificial intelligence, the internet of things, and 5G have created opportunities for the market for small satellites to increase. These technologies are now crucial for enhancing economic competitiveness, which fuels market expansion. Key Takeaways: Small Satellite Market By type, the nanosatellite segment is anticipated to account for the leading share in the global market for small satellite during the forecast period. However, the microsatellite segment is estimated to grow at a robust CAGR of 19.5% through 2031. By end user, the adoption of small satellites in commercial sector is anticipated to increase at a CAGR of 17.5% between 2021 and 2031, while civil segment is currently dominating the market. North America is expected to lead the global small satellite market followed by Europe in 2021. The market in Japan is expected to progress at a CAGR of around 16% through 2031. In the U.K., sales are expected to increase at a CAGR of close to 13% over the next ten years. COVID-19 Impact Analysis on Small Satellite Market Due to rapid spread of COVID-19 in many regions such as Europe, the US & Asia Pacific, there was a significant drop in demand for small satellites. Also there was corresponding reduction in revenues for various service providers, suppliers across small satellite market owing to manufacturing shutdown, late delivery, limited availability of equipment and limited staff at manufacturing facilities. For an instance, the U.S. Space Force delayed the launch of Falcon 9, a GPS satellite, by 2 months due to COvid-19 impact. However, the global small satellite demand is anticipated to recover by 2022 fully. Increasing Demand for High-Resolution Images The demand for small satellites is growing substantially all around the world. As per records of nanosats.eu, there are more than 2800 nanosatellites launched into Earth’s orbit as of January 2021. Key players in the industry are launching constellations of nanosatellites or microsatellites into Earth’s orbit for applications including telecommunications and earth observation. For an instance in January 2020, Sateliot, a nanosatellite and telecommunications operator, signed a Memorandum of Understanding (MoU) with the European Space Agency (ESA) to research, develop, and deploy novel space-capable technologies, goods, and services leveraging 5G. At the back of these factors, the market of small satellites is expected to grow at a significant rate during the forecast period. Small Satellite Outlook by Category By Type: Minisatellite Microsatellite Nanosatellite Others By End User: Civil Commercial Military Others By Region: North America Latin America Europe East Asia South Asia & Pacific Middle East and Africa (MEA) Information Source: https://www.futuremarketinsights.com/reports/small-satellite-market

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