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The low-cost satellite market size has the potential to grow by USD 1.06 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by type (low-cost communication satellite and low-cost imaging satellite) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including AAC Clyde Space group, Axelspace Corp., BlackSky Global LLC, Bradford Engineering B.V., Dauria Aerospace, GeoOptics Inc., Planet Labs Inc., Sierra Nevada Corp., Space Exploration Technologies Corp., and Spire Global Inc.
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The low-cost satellite market is fragmented. The market consists of numerous vendors that operate based on their product offerings and associations with satellite operators and service providers. Product differentiation and the adoption of advanced technologies help vendors in sustaining in this competitive market. AAC Clyde Space group, Axelspace Corp., and BlackSky Global LLC are some of the major market participants. Although the rapid development and deployment of low-cost satellites will offer immense growth opportunities, the satellite orbital debris problem will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this low-cost satellite market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this low-cost satellite market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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North America was the largest low-cost satellite market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of developments, investments, and satellite programs will significantly drive low-cost satellite market growth in this region over the forecast period.
39% of the market's growth will originate from North America during the forecast period. The US is a key market for low-cost satellite market in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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With the development of a large number of mini, micro, and nanosatellite programs and investments, there has been an increased necessity for low-cost and high-speed internet services. As a result of a large number of development and launches of low-cost or mini-satellites, it is anticipated that the downstream data speeds of the internet providers will get enhanced significantly. Consequently, the market is expected to witness steady growth in the low-cost communication satellite segment during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the low-cost satellite market size.
The low-cost satellite market will grow steadily at a CAGR of almost 6% during the forecast period. One of the primary drivers for this market is the rapid development and deployment of low-cost satellites. It has been observed that over the last decade, several countries have started focusing on innovative, cost-effective satellite launches. Also, with the rise in the development of low-cost satellites, companies are focusing on enabling missions such as lower data rate communication, inspection of larger satellites in orbit, space-based research, and gathering data from multiple points. These advantages of the low-cost satellite are expected to propel the low-cost satellite market growth during the forecast period.
One of the latest low-cost satellite market trends gaining traction is the emergence of 3D printing of low-cost satellites. 3D printing enables cost-efficient and just-in-time manufacturing of satellite parts along with the provision of carrying out quick design and rapid changes of internal features in the satellite. Also, with the help of 3D printing, the researchers or the manufacturers can completely automate the satellite production process, which reduces the satellite manufacturing duration. These advantages of 3D printing are expected to contribute significantly to the growth of the low-cost satellite market in the coming years.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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