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The small satellite market is expected to grow from $2.22 billion in 2016 to $5.32 billion by 2021, at a CAGR of 19.14% from 2016 to 2021. The market for small satellite is driven by factors such as the increasing focus on reducing mission costs as well as increasing demand for earth observation-related applications of small satellite. Various growth opportunities for the small satellite market include the proposed development of satellite networks to provide internet access to areas without broadband connectivity.
Microsatellite segment based on class to witness the highest growth during the forecast period
The microsatellite segment is projected to be the fastest-growing segment in the small satellite market. These satellite are useful for high precision and complex space missions, such as remote-sensing and navigation, maritime and transport management, space and earth observation, disasters management, military intelligence, telecommunication, and among other academic purpose. The segment comprising mapping and navigation is projected to be the fastest-growing segment in the small satellite market as it helps the Global Navigational Satellite Systems (GNSS) to generate signals for effective navigation and accurate global positioning data during the forecast period.
The Asia-Pacific region to offer significant opportunities for growth: The Asia-Pacific region is expected to exhibit the highest growth rate in the small satellite market during the forecast period from 2016 to 2021. The growth of the small satellite market in this region can be attributed to the rising demand for earth observation and scientific segment, which will support the governments' decision making process in areas such as climate monitoring, soil prospection for terrestrial and maritime areas, agricultural planning, and border surveillance.