20 September 2018 11:30
The global market for launching satellites and the space insurance will reach us $ 1.3 billion (US$ billion) by 2022, says a new report from the firm Technavio. The company stresses that the growth of the market can be explained by the increase in the number of satellite launches.
The increasing demand for satellite services, in particular for climate monitoring and the recognition of the telecommunications sector is progressing in several countries, supports Technavio.
The trend towards small satellites
The low cost of small and nanosatellites were also grown, the demand for new satellites. This is pushing several countries and private companies to increase their number of launches over the forecast period, the report said.
Technavio reports that the small and nanosatellites can be as large as a shoe box or as big as a washing machine. This type of satellites represents the largest trend to watch for in this market, according to the firm.
“Smaller satellites cost less and require low capital investment for their production. The demand for small satellites is high for applications such as scientific exploration, because the low cost allows the deployment of multiple satellites, which allows to measure and collect simultaneous real-time data, ” explains an analyst at Technavio.