Amid the COVID-19 crisis, the global market for Minisatellites estimated at US$12 Billion by 2027, growing at a CAGR of 25.5% over the analysis period 2020-2027 according to Research and Markets. Communication, one of the segments analyzed in the report, is projected to record a 26% CAGR and reach US$24 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Remote Sensing segment is readjusted to a revised 28.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.2 Billion, While China is Forecast to Grow at 31.8% CAGR
The Minisatellites market in the U.S. is estimated at US$3.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$14.7 Billion by the year 2027 trailing a CAGR of 31.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 20.1% and 23.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 21.9% CAGR.
Science & Technology and Education Segment to Record 24.3% CAGR
In the global Science & Technology and Education segment, USA, Canada, Japan, China and Europe will drive the 23.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$6.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9 Billion by the year 2027, while Latin America will expand at a 25.6% CAGR through the analysis period.
