The growth of the segment is driven by the development of a large number of mini, micro, and nanosatellite programmes and increased demand for low-cost and high-speed internet services.
The low-cost satellite market size is expected to grow by $1.06bn during the period 2020-2024, according to a research report from Technavio. The low-cost satellite market is expected to post a year-over-year growth rate of 3.31%.
Based on the type, the market saw maximum growth in the low-cost communication satellite segment in 2019. The growth of the segment is driven by the development of a large number of mini, micro, and nanosatellite programmes and increased demand for low-cost and high-speed internet services.
The market growth in the segment will be significant over the forecast period.
Around 39% of the growth will originate from the North America region. The growth of the market in North America is driven by the increasing number of developments, investments, and satellite programmes.
The US is the 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.
