Philippines Small Satellite Market is expected to reach US$ 79.0 million by 2030, registering a CAGR of over 8.1% says RationalStat
Wilmington, Delaware, Sept. 19, 2023 (GLOBE NEWSWIRE) —
Philippines Small Satellite Market is valued at US$ 42 million in 2022 and is expected to grow at a significant CAGR of over 8.1% over the forecast period of 2023-2030, market report by RationalStat
Market Definition, Market Scope, and Report Overview
The Philippine government has boosted its support for the local space industry’s development. It has undertaken programmes and initiatives to promote the use of tiny satellites for a variety of purposes, including disaster management, agriculture, environmental monitoring, and telecommunications. These measures have made it possible for local businesses and researchers to enter the small satellite industry.
Further, small satellites, commonly known as CubeSats or nanosatellites, are a low-cost alternative to large-scale satellites. In comparison to their larger cousins, they are less expensive to build, launch, and operate. Because of the cheaper costs of small satellites, both government and business entities in the Philippines, including startups and universities, have invested in and developed small satellite technology.
According to a deep-dive market assessment by RationalStat, the Philippines small satellite market has been analyzed on the basis of market segments, including type, application, and geography/regions (incl Luzon, Visayas, and Mindanao). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the Philippines small satellite market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the Philippines Small Satellite market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Philippines Small Satellite Market: Segmental and Market Share Analysis
- On the basis of type, minisatellite is predicted to remain the Philippines largest and fastest expanding section of the small satellite industry. Minisatellites are simpler than larger satellites and utilize similar technologies.
- On the basis of application, the commercial segment dominates the market. In 2022, as the number of internet services and mobile customers grows.
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Period Covered include data for 2019-2028 along with year-wise demand estimations
The Philippines small satellite market report analyzes the market on the basis of economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The Philippines small satellite market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the Philippines small satellite market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Philippines small satellite market include,
- In January 2022, Starlink, SpaceX’s satellite internet company, applied for a commercial license to provide broadband and other services in India.
- In November 2021, Starlink, a subsidiary of SpaceX, unveiled a new rectangular dish capable of receiving the company’s internet signal while orbiting overhead.
Some of the prominent players and suppliers operating and contributing significantly to the Philippines small satellite market growth include Airbus, Blue Canyon Technologies, Planet Labs, Thales Alenia Space, Surrey Satellite Technology Ltd among others.
RationalStat has segmented the Philippines small satellite market based on type, application, and region
- Philippines Small Satellite Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Type
- Philippines Small Satellite Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Application
- Philippines Small Satellite Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
- Leading Companies and Market Players
- Blue Canyon Technologies
- Planet Labs
- Thales Alenia Space
- Surrey Satellite Technology Ltd
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Key Questions Answered in the Philippines Small Satellite Report:
- What will be the market value of the Philippines small satellite market by 2030?
- What is the market size of the Philippines small satellite market?
- What are the market drivers of the Philippines small satellite market?
- What are the key trends in the Philippines small satellite market?
- Which is the leading region in the Philippines small satellite market?
- What are the major companies operating in the Philippines small satellite market?
- What are the market shares by key segments in the Philippines small satellite market?
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
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- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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