Dynamic adaptive HTTP (DASH) based streaming is steadily becoming the most popular online video streaming technique. DASH streaming provides seamless playback by adapting the video quality to the network conditions during the video playback. A DASH server supports adaptive streaming by hosting multiple representations of the video and each representation is divided into small segments of equal playback duration. At the client end, the video player uses an adaptive bitrate selection (ABR) algorithm to decide the bitrate to be selected for each segment depending on the current network conditions. Currently, proposed ABR algorithms ignore the fact that the segment sizes significantly vary for a given video bitrate. Due to this, even though an ABR algorithm is able to measure the network bandwidth, it may fail to predict the time to download the next segment In this paper, we propose a segment-aware rate adaptation (SARA) algorithm that considers the segment size variation in addition to the estimated path bandwidth and the current buffer occupancy to accurately predict the time required to download the next segment We also developed an open source Python based emulated DASH video player, that was used to compare the performance of SARA and a basic ABR. Our results show that SARA provides a significant gain over the basic algorithm in the video quality delivered, without noticeably impacting the video switching rates.