In terms of revenue, the Global Small Satellite Market is expected to reach USD 8.86 Billion by 2030, growing at a CAGR of 17.3% from 2023 to 2030.
Market expansion is projected to be fueled by the increasing investment in science and technology, miniaturization of technology, growing application of Small Satellites in satellite data services, low launching costs, and several other factors. Small Satellites are low-cost options that have enabled commercial companies, civilian groups, and military agencies to carry out missions in low Earth orbit. Small Satellites can conduct on-orbit research and technology demonstrations at low cost due to time efficiency and convenience.
Smaller and lighter satellites require less weight and cheaper launch vehicles, so there are more satellites on launch vehicles. They can also be used on the back of larger launchers to use the extra power of the launchers. Small Satellites offer entirely new models for many space operations and can make leaps and bounds in transformative research through technological innovation. Due to the coronavirus pandemic, major players in this market have faced unprecedented challenges due to production disruptions, delayed satellite launches, and various suspended contracts. However, Small Satellites are widely used in several industries, and the demand for them has remained unchanged even during the COVID-19 pandemic.
Key Highlights from the Report
. Based on Type, the Small Satellite market is segmented into microsatellites, minisatellites, nanosatellites, and others. Minisatellites have several advantages over large satellites, including scientific and human exploration and reducing the cost of new space flights. Many minisatellites are built with redundant electronics that have been downsized. The market value of the segment is projected to increase by USD 1,369.86 million and will grow at a significant CAGR of 15.43 during the period 2023-2030.
. Based on Components, the Small Satellite market is segmented into the structure, payload, electrical system, solar panel and antenna, propulsion systems, and others. The structural segment is expected to grow significantly during the forecast period. The growth is due to increased demand for Small Satellite services and networks for civil and military operations. The increasing demand for satellites is due to the expansion of satellite services in remote areas, which is fueling the growth of the segment.
· Based on Application, the Earth monitoring and remote sensing segment accounted for the largest market share in the global market in 2022. This is mainly due to the highly compact nature of Small Satellites that effectively aid in Earth observation. Earth monitoring uses Small Satellites for electro-optical and radar observation of the Earth. In addition, these small products are used in meteorology and in operational and geographical surveys. In addition, these products can be used to manage natural disasters such as storms, floods, storms, volcanic activity, fires, landslides, environmental pollution, and industrial and power plant disasters.
· Based on End-User, the Small Satellite market is segmented into civilian, military, commercial, and others. The civil sector segment will account for the second-largest share of the global Small Satellite market by 2030. The segment's market value is projected to increase by an additional USD 2,280.80 million during 2023-2030, growing at a CAGR of 14.58. Small Satellites can be used. Improve the safety of all types of ships and solve the various problems that often affect maritime traffic. Ground-based Automatic Dependent Surveillance-Broadcast (ADS-B) systems transmit information quickly and accurately at connected locations.
· In terms of Region, North America is expected to grow at the highest CAGR during 2023-2030. The strong growth in the region is mainly due to the increase in the production and launch of Small Satellites for the needs of broadband access solutions, military support, and weather forecasting. China is the leading financier in the region after spending heavily on space exploration and defense.
The growing demand from different end-use sectors and the increased expansion of concepts such as robotics and artificial intelligence are expected to increase the adoption of products. Industry has seen significant changes as a result of the integration of artificial intelligence (AI). Future problems are predicted using automated diagnostic technology based on telemetry. The data collected through space helps analyze space and download the necessary information for the mission. In addition, CubeSat constellation control has been enhanced with Alenabled autonomous learning systems and intelligent ground stations. The space industry will change in the coming years as a result of improvements in data processing, transmission speed, and laser communication technologies. In developing countries, there is a growing need for low-cost Small Satellites with higher capacity for commercial data (retail, banking), energy industries (oil, gas, mining), and governments. As a result, demand for affordable broadband connections is booming among individual customers in developing countries and rural areas that may not have access to the Internet. These market expectations are driving investment in Smallsat-based LEO constellations.
Internet of Things (IoT) connections enable manufacturing and machine control in industrial applications. IoT-based devices communicate real-time information with processing units. During the manufacturing process, IoT devices use satellite communications to transfer data between IoT systems and components. As a result of which, the manufacturing industry and process automation will benefit from satellite connectivity, leading to market expansion. Also, as 5G enables new applications and services to be created faster, it has improved the user experience. It also improves the performance and reliability of the communication network. In comparison with 4G, 5G has lower latency and much higher data rates. Terrestrial wireless networks in urban and suburban areas have adopted high data rates through satellite communications and high-altitude platform systems (HAPS). By placing powerful sensors in urban and rural areas, 5G would also advance the Internet of Things and smart cities. The Small Satellite market is estimated to grow during the forecast period due to its multiple uses in healthcare, energy, power, smart grid, and other sectors.
Customers can use satellite services anywhere in the world, including remote areas where internet service is currently unavailable, with new LEO satellite systems such as Starlink, Telesat, OneWeb, and many others. Other commercial enterprises are located around the world. Companies want to take advantage of the opportunity to spread Internet access to areas of the world with poor infrastructure and connectivity. More than 40% of people in this world do not have access to the Internet. However, installing cable infrastructure in every home on the planet would be very expensive. Satellite Internet is cheaper than building millions of kilometers of optical fiber to provide Internet access to remote and hard-to-reach areas.
Various restrictions placed on the space industry by international and national government organizations can hinder the growth of the space industry. According to international space law, every country must report and track its space objects by registering them in a global registry. There are five space-related UN conventions in the world. They are the Moon Treaty, the Liability Treaty, the Registration Treaty, the Salvage Treaty, and the Outer Space Treaty. In addition, the state must approve and monitor the activities of non-governmental organizations.
North America dominated the overall Small Satellite market in 2022, North America Small Satellite Market is estimated to be the most opportunistic market during the forecast period due to the increasing demand for satellites from India, China, and Japan. Three communication satellites, ten earth observation satellites, three space science, and two navigation satellites are among the several spacecraft that the Indian Space Research Organization (ISRO) plans to launch between 2023 and 2030.
The Global Small Satellite Market is Segmented as follows
A list of the Key Players of the Global Small Satellite Market is
Airbus SAS (France), GOMSPAC (Denmark), L3HARRIS Technologies Inc. (U.S.), Lockheed Martin Corp. (U.S.), Northrop Grumman Corp. (U.S.), Planet Labs Inc. (U.S.), Sierra Nevada Corp. (U.S.), Thales Group (Paris), The Boeing Company (U.S.)
The Global Small Satellite Market Scope can be Tabulated below
Market Size Provided for Years
2017 - 2030
2017 - 2021
2023 - 2030
Regions & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19