The shift in inclination toward adopting LEO-based services and growing defense expenditure globally is expected to drive the demand for global small satellite market in the forecast period, 2023-2027.
According to TechSci Research report, “Small Satellite Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global small satellite market is anticipated to witness impressive growth in the forecast period, 2023-2027. The market is driven by the need to develop a satellite network to provide internet services without broadband services and the need for small satellites for earth observation and sensing applications.
Small satellites, also known as small sat or miniaturized satellites is a satellite of small size and mass and usually lie under 1,200 kg. Satellites are made small to lower the high cost involved with launch vehicles and construction. These allow the conduction of a large number of scientific investigations and technology demonstrations with ease and in a timely manner and at a lower cost. Small satellites are in high demand among the commercial sector, educational institutions, and non-profit groups that can conduct missions in the lower orbit. They require smaller and affordable launch vehicles, and multiple satellite launches are also possible.
However, stringent government laws for space launch programs and the unavailability of dedicated launch vehicles for small satellites may restrain the global small satellite market growth in the forecast period.
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The global small satellite market is segmented into type, application, orbit, end use, regional distribution, and competitive landscape.
Based on type, the market is divided into minisatellite, microsatellite, nanosatellite, picosatellite, and femtosatellite. The nanosatellite is expected to hold the largest market share in the forecast period, 2023-2027. The rise in the investment in the research and development activities and the launch of space programs for upcoming missions to asteroids, the moon, and mars are driving the segment demand across the globe.
Based on application, the market is divided into earth observation & remote sensing, satellite communication, science & exploration, mapping & navigation, space observation, and others. The satellite communication segment is expected to account for a significant market share in the next five years. The surge in the adoption of communication antennas in the commercial and government sector is the major factor driving the segment demand. Satellites can be used for different communication services such as broadcasting, telecommunication, and communication purposes.
Based on orbit, the market is divided into LEO, MEO, and GEO. LEO-based small satellites are expected to capture the highest market share in the forecast period. The demand for low-cost satellites with increased capacity in industrialized countries for retail, banking technology, and the energy sector is accelerating the market demand. Also, the rural and remote locations where there is no internet connection, the demand for low-cost broadband services is further expected to boost the market demand.
Based on end use, the market is divided into civil, commercial, and military. The commercial segment is expected to witness the highest growth in the forecast period. High internet penetration and proliferation of smart devices are increasing the number of internet and mobile users. The use of small satellites for surveillance and monitoring activities in the defense sector and for commercial applications, including for weather forecasting, communication, and navigation purposes, is expected to fuel the demand for the global small satellite market in the next five years.
Major market players operating in the global small satellite market are:
- Northrop Grumman Corporation
- Airbus S.A.S.
- L3harris Technologies, Inc
- Gomspace
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- The Aerospace Corporation
- Planet Labs Inc.
- Thales Group
- The Boeing Company
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“The North American region dominates the market and is expected to maintain its dominance over the next five years, 2023-2027. High-end investments for the research and development activities by NASA and the rise in the military expenditure by the leading authorities are driving the market demand. In 2021, the United States was the highest defense spender across the globe and focused more on the technical innovations and procurement of advanced weapons and equipment. Also, the rise in the demand for internet-based services and early adoption of advanced technologies like augmented reality, virtual reality, internet of things by the prominent industry verticals are expected to propel the demand for the global small satellite market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Small Satellite Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, and Femtosatellite), By Application (Earth Observation & Remote Sensing, Satellite Communication, Science & Exploration, Mapping & Navigation, Space Observation, and Others), By Orbit (LEO, MEO, GEO), By End Use (Civil, Commercial, and Military), and By Region”, has evaluated the future growth potential of global small satellite market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global small satellite market.
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