The global small satellite market size is expected to reach USD 9.75 billion, registering a CAGR of 18.99% during the forecast period. Satellites are launched into various orbits like geostationary earth orbit (GEO), middle earth orbit (MEO), and lower earth orbit (LEO). Depending on the deployment purpose, the satellites are designed and developed with different payload capacities and sizes. Satellites are utilized for specific purposes like communication, navigation, earth observation, etc. Fortune Business Insights™ has presented this information in an upcoming report titled, “Small Satellite Market Size, Share COVID-19 Impact Analysis, By Type (Mini, Micro, Nano), Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), Application (Communication, Navigation, Earth Observation, Technology Development, Others), End-User (Commercial, Civil, Military, Government), and Regional Forecast, 2020-2027”. The market size stood at USD 3.07 billion in 2019.
According to the report, the compact satellite market is gaining immense popularity due to several reasons. For instance, an increasing number of space research missions are expected to boost the small satellite market growth significantly. Reportedly, around 389 small satellites were launched in 2019.
The global health crisis has shriveled the growth of several industries and markets, including the compact satellite market. The economies which were flourishing are now facing an unprecedented crisis. The dynamics of sectors have changed drastically due to lockdowns, curfews, and social distancing norms. Delayed production and launch missions are hampering the market growth. Disruptions in supply chains, production lines, operations, and existing contracts are stagnating the market growth. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain an exhaustive understanding of this niche market.
On the basis of its type, the market trifurcates into nano satellite, mini satellite, and micro satellite. Based on components, the market segments into structures, payloads, electric power systems, solar panel and antenna systems, propulsion systems, etc. On the basis of its application, the market fragments into earth observation, navigation, technology development, communication, etc. On the basis of its end-users, the market divides into military, civil, government, and commercial. Geographically, the market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World.
List of the Leading Companies Profiled in the Small Satellite Market are:
- L3Harris Technologies Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- The Boeing Company (The U.S.)
- Airbus S.A.S. (The Netherlands)
- Northrop Grumman Corporation (The U.S.)
- Sierra Nevada Corporation (The U.S.)
- Planet Labs Inc. (The U.S.)
- SpaceX (The U.S.)
- GeoOptics Inc. (The U.S.)
- ST Engineering (Singapore)
- Thales Group (France)
The report offers an in-depth technical assessment of the prospected market. The report encompasses the effects of the COVID-19 pandemic on the market, PESTLE Analysis, and Porters’ Five Forces Analysis for an infallible prediction of the prospected market. The report is developed using bottom-up and top-down approaches for an exhaustive study of the market. The report contains information gathered through interviews with multiple stakeholders at regional, country, and global levels. The report also highlights the competitive landscape of the compact satellite market, including the information on rankings of key players, key market trends, recent industry developments, etc.
Increasing Use of Internet of Things (IoT) and Artifical Intelligence to Amplify Market Growth
Small satellites have short developmental cycles, require small development teams, and also incur lesser costs in deployment. These advantages are expected to boost the market growth significantly. The increasing use of small satellites for earth observation and artificial intelligence integration on compact satellites are expected to be major growth drivers in the forthcoming years. The escalating worldwide use of CubeSats by defense organizations for communication and monitoring is likely to augment the market growth. Internet of Things (IoT) plays a crucial in satellite connectivity.
The surging incorporation of IoT with small satellites is also anticipated to be a major growth driver in the forthcoming years. The introduction of the 5G service is also expected to boost the market growth due to faster data transmission speeds and reduced latency.
However, government regulations and norms are expected to hinder market growth. For instance, there are five United Nations Treaties on an international level for outer space. The five treaties include Rescue Agreement, Outer Space Treaty, Liability Convention, Moon Agreement, and Registration Convention.
Asia Pacific to Record Staggering Growth
North America is expected to hold the largest chunk in global small satellite market share. Booming digitization, rising technological advancements, NASA’s continuously rising RD activities, and the SKYWAN technology and triband antenna adoption by NASA are expected to boost the market growth significantly. The deployment of CubeSats by NASA is expected to drive market growth phenomenally. For instance, 109th CubeSat was deployed from the International Space Station in July 2020. More deployments are expected in the near future.
Rising demand for satellites from countries like China, India, and Japan, are expected to help Asia Pacific record staggering growth in the forthcoming years. Indian Space Research Organization (ISRO) plans to launch two navigation satellites, ten earth observation satellites, and three communication satellites. These launches are expected to amplify regional market growth.
The increasing adoption of several Internet of Things (IoT) based applications is expected to help Europe witness a considerable growth rate.
Escalating internet-based services in the Middle East and African regions are expected to help the Rest of the World register considerable growth in the forecast period.
Alliances, Contracts, and Technological Innovations to Strengthen Market Presence
Major players present in the global small satellite market are focusing on expanding their businesses through contracts and agreements with various government and space agencies. The launch of new technologies and products is also expected to prevail as key trends for market growth. For instance, a new generation software-defined radio (SDR) payload named Prometheus developed by Airbus was launched from New Zealand on Faraday-1 CubeSat in July 2020.
Key Industry Developments:
July 2020: L3Harris Technologies Inc. launched their first satellite of remote sensing constellation to provide imagery to U.S. Air Force’s ground military operators.
June 2020: The U.S. National Reconnaissance Office (NRO) signed an agreement with Rocket Lab for the launch of two back-to-back small satellites aboard an Electron launch vehicle.
Browse Detailed Summary of Research Report with TOC:
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