Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- The global small satellite market size was valued at USD 4.90 billion in 2021 and reached USD 5.60 billion in 2022. The market is expected to be valued at USD 12.02 billion by 2029, exhibiting a CAGR of 11.53% during the forecast period. The rapid adoption of 3D printing parts for satellite manufacturing and rising applications of satellites from several sectors are expected to boost market progress. Fortune Business Insights™ presents this information in its report titled “Small Satellite Market, 2022-2029.”
Small satellites are rapidly changing the face of space exploration, with their compact size and lower cost making it possible for a wider range of organizations to access space. From scientific research to commercial applications, small satellites are being used in a variety of fields, and the market for these spacecraft is expected to grow exponentially in the coming years. One of the key drivers of the small satellite market is the rise of the commercial space industry. They are also being used in fields such as telecommunications, weather monitoring, and Earth observation, as well as for military and defense applications.
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List of Key Players Profiled in the Report
- Airbus S.A.S (Netherlands)
- The Boeing Company (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Sierra Nevada Corporation (U.S.)
- ST Engineering (Singapore)
- Thales Group (France)
- SPACEX (U.S.)
- L3Harris Technologies, Inc. (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 11.53% |
| 2029 Value Projection | USD 12.02 billion |
| Market Size in 2022 | USD 5.60 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 240 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Small Satellite Market Growth Drivers | Rising Internet of Things (IoT) Integration in the Manufacturing Industry to Aid Market Growth |
| Demand for Small Satellites with a Low Earth Orbit (LEO) is on the Rise Due to its Expanded Capacity |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917
Segments
Mini Satellite Segment to Hold Dominant Market Share Owing to Rising Research & Development Activities
By type, the market is segmented into mini satellite, micro satellite, and nano satellite.
The mini satellite segment is expected to dominate the market share due to rising research and development activities. Furthermore, developing a space laboratory for the upcoming moon, asteroid, and Mars missions is expected to foster segmental growth.
Structures Segment to Dominate Owing to Strong Demand for Satellites
As per component, the market is classified into structures, payload, solar panel and antenna system, propulsion system, electric power system, and others.
The structures segment is likely to dominate owing to the strong demand for satellites. Furthermore, the rising expansion of satellite services in remote areas is expected to boost segmental growth.
Communication Segment to Dominate Owing to Strong Adoption of Antennas from the Commercial Sector
Based on application, the market is categorized into navigation, communication, earth observation, technology development, and others.
The communication segment is expected to hold a dominant market share due to the strong adoption of communication antennas from the commercial sector. Furthermore, the rising adoption of communication antennas from governments may foster segmental growth.
Commercial Segment to Hold Largest Share Because of its Extensive Adoption in Military Applications
Based on end-user, the market is segregated into commercial, civil, government, and military.
The commercial segment is expected to dominate the market share due to its rising adoption in the military sector for surveillance purposes. Moreover, growing mobile users and rising internet services are expected to fuel segmental growth.
COVID-19 Impact:
Production Delays and Postponed Satellite Launch Hindered Market Growth
The market was negatively affected during the COVID-19 pandemic due to production delays and postponed satellite launches. The rapid spike in COVID-19 cases led to the adoption of stringent lockdown norms, thereby restricting satellite manufacturing. For example, the International Astronautical Federation (IAF) delayed the International Astronautical Congress space conference in April 2020. Airbus S.A.S stopped its production in Spain. Furthermore, the lack of manufacturing led to raw material shortages, resulting in production delays. These factors affected the market during the pandemic.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Internet of Things Adoption in the Manufacturing Sector to Foster Market Progress
Small satellites are objects developed and designed for earth observation, communication, navigation, and other purposes. Satellites are launched into several orbits that comprise Geostationary Earth Orbit (GEO), Medium Earth Orbit (MEO), and Low Earth Orbit (LEO) with the help of rockets. The robust Internet of Things (IoT) adoption in the manufacturing sector is expected to enhance satellite adoption. Furthermore, the rising adoption of satellites for transport, consumers, oil & gas, and mining is likely to fuel industry growth. These factors may drive the small satellite market growth.
However, launch vehicle shortage is expected to hinder the market growth.
Regional Insights
Rising Research & Development Investments in NASA to Fuel Growth in North America
North America is expected to dominate the small satellite market share due to rising research and development investments in NASA. The market size in North America stood at USD 2.53 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the adoption of tri-band antenna and SKYWAN technology is expected to foster the industry’s progress. For example, CubeSat announced a launch initiative from its international space station for the 109th CubeSat in July 2020.
In Europe, launching IoT services and the internet for numerous applications is expected to enhance the product adoption. Furthermore, the rising focus on executing and developing low-cost missions is expected to propel market growth.
In Asia Pacific, strong demand from India, Japan, and China is expected to foster industry growth. Furthermore, the development of plans by ISRO is expected to foster the industry’s progress.
Competitive Landscape
Prominent Players Announce Novel Facilities to Expand Market Reach
Prominent companies operating in the market announce novel facilities to expand their market reach. For example, Boeing announced its novel high-throughput test facility, integration, and small satellite production in March 2022. This development was meant to enhance productivity and fasten delivery times. The production facility shall be powered by Millennium Space Systems, a Boeing subsidiary, and shall be housed in the largest satellite production facility globally. This strategy may expand the company’s market reach worldwide. Further, companies devise automated production techniques, research and development, mergers, acquisitions, and collaborations to enhance the market growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of Covid-19 on Small Satellite Market
- Impact of COVID-19 Pandemic on the Small Satellite Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
- Impact of Russia-Ukraine War Crisis on Small Satellite Market
- Global Small Satellite Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Mini Satellite
- Micro Satellite
- Nano Satellite
- Market Analysis, Insights and Forecast – By Component
- Structure
- Payload
- Electric Power System
- Solar Panel and Antenna System
- Propulsion System
- Others
- Market Analysis, Insights and Forecast – By Application
- Domestic
- International
- Communication
- Earth Observation
- Navigation
- Technology Development
- Others
- Market Analysis, Insights and Forecast – By End User
- Commercial
- Military
- Academics
- Government
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued...!
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Key Industry Development
- May 2022: Thales Alenia Space entered into a joint venture with Leonardo and Thales to complete tasks associated with the final integration of Orion’s European Service Module 4 essential systems.
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