Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global small satellite market size was valued at USD 3.23 billion in 2022 and is slated to expand from USD 3.46 billion in 2023 to USD 5.88 billion by 2030, exhibiting a CAGR of 7.9% over the forecast period. The rise is due to the increasing usage of the product in a range of applications such as earth observation, surveillance, communication, in-orbit inspection, and others.
Fortune Business Insights™ cites this information in its research report, titled “Small Satellite Market, 2023-2030”.
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Leading Players Featured in the Research Report:
“Companies leading the Small Satellite Market are 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.), L3Harries Technologies (U.S.).”
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.9% |
| 2030 Value Projection | USD 5.88 Billion |
| Market Size in 2023 | USD 3.46 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| 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 Development of Small Launch Vehicles to Drive Market Growth |
| Mass Production of Satellites to Propel the Market Expansion |
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917
COVID-19 Impact:
Decline in Industry Value Due to Delay in Space Missions Amid COVID-19 Pandemic
The coronavirus pandemic considerably affected the market. Several major economies including Russia, India, China, the U.S., Japan, and France faced a delay in space missions. Besides mission delay, prominent space agencies faced reduction in budget amid the pandemic period.
Segments:
Propulsion System to Gain Traction Owing to Range of Applications
On the basis of component, the market is fragmented into command & data handling; telemetry, tracking, and command; propulsion system; power system; and others. The propulsion system segment is anticipated to emerge as the fastest rising segment over the estimated period. The surge is driven by extensive applications and the higher cost of components.
Minisatellite to Lead Owing to Various Technological Applications and Features
Based on weight, the market for small satellites is subdivided into microsatellite, minisatellite, nanosatellite, and picosatellite. The minisatellite segment is slated to depict considerable expansion throughout the forecast period. The rise is due to the advantage of longer life span and the inclusion of each aspect of a standard satellite.
Military Segment to Register Notable Surge Owing to Rising Satellite Constellations
By end-use, the market is categorized into commercial, military, and civil. The military segment is estimated to depict substantial expansion throughout the study period. The surge is driven by the escalated fleet size and cost associated with military satellites.
Earth Observation Satellite Demand to Rise Driven by Escalated Investments
On the basis of application, the market is subdivided into communication, navigation, earth observation, and others. The earth observation segment is slated to dominate the market over the forecast period. The rise is due to the increasing investments toward navigation satellite constellations.
By geography, the market has been analyzed across North America, Europe, Asia Pacific, and the rest of the world.
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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
- Impact of the COVID-19 pandemic on the Global Small Satellite Market
- Global Small Satellite Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Components
- Telemetry, Tracking, and Command
- Power System
- Propulsion System
- Command & Data Handling
- Other
- Market Analysis, Insights and Forecast – By Weight
- Minisatellite
- Microsatellite
- Nanosatellite
- Picosatellite
- Market Analysis, Insights and Forecast – By Application
- Communication
- Navigation
- Earth Observation
- Other
- Market Analysis, Insights and Forecast – By End Use
- Civil
- Military
- Commercial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the World
- North America Small Satellite Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Components
- Telemetry, Tracking, and Command
- Power System
- Propulsion System
- Command & Data Handling
- Other
- Market Analysis, Insights and Forecast – By Weight
- Minisatellite
- Microsatellite
- Nanosatellite
- Picosatellite
- Market Analysis, Insights and Forecast – By Application
- Communication
- Navigation
- Earth Observation
- Other
- Market Analysis, Insights and Forecast – By End Use
- Civil
- Military
- Commercial
- Market Analysis – By Country
- The U.S. (By Application)
- Canada (By Application)
- Market Analysis, Insights and Forecast – By Components
TOC Continued...!
Report Coverage:
The report provides an analysis of the prominent trends driving the global industry landscape. It further gives an account of the key steps and initiatives undertaken by leading market participants for strengthening their industry position. Some of these steps include merger agreements, acquisitions, and the launch of new products.
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Drivers and Restraints:
Rise in Market Value Owing to Surging Development of Launch Vehicles
One of the key factors propelling the small satellite market growth is the increasing development of small launch vehicles. The industry expansion is propelled by the lower cost of SLVs and shorter production time.
However, the industry expansion is likely to be hindered on account of short lifespan and the limitations of weight and size.
Regional Insights:
North America to Depict Substantial Growth Driven by Various Upcoming and Ongoing Projects
The North America small satellite market share is poised to grow at a commendable pace over the projected period. The rise is driven by an increase in the range of upcoming and ongoing projects.
The Europe market is expected to depict moderate growth throughout the study period. The surge is impelled by a range of smallsats for earth observation and military applications.
Competitive Landscape:
Leading Companies Form Joint Ventures to Secure Competitive Edge
Major small satellite industry players are formulating and implementing a range of strategic initiatives for the consolidation of their position in the market. Some of these initiatives include acquisitions, merger agreements, joint ventures, and the rollout of new products. Additional steps include an increase in research activities.
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Key Industry Development:
November 2022 – The Indian Space Research Organization launched an earth observation satellite in addition to 8 nanosatellites. The purpose of these nanosatellites was technology demonstration and optical imaging.
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