Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Europe Small Satellite Market Forecast to 2028 - COVID-19 Impact and Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The Europe small satellite market is expected to grow from US$ 746.74 million in 2022 to US$ 2,245.82 million by 2028; it is estimated to grow at a CAGR of 20.1% from 2022 to 2028.
Increasing IoT and Communication Applications is Driving the Europe Small Satellite Market
Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite. Space has become an ideal solution to improve the efficiency of current terrestrial communication networks. According to Alen Space, by 2025, more than 25.2 billion IoT connections are predicted to exist in the region, and the IoT market will reach US$ 1,072.08 billion (€ 950 billion). Also, small satellite constellations can play an important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data is received from all types of sensors and linked devices for IoT-based business models.
Thus, a small satellite helps receive, store, and transmit real-time information to any point. The small satellite can also be effective for remote management. Sensors can help to control all devices, receive real-time information, and send commands for configurations remotely across the Europe. Satellite communications support land-based communications in Amazon basin, Antarctica, offshore platforms, critical infrastructure like nuclear power plants, and other hard-to-reach areas.
Also, small satellites guarantee communication in any circumstances in virtually uncommunicated areas such as large rural areas, desert territories, frozen areas, jungle areas, and high seas. For high internet access, several projects are being launched in various developed and developing regions where small satellites play a major role. The growing internet access in Europe will propel the demand for small satellites during the forecast period. Thus, the rising demand for small satellites to provide internet access, M2M communication, and IoT will create a lucrative opportunity for market growth in the forecasted period.
Market Dynamics
Market Drivers
- Mounting Support for Development of Small Satellites
- Growing Number of Partnerships and Contracts
Market Restraints
- Absence of Small Satellite Manufacturers Across Emerging Regions
Market Opportunities
- Increasing IoT and Communication Applications
- Expanding Production of Smallest's for Beyond LEO Orbit Launches
Future Trends
- Growing Adoption of Small Satellites for Military Applications
Europe Small Satellite Market Overview
Based on country, the small satellite market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Over the years, satellite research & development programs and production facilities have increased in Europe. The region is also highly dependent on space services for applications such as earth observation, and communication and navigation. According to European Parliamentary Research Service (EPRS), 10% of Europe's GDP is supported by satellite navigation signals. For instance, according to EPRS, in 2021, the global navigation satellite systems (GNSS) recorded a total revenue of US$ 174.27 billion, in which Europe accounted for 25% of the total revenue. Thus, the growing demand for nano and micro satellites for communication and navigation applications across the country is constantly increasing across the region. Europe Small Satellite Market Segmentation
The Europe small satellite market is segmented based on type, payload, application, vertical, and country.
- Based on type, the Europe small satellite market is bifurcated into nanosatellite (1 to 10 Kg) and microsatellite (10 to 150 Kg). The microsatellite (10 to 150 Kg) segment held a larger market share in 2022.
- Based on payload, the Europe small satellite market is segmented into automatic identification system (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held the largest market share in 2022.
- Based on application, the Europe small satellite market is segmented into earth observation, communication and navigation, and scientific research. The earth observation segment held the largest market share in 2022.
- Based on vertical, the Europe small satellite market is segmented into government, military, and commercial. The commercial segment held the largest market share in 2022.
- Based on country, the Europe small satellite market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. France dominated the market share in 2022
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $746.74 Million |
| Forecasted Market Value (USD) by 2028 | $2245.82 Million |
| Compound Annual Growth Rate | 20.1% |
| Regions Covered | Europe |
A selection of companies mentioned in this report includes
- Dauria Aerospace
- GomSpace Group AB
- Lockheed Martin Corp
- Northrop Grumman Corp
- Raytheon Technologies Corp
- Sierra Nevada Corp
- Surrey Satellite Technology Ltd
- Thales SA
- Tyvak international SRL
For more information about this report visit https://www.researchandmarkets.com/r/psz5o0-small?w=12
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