New York, USA, June 01, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global miniaturized satellite market is anticipated to generate a revenue of $15,958.6 million and grow at a remarkable CAGR of 17.1% during the estimated period from 2022 to 2031.
As per our analysts, the increasing popularity of low-cost miniatured satellites among the retail and banking sector, the energy industry, and the governments of developed countries is predicted to foster the growth of the miniaturized satellite market over the analysis period. Besides, the growing demand for low-cost broadband among individual users across developing nations and rural areas is expected to amplify the growth of the market during the forecast period. Moreover, the adoption of machine learning and artificial intelligence in numerous space development applications is expected to create expansive growth opportunities for the market throughout the analysis timeframe. However, the lack of satellite launch vehicles may hinder the growth of the market in the coming period.
Segments of the Miniaturized Satellite Market
The report has divided the market into segments based on type, application, end-user, and region.
Type: Nanosatellite Sub-Segment to be Most Productive
The nanosatellite sub-segment is expected to have the fastest growth during the analysis timeframe. This is mainly because nanosatellite spacecraft are more affordable than standard satellites. Moreover, the increasing demand for nanosatellites due to their lightweight property, faster development cycles, and lower launch expenses is expected to foster the growth of the market sub-segment over the forecast period.
Application: Satellite Communication Sub-Segment to be Most Profitable
The satellite communication sub-segment generated the biggest market share in 2021. The increasing use of communication antennas in the public and private sectors such as for aircraft navigation, GPS for mapping, and many more is predicted to uplift the growth of the miniaturized satellite market sub-segment during the analysis timeframe.
End-User: Commercial Sub-Segment to be Most Beneficial
The commercial sub-segment accounted for the highest market share in 2021. The rising use of miniaturized satellites by commercial organizations to deliver cutting-edge services like broadband satellite TV, and many more, and because of their affordability is expected to fuel the growth of the market sub-segment over the estimated period.
Region: North America Market Held the Largest Market Share in 2021
The North America region of the miniaturized satellite market generated the highest revenue in 2021. This is mainly due to the increasing need for mini satellites in the communication and telecom industry in this region. In addition, the growing demand for tiny satellites from various end-use industries across the region such as defense & military, telecommunications, and research organizations is predicted to boost the regional growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Miniaturized Satellite Market
The outbreak of the Covid-19 pandemic has brought severe economic losses across various industries. It has also hampered the growth of the miniaturized satellite market. This is mainly because of the closure of several manufacturing facilities, the economic slowdown, and supply chain disruptions during the pandemic period. Moreover, the growing demand for remote sensing and mapping services during the pandemic has suppressed the R&D activities of the miniaturized satellites. All these factors have declined the market throughout the crisis.
Key Players of the Miniaturized Satellite Market
The major players of the market include
- planet labs inc.
- Thales Group
- Northrop Grumman Corporation
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- The Aerospace Corporation
- L3Harris Technologies Inc.
- GomSpace
- The Boeing Company
- Airbus
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in September 2022, Exotrail, a start-up designing electric propulsion products and software solutions announced its partnership with Airbus, a leading European multinational aerospace corporation. With this partnership, Exotrail aimed to expand its spaceware ™ electric propulsion systems portfolio across the commercial and institutional markets.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Miniaturized Satellite Market:
Miniaturized Satellite Market Size Projected To Generate A Revenue Of $15,958.6 Million By 2031
