New York, United States, June 29, 2023 (GLOBE NEWSWIRE) -- The Global Small Satellite Market Size is To Grow from USD 3 Billion in 2022 to USD 13.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period.
Covid 19 Impact
The pandemic had a huge influence on the small satellite industry, but the sector has remained robust due to high demand from a variety of applications like communication, navigation, and earth observation. One of the primary issues confronting the small satellite business is the disruption of the worldwide supply chain. The lockdown and travel restrictions caused delays in the arrival of equipment and components essential for satellite construction and launch. The closure of several satellite production facilities and launch locations has resulted in the cancellation and postponement of minor satellite missions. Increased investments in the creation of tiny satellites, as well as a rising number of entrepreneurs joining the industry, led to its expansion during the pandemic.
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Small satellites are low-cost alternatives that have enabled commercial enterprises, non-profit groups, and educational institutions to execute low-Earth orbit missions. These tiny satellites enable a wide range of scientific experiments and technology demonstrations to be carried out in orbit at a cheap cost, on schedule, and with relative ease. Smaller and lighter satellites demand smaller and less expensive launch vehicles, therefore several satellite launches are typically feasible. They can also be utilized to 'piggyback' on larger launch vehicles, enabling access to more launch vehicle capabilities. Miniaturized satellites enable lower-cost design and mass manufacture. Technological improvements in the tiny satellite sector have made developing, producing, and operating small spacecraft easier and less expensive. Miniaturization advancements, for example, have enabled increased capabilities to be packed into smaller and lighter satellites.
The small satellite sector is expected To Grow drastically. This development is being driven by several factors, including rising demand for small satellites in low-Earth orbit (LEO) and increased demand for satellite-based communication services. Both of these factors lead to its growth. As technology has improved, small satellite manufacturing and launch have become more efficient. As a result, launching small satellites into orbit is now much easier and less expensive. Furthermore, there has been an increase in the need for data connected to earth observation and remote sensing, increasing the demand for small satellites in a variety of industries. Furthermore, Due to the necessity for enough time for research and development, infrastructure for creating laser systems from scratch, field testing, demonstration, and installation, the initial cost of developing military laser systems is high.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on the "Global Small Satellite Market Size, Share, and COVID-19 Impact Analysis, By Type (Nano, Micro, Mini), By Mass (Small Satellite and CubeSat), By Application (Navigation, Communication, & Scientific Research, Earth Observation, & Others), By Component (Satellite Bus, Payload, Solar Panel, Satellite Antenna), By End-user (Commercial, Civil, Military, & Government), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The mini segment is dominating the largest market share over the forecast period.
The global small satellite market is classified into three types: nano, micro, and mini. Among these segments, the small segment holds the biggest revenue share over the predicted period. Minisatellites are small spacecraft that provide better access to space and scientific research. Mini spacecraft weighing 100 to 500 kg are another name for them. They have several advantages over other tiny and large satellites, including cheaper costs for future space missions for scientific and human exploration.
The CubeSat segment is influencing the largest market growth over the forecast period.
The worldwide small satellite market is segmented into many divisions based on size, including tiny satellites and CubeSats. Among these categories, the CubeSat segment of the small satellite business is expected to be valued at more than USD 1.5 billion in 2022. It has grown rapidly in recent years and is anticipated to grow further. A CubeSat is a small spacecraft with dimensions of 10x10x10 cm and a mass of up to 1.33 kg. This makes it easier to build and deploy than traditional satellites. As governments and commercial organizations grow more interested in deploying small satellites for space missions and scientific study, such as examining space weather, planetary exploration, and Earth's atmosphere, the CubeSat industry is expanding.
The satellite bus segment is leading the market with the largest market growth during the forecast period.
The global small satellite market is bifurcated by components into satellite bus, payload, solar panel, and satellite antenna. Among these segments, the satellite bus segment has the biggest market share over the projection period. The use of small satellites for government and commercial purposes influences demand. By offering a standardized, cost-effective platform that can be easily adapted for a variety of purposes, the satellite bus sector in the small satellite industry plays an important role in allowing the development and operation of small satellites. As long as there is a demand for small satellite missions, the market for satellite buses is expected to continue developing and improving.
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North America led the largest market share over the forecast period.
North America has the biggest market share over the forecast period, due to the significant presence of important companies such as SpaceX, Spire Global, and Planet Labs, the United States was the main contributor to regional market growth in the area. A surge in small satellite launches in the United States is driving market expansion in the area. Furthermore, the strong presence of significant small OEMs, raw material suppliers, and component fabricators is expected to drive regional growth. Furthermore, rising NASA budgets and government financing for small satellite development are expected to boost the region's economy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Small Satellite Market include Airbus S.A.S, The Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, Sierra Nevada Corporation, ST Engineering, Thales Group, SPACEX, L3Harris Technologies, Inc., and Others.
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Recent Development
In April 2022, NASA awarded contracts worth USD 278.5 million to Amazon's satellite venture, SpaceX's Starlink network, and other satellite businesses to showcase space communications as the US space agency prepares to replace its present satellite network in orbit with privately produced systems.
In January 2022, virgin Orbit successfully launched seven CubeSats for three clients on the third straight successful operational flight of their LauncherOne air-launch system. Two of the satellites were built by SatRevolution, a Polish smallsat developer. One satellite was built by Spire Global in collaboration with the Austrian Space Forum and Findus Venture GmbH to monitor the orbital debris environment. The remaining four satellites were acquired under the Defense Department's Space Test Program.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Small Satellite Market based on the below mentioned segments:
Global Small Satellite Market, By Type
- Nano
- Micro
- Mini
Global Small Satellite Market, By Mass
- Small Satellite
- CubeSat
Global Small Satellite Market, By Application
- Navigation
- Communication
- Scientific Research
- Earth Observation
- Others
Global Small Satellite Market, By Component
- Satellite Bus
- Payload
- Solar Panel
- Satellite Antenna
Global Small Satellite Market, By End User
- Commercial
- Civil, Military
- Government
Small Satellite Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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