Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The "Small Satellite Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application Transmitter, Payload, and Vertical" report has been added to ResearchAndMarkets.com's offering.
The small satellite market is expected to reach US$ 11,778.83 million by 2028; it is estimated to grow at a CAGR of 24.7% from 2022 to 2028.
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 worldwide, 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.
A small satellite can also be effective for remote management. Sensors can help control all devices, receive real-time information, and send commands for configurations remotely across the world. Satellite communications support land-based communications in Amazon basin, Antarctica, offshore platforms, critical infrastructure such as 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. According to Oberlo, in 2022, there are ~62.6% active internet users across the world. The growing internet access worldwide 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 small satellite market growth during the forecast period.
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, 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.
SES, Eutelsat, Arqiva, Hispasat, Globecast, and other World Teleport Association (WTA) companies are utilizing small satellite networks to offer communication services. These companies offer cloud services and other connectivity solutions for video and data management to video service providers, broadcasters, telecom operators, Internet Service Providers (ISPs), and government agencies. Thus, the rising adoption of satellite communication is directly propelling the demand for small satellites across Europe, contributing to the growth of the small satellite market in the region.
The European Space Agency (ESA) is actively engaged in several projects to develop nanosatellites. For instance, in April 2019, the ESA set up a dedicated unit for designing nanosatellite. The agency partnered with numerous local organizations to design nano satellites for atmospheric reentry measurements and ozone monitoring. Also, in 2019, ESA started the development of Miniaturized - Asteroid Remote Geophysical Observer (M-ARGO) nanosatellite for the assessment of asteroids. Another nano satellite that the agency is developing includes Rendezvous Autonomous CubeSats Experiment (RACE) for the testing of autonomous rendezvous and docking capabilities.
These factors are further expected to contribute to the rapid growth of the small satellite market in Europe in the coming years. The region also homes several small satellite market players, further boosting the growth of the region. Some of the players to be mentioned are Infineon Technologies AG, Tyvak International, AAC Clyde Space, Leonardo S.p.A, SPUTNIX LLC, and Alen Space.
Market Dynamics
Market Drivers
- Growing Support for Development of Small Satellites
- Increasing Number of Partnerships and Contracts
Market Restraints
- Lack of Small Satellite Manufacturers Across Emerging Regions
Market Opportunities
- Growing IoT and Communication Applications
- Rising Production of Smallsats for Beyond LEO Orbit Launches
Future Trends
- Rising Adoption of Small Satellites for Military Applications
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Small Satellite Market Landscape
5. Small Satellite Market - Key Market Dynamics
6. Small Satellite Market - Global Market Analysis
7. Small Satellite Market Analysis - By Type
8. Small Satellite Market Analysis - By Payload
9. Small Satellite Market Analysis - By Application
10. Small Satellite Market Analysis - By Vertical
11. Small Satellite Market - Geographic Analysis
12. Small Satellite Market - COVID-19 Impact Analysis
13. Industry Landscape
14. Company Profiles
Companies Mentioned
- Dauria Aerospace
- GomSpace Group AB
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Sierra Nevada Corporation
- Surrey Satellite Technology Ltd
- Swarm Technologies Inc
- Thales SA
- Tyvak International SRL
For more information about this report visit https://www.researchandmarkets.com/r/eyqcun
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