Visiongain has published a new report entitled Small Satellite Market Report 2023-2033: Forecasts by Type (Nanosatellite, Microsatellite, Minisatellite, Others), by Application (Navigation, Communication, Earth Observation, Scientific Research, Others), by End-users (Commercial, Government & Military, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The small satellite market is valued at US$2,884.3 million in 2023 and is projected to grow at a CAGR of 15.9% during the forecast period 2023-2033.
Innovations in Telemetry, Tracking and Command-to-Control Satellites to Offer Lucrative Growth Prospects
Next-generation ground systems are a leading trend in satellite technology due to advancements in telemetry, tracking, and command-and-control satellite architecture. Satellite tracking is accomplished with minimal human intervention by ground stations using radio-frequency (RF) communication terminals, such as electronically-steered and phased-array antennas. Similar to this, the coordinated movement of satellite constellations necessitates the use of contemporary intersatellite links in order for them to grow.
Smart RF & optical communication are used by start-ups running earth stations to achieve better in-orbit relays for upstream & downstream data transfer. Start-ups create decentralised communications terminals for satellite connectivity in remote areas and moving cars in addition to the stations that are already in place. From a business perspective, virtualized ground networks are made possible by ground stations, which in turn empower software-defined satellites. Thanks to these solutions, satellites can support an increasing number of end users by automatically reallocating, reconfiguring, and handling large amounts of bandwidth in response to demand.
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How has COVID-19 had a Significant Impact on the Small Satellite Market?
The COVID-19 pandemic had a mixed impact on the market. The economic downturn triggered by the pandemic has led to budget constraints and reduced funding for space-related projects. Government agencies and private investors prioritized other urgent needs and allocated fewer resources to the small satellite market. This has hampered the development and deployment of new satellites and limited the growth opportunities for small satellite companies. Furthermore, the pandemic has accelerated digital transformation across various industries thus leading to an increased demand for connectivity, remote sensing, and data services that small satellites can provide.
Additionally, the pandemic has highlighted the importance of Earth observation and monitoring systems for crisis management, disaster, and tracking the impact of the virus on the environment. Small satellites, with their ability to provide high-resolution imagery, real-time data, and global coverage, have proven to be valuable tools in addressing these challenges. As the world recovers from the pandemic, the small satellite market is expected to continue growing and playing a vital role in various industries.
How will this Report Benefit you?
Visiongain’s 266-page report provides 106 tables and 137 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the small satellite market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Small Satellite. Get financial analysis of the overall market and different segments including type, application, end-users and capture higher market share. We believe that there are strong opportunities in this fast-growing small satellite market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Demand for LEO-based Satellites Projected to Drive Industry Growth
Owing to the rising demand for small satellites operating in Low Earth Orbit (LEO), the global small satellite industry is undergoing significant growth. LEO satellites offer advantages such as higher data transmission rates, lower latency, and improved coverage, making them preferable for applications like broadband internet, Earth observation, and communication services. Lastly, the increasing need for real-time data, connectivity, and remote sensing capabilities across various industries has created a strong market demand for LEO-based small satellites as a viable and efficient solution.
For instance, in March 2023, OneWeb, a prominent player in Low Earth Orbit (LEO) satellite communications, recently achieved a significant milestone. Following a successful launch of 40 satellites by SpaceX from Cape Canaveral Space Force Station in Florida (US), OneWeb confirmed their successful deployment & establishment of contact. With an expanding fleet of satellites, OneWeb aims to establish partnerships and offer its services to a wider range of global clients, contributing to the growth and advancement of the small satellite market.
Rising Demand for High-resolution Imaging Services Globally
The small satellite market is being driven by the increasing global demand for high-resolution imaging services. Companies are deploying constellations of small satellites, including nanosatellites and microsatellites, in Earth's orbit to facilitate applications such as Earth observation and telecommunications, including high-speed internet services from space. Collaboration between countries and small satellite manufacturers is also driving this market, particularly in the field of satellite imaging. The need for advanced imaging capabilities, coupled with the cost-effectiveness and flexibility offered by small satellites, is fueling their adoption and driving the growth of the small satellite market.
For instance, in April 2023, King Abdullah University of Science and Technology (KAUST) and its partner Spire Global launched a Cubesat satellite into space through the SpaceX Transporter-7 mission from Vandenberg Space Force Base in the USA. The primary objective of this satellite is to gather high-resolution data spanning terrestrial, coastal, and ocean ecosystems. This ambitious endeavour aims to assist Saudi Arabia in effectively monitoring and characterizing its distinctive natural resources. This achievement solidifies the significant impact of high-resolution imaging services, which has emerged as a pivotal driver propelling the growth of the small satellite market.
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Where are the Market Opportunities?
3D Printing Empowers Small Satellite Market with Cost Reduction and In-Orbit Manufacturing
The growing utilization of 3D-printed parts on small satellites presents a compelling future opportunity for the market. Additive manufacturing advancements enable manufacturers to reduce costs and expedite the production of increasingly capable spacecraft. These advancements are also paving the way for a future where satellites can print parts while in orbit. Furthermore, the patented technology that enables 3D printing in space using sunlight holds great promise in eliminating the need for large and heavy satellite components that occupy significant space in rockets. Embracing these developments opens doors for enhanced efficiency, cost reduction, and increased functionality in the small satellite market, driving its growth and potential.
For instance, in May 2022, Mitsubishi Electric Corporation introduced an innovative solar-powered technique for 3D printing satellite antennas in space, utilizing a specialized resin that solidifies under UV radiation from the sun. This ground-breaking method offers a cost-effective solution by eliminating the requirement to transport multiple components that occupy significant rocket space to orbit. By leveraging this new technology, Mitsubishi aims to streamline satellite production, enhance efficiency, and reduce costs associated with satellite deployment, thereby presenting a compelling business opportunity for the small satellite market.
Global IoT Connectivity Through Small Satellites to Offer Lucrative Growth Opportunities
Small satellites present a significant business opportunity in facilitating global connectivity for Internet of Things (IoT) devices. By deploying a network of small satellites in low Earth orbit, they ensure uninterrupted and widespread connectivity for diverse IoT applications like agriculture, transportation, and remote monitoring. This enables businesses to seamlessly connect and manage their IoT devices on a global scale, enhancing operational efficiency and unlocking new possibilities for data-driven insights and decision-making. Leveraging small satellite technology for IoT connectivity empowers businesses to expand their reach, improve connectivity reliability, and tap into the immense potential of IoT-driven solutions across various industries.
Competitive Landscape
The major players operating in the small satellite market are Airbus, Axelspace Corporation, Ball Corporation, Blue Canyon Technologies, Boeing, Gomspace, L3Harris Technologies, Inc., Lockheed Martin Corporation, Maxar Technologies, Northrop Grumman Corporation, OHB SE, Planet Labs PBC, Sierra Nevada Corporation, Space Exploration Technologies Corp. (SPACEX), Surrey Satellite Technology Ltd., and Thales Group (Thales Alenia Space) among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 4th July 2023, Lancaster University was awarded approx. US$240,000 by the UK Space Agency to enable an unprecedented internet data rate provided by satellite constellations. The award is for the design and creation of a high power, compact, low-cost E-band travelling wave tube amplifier to enable 5G and 6G high data transmission for satellites.
- On 22nd June 2023, Exotrail signed its first contract with Blue Canyon Technologies, a subsidiary of Raytheon Technologies. The U.S. based small satellite manufacturer and mission services provider selected Exotrail, an end-to-end space mobility solutions provider, to embark Exotrail’s spaceware™ propulsion systems aboard the company’s Venus-class microsatellite platform, which will be used for NASA’s INCUS mission.
- On 9th May 2023, Rocket Lab USA, Inc. (Rocket Lab) signed a deal to launch NASA’s Starling mission, a multi-CubeSat mission to test and demonstrate autonomous swarm technologies, as well as automated space traffic management for groups of spacecraft in low-Earth orbit. The four Starling small satellites have been manifested on an Electron commercial rideshare mission scheduled for lift-off from Rocket Lab Launch Complex 1 in New Zealand in Q3 this year. Rocket Lab will deliver the satellites to space within three months of the contract signing.
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To find more Visiongain research reports in the Aviation sector, click on the following links:
- Commercial Satellite Imaging Market Report to 2031
- Satellite Communication (SATCOM) Equipment Market Report to 2031
- Top 15 Small Satellite Companies 2019
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