The global small satellite market size is expected to reach USD 9.45 Billion by 2028 according to a new study by Polaris Market Research. The report “Small Satellite Market Share, Size, Trends, Industry Analysis Report, By Satellite Type; By Application; By NGEO Orbit; By End-Use (Commercial, Government & Defense, Civil); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for satellite services is expected to increase monotonically, as consumers continue to have growing expectations of high-speed internet connectivity in all places and at all times, on ships, airplanes, and remote places across the globe. Internet users with a need for low-latency broadband for applications such as online gaming augmented reality, streaming video, and banking are likely to be the early adopters of LEO services, which positively influence the market growth of small satellites.
There is a surging market demand for monitoring and tracking the changes in climate, an agricultural area, and economic activity. Changing climatic conditions and the increasing threat of cyclones, forest fires, etc., have resulted in an increased need for remote sensing for continuous weather monitoring to mitigate the loss of life and property. The market is primarily driven by the increasing number of earth observation projects by numerous space agencies.
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North America holds the highest revenue share over the study period. Initiatives by NASA to promote the development and launch of nanoproducts for science and exploration applications are likely to boost the region’s growth. Growth in Asia-Pacific is expected to be driven by the entry of new start-ups focusing on small satellite development and increasing availability of launch in the region.
Market participants such as AAC Clyde Space, Chang Guang Satellite Technology Co., Ltd., Airbus S.A.S., EXOLAUNCH GmbH, G.A.U.S.S. SRL, GomSpace, GeoOptics, Inc., Kepler Communications Inc., Lockheed Martin Corporation, L3Harris Technologies, Inc., NANORACKS, Northrop Grumman, ORBCOMM, PUMPKIN, INC, Planet Labs Inc., Satellogic, Sierra Nevada Corporation, Spire Globall, SpaceX, Swarm Technologies, Inc., Surrey Satellite Technology Ltd., and Thales Group are some of the major players operating in the global market of small satellites.
Industry players emphasize building cube satellites with off-the-shelf components, which is much easier, quicker, and cheaper is likely to intensify competition among the players. For instance, in March 2021, Rocket Lab launched seven small satellites to EO for future missions, including one for Fleet Space, one for Myriota, two IoT nano, and three experimental satellites. Additionally, it launched a tech-demo Cubesat for the U.S. Army’s Space.
Polaris Market Research has segmented the small satellite market report on the basis of satellite type, application, NGEO orbit, end-use, and region:
Small Satellite, By Satellite type Outlook (Revenue – USD Million, 2016 – 2028)
Small Satellite, Application Outlook (Revenue – USD Million, 2016 – 2028)
- Earth Observation and Remote Sensing
- Scientific Research & Exploration
- Mapping & Navigation
- Surveillance & Security
- Space Observation
Small Satellite, NGEO Orbit Outlook (Revenue – USD Million, 2016 – 2028)
- Traditional LEO and MEO
- LEO high throughput
- MEO high throughput
Small Satellite, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
- Government and Defense
Small Satellite, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa