WASHINGTON, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Small Satellite Market is valued at USD 2.9 Billion in 2022 and is projected to reach a value of USD 8.86 billion by 2030 at a CAGR (Compound Annual Growth Rate) of 17.3% over the forecast period 2022-2028.
Market Overview
The market for LEO-based telecom services is fuelling the expansion of the Small Satellite industry. The smaller product in the telecommunications constellation contains onboard attitude control and propulsion systems and communicates with the ground primarily through radio or laser communications. Developed nations have an expanding market need for high-speed, inexpensive bandwidth with greater capacity for information systems (banking, retail), the energy industry (gas, oil, mining), and politics.
We forecast that solar panels in Small Satellite market sales will account for more than 25% of total sales by 2030. Illumination converters include solar panels. A grouping of solar or photoelectric cells used to produce power through the photovoltaic effect is known as a solar panel. Pure silicon solar cells are used to create most solar panels.
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Market Dynamics
Increase in Usage in Military Area Support Market Expansion
Military satellites are employed for communication, surveillance, and reconnaissance mission profiles. Early warning systems and continuous monitoring of a region are both capabilities of military satellites. Military satellites can carry out tactical and strategic tasks in addition to surveillance. In addition to keeping an eye on enemy weapon advancements, satellites may also check if countries abide by arms control agreements and encourage sustainable targeting by planning to place military assets in key strategic locations in the event of hostilities. To address the rising demand, military Small Satellite makers are concentrating on ways to mass-produce small, affordable satellites. The strategy calls for inexpensive industrial-rated passives during the development and design validation phases.
Increasing Adoption of Small Satellites for Commercial Applications has Significantly Boosted Market Growth
One of the key drivers of expanding the global Small Satellite market is the rising demand for complex projects for both commercial and governmental purposes worldwide. The global Small Satellite market is rapidly expanding due to the rising number of satellites launches for commercial purposes, including satellite TV antennas, communication, radio transmission, etc.
Top Players in the Global Small Satellite Market
- Airbus S.A.S (France)
- GOMSPAC (Denmark)
- L3HARRIS Technologies Inc. (U.S.)
- Lockheed Martin Corp. (U.S.)
- Northrop Grumman Corp. (U.S.)
- Planet Labs Inc. (California, U.S.)
- Sierra Nevada Corp. (Sparks, U.S.)
- Thales Group (Paris)
- The Boeing Company (Arlington, U.S.)
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Top Trends in the Global Small Satellite Market
- One trend that Vantage Market Research (VMR) expects to see in the Small Satellite industry is that civil government applications are likely to generate future demand. This is brought on by rising public spending on tiny satellite systems and improved production and launch technologies. Furthermore, advanced Small Satellites, including micro and mini satellites, are being developed by NASA, ISRO, and several other civil government entities. Also, they are working on the prototypes needed to operationalize the satellites for several different purposes. Due to budgetary concerns or the need for the requisite tender organization within the authorized budget for future development plans, as satellite technologies are expensive, various factors, such as projected government budgets and acquisition cycles, can slow down the Small Satellite market growth.
- Another trend that VMR predicts will continue in the Small Satellite industry is an increase in demand for low-cost satellites. The demand for low-cost, compact satellites with increased capacity for government, the energy sector (oil, gas, mining), and enterprise data (retail, banking) are growing in industrialized countries. So, there is a rise in demand for priced Wi-Fi amongst individual users in developing countries and remote places that might need access to the internet. These market expectations are what motivate investments in LEO constellations based on salsas. Additionally, industrialized countries have a substantial need for limited high-speed internet. If all planned GEO HTS satellites and LEO constellations are successful, there may be more supply than expected demand, resulting in a lower cost per megabit.
Top Report Findings
- Based on the Application, the Communication category controls most of the Small Satellite market's revenue. In addition to providing in-flight phone service for aircraft, satellites are frequently the primary voice communication route for remote communities and regions with damaged phone lines during a disaster. Cell phones and pagers also get their primary timing from satellites.
- Based on Subsystem, most of the Small Satellite market's revenue is controlled by the solar panel category. Because solar panels are becoming more affordable and electricity rates are rising, this industry boom is anticipated to last for the foreseeable future., The demand for solar panels will increase in the residential rooftop solar industry, along with the cost of polysilicon and silver used in producing solar cells.
- Based on End Users, most of the Small Satellite market's revenue is controlled by the Commercial category. Applications, including nautical tracking, spying, and Earth observation, make up the commercial component. Small Satellites give significant imaging and imaging capabilities, which have uses in assessing environmental consequences, tracking land use, managing forests, and managing natural resources.
- Based on Mass, the category controls most of the Small Satellite market's revenue. Satellite-based is conceivable using the Ku-band frequency spectrum. The primary application for this band is playtesting. Ku-band antennas offer a flexible and cost-effective alternative to C-band for achieving high throughput. As a result, a wider range of data application areas may use Ku-band antennas.
- Based on Frequency, the category controls most of the Small Satellite market's revenue. Satellite-based is conceivable using the Ku-band frequency spectrum. The primary application for this band is playtesting. K-band antennas offer a flexible and cost-effective alternative to C-band for achieving high throughput. As a result, a wider range of data application areas may use K-band antennas.
- Based on Orbit, most of the Small Satellite market's revenue is controlled by the LEO category. LEO satellites orbit at an altitude of 200 to 2,000 kilometres. LEO satellites are frequently used for imaging, spying, military surveillance, and other types of communications. LEO is where most human-made satellites orbit the planet. The shorter signal propagation delay to LEO benefits communications satellites.
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Recent Developments in the Global Small Satellite Market
- In February 2022, Lockheed Martin Corporation received a 700-million-dollar contract from The Space Development Agency (SDA) to design and create 42 tiny satellites.
- In September 2021, Bhutan's telecom department and the Indian Space Research Organization (ISRO) agreed to develop tiny satellites for Bhutan in a contract signed.
Communication Category of the Application Segment of the Global Small Satellite Market Forecast to Generate Nearly Half the Application Segment Revenue
For better understanding, based on the Application, the Small Satellite market is divided into Communication, Earth Observation, Education, Technology, and Other Applications.
The Communication market was the largest by application and is anticipated to hold the top spot during the projected period. On-ground transmissions can be made possible by satellites. This covers both one-way and multiple communication, from radio shows to broadband. A global communications network is only possible with satellite communications. Over 2,000 man-made satellites circling the earth transmit and receive digital and analog signals, conveying audio, video, and data to and from single or several sites worldwide.
On the other hand, the Earth Observation category is anticipated to grow significantly. This is mostly because tiny satellites' compact design facilitates efficient earth observation. Small Satellites are used in earth observation to observe the earth using electro-optics and radar. These little items are also utilized in meteorology for practical applications and Earth science studies. Moreover, these technologies can track natural disasters like storms, floods, cyclones, volcanic eruptions, fires, landslides, pollution, and accidents at factories and power plants.
Nearly Half the Total Global Revenue is Expected to be Generated by the North America Region of the Small Satellite Market in the Projected Period
The North America region is projected to do so in the coming years. due to rising financial support for space-related endeavours. For instance, NASA sets aside a certain amount of money each year for space-related projects, such as research, aviation, space technology, exploration, and other areas. Also, the increasing adoption of tiny satellites from several end-use industries, including research organizations, military & defines, and communication, has boosted regional market expansion.
The Asia Pacific region is projected to grow fastest in the Small Satellite market. As a result of the rising per-income level in developing countries in the Asia-Pacific region like China, India, and Taiwan, there is expected to be an increase in demand for geographic information services in areas like satellite-based network infrastructure and mobile computing services during the forecast period. India is anticipated to play a significant role in tiny satellite services on account of the increased focus on advanced research by the Indian Space Research Organization (ISRO), which has shifted most of its commercial space-related operations to the sector. The Government of India also supports attempts to encourage cooperation and coordination among substantial private space sector players. In addition, China, another important nation in the area,
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Small Satellite Market Forecast Report (2023-2030).
Global Small Satellite Market Segmentation
By Application
- Communication
- Earth Observation
- Education
- Technology
- Other Applications
By Subsystem
- Satellite Bus
- Payload
- Solar Panel
- Satellite Antenna
- Other Subsystems
By End-Use
- Commercial
- Government & Défense
- Dual use
By Mass
- Small Satellite
- CubeSat
By Frequency
- L-Band
- S-Band
- X-Band
- Ka-Band
- O/Y-Band
- Laser/Optical
By Orbit
- LEO
- GEO
- MEO
- Other Orbits
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2.9 Billion |
| Revenue Forecast by 2030 | USD 8.86 Billion |
| CAGR | 17.3% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Airbus SAS, GOMSPAC, L3HARRIS Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Planet Labs Inc., Sierra Nevada Corp., Thales Group, The Boeing Company |
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