Burlingame, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Small Satellite Market, By Satellite Size (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, Femtosatellite), By Application Type (Earth Observation, Telecommunication, Scientific Research, Technology Demonstration), By End User (Civil, Defense, Commercial, Government), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030”. According to the report, the global small satellite market is estimated to be valued at US$ 3,900 million in 2022 and is expected to exhibit a CAGR of 15.7% during the forecast period.
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Analysts’ Views on Global Small Satellite Market
Small satellites are a low-cost alternative that helps space agencies, educational institutions, non-profit groups, and commercial enterprises conduct mission in low-Earth orbit. Small satellites have made it possible to conduct a variety of scientific investigation and technical demonstration in the orbit at low cost, on time, and with relative ease. A small satellite, or smallsat, is a satellite of low mass and size, usually under 1,200 kg (2,600 lbs). Small satellites help space agencies around the world increase access to space, lower the cost of new space missions, and advance scientific and human exploration. Small satellites are also used for a variety of applications, such as navigation, surveillance for defense purposes, communication, and others.
Key Trends and Analysis of the Global Small Satellite Market:
Increasing number of space exploration activities is one of the key trends expected to augment the growth of the global small satellite market. For instance, small satellites are nowadays recognized as a tool for conducting high-profile space missions, and the number is growing constantly. Small satellites are also increasingly useful in the civil space exploration. For instance, the U.S. National Aeronautics and Space Administration’s (NASA’s) Earth Venture missions include low-cost small satellite missions intended for cutting-edge Earth science. The Small Explorers program funds and flies small satellites for a range of low-cost space science missions. NASA’s Astrophysics Pioneers Program funds and flies small satellites dedicated to innovative astrophysics research.
Global Small Satellite Market – Drivers
Increasing demand for LEO satellites to propel market growth
Low Earth orbit (LEO) satellite systems are relatively small, and are located in orbits much closer to the surface of the Earth than the traditional communications satellite. LEO satellites enable close to global coverage and are therefore expected to become important pillars of future communication standards. In March 2023, Bharti Group-backed OneWeb announced the launch of another batch of 36 satellites from the Indian Space Research Organisation’s (ISRO’s) space centre in Sriharikota Andhra Pradesh, India. The launch, the company’s 18th, takes OneWeb’s LEO satellite count to 618, positioning it to start global satellite broadband services by end-2023.
Small Satellite Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 3,900 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 15.7% | 2030 Value Projection: | US$ 12,491 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, OneWeb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Technological Advancements to augment the market growth
Miniaturization of components, improvements in the propulsion system, and more efficient power sources have enhanced the capabilities of small satellites, enabling them to perform complex tasks in orbit. In May 2023, Rocket Lab USA, Inc. a leader in launch services and space systems, signed a deal to launch U.S. National Aeronautics and Space Administration (NASA’s) Starling mission, a multi-CubeSat mission to test/demonstrate autonomous swarm technology, as well as automated space traffic management for groups of spacecraft in low-Earth orbit. Starling mission is designed to test technologies to enable future “swarm” missions.
Global Small Satellite Market – Restrain
Limited payload capacity to hamper market growth
One of the key factors expected to hamper growth of the global small satellite market is the limited payload capacity and capabilities. Small satellites have limitations in terms of thrust, payload, and other subsystems that they can carry due to their compactness. The compact size of small satellites restricts the amount of payload they can carry, limiting their application in certain missions which require larger instruments or equipment. The compact size also constrains their ability to carry key components needed to conduct complex missions and affects the types of instruments or equipment and experiments that can be included on the satellite.
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Global Small Satellite Market – Opportunities
High demand for small satellites for defence and security purpose is expected to offer significant growth opportunities for players in the global small satellite market. Worldwide, governments and defence agencies are increasingly leveraging small satellites for reconnaissance, surveillance, and intelligence-gathering purposes. In July 2021, Netherlands (Europe) announced the launch of the country’s first military satellite. BRIK II, a nano-satellite, was placed into Orbit around the Earth by the company Virgin Orbit. BRIK II is an experimental project of the Royal Netherlands Air Force (RNLAF) and marks the entry of the country’s military into the space domain.
Global Small Satellite Market - Key Developments
In February 2023, Indian Space Research Organisation (ISRO) launched its second developmental flight of a Small Satellite Launch Vehicle, called SSLV-D2, and placed three satellites in its precise orbit. SSLV-D2 lifted off from Sriharikota at 9:18 a.m.
In February 2023, SpaceX announced the launch of 53 of its Starlink internet satellites to orbit on its Falcon 9 rocket, marking the 200th flight of the workhorse rocket.
Key Market Takeaways:
Global small satellite market is expected to exhibit a CAGR of 15.7% over the forecast period. The global small satellite market is growing rapidly in response to the increasing demand for miniaturized satellites across multiple verticals and cost efficiency of the small satellites.
On the basis of Satellite Size: Nano-satellite Segment is expected to dominate the market during the forecast period and this is attributed to the growing deployment of a nano-satellite for Earth observation missions worldwide.
On the basis of Application Type: Earth Observation Segment is expected to dominate the market over the forecast period and this is attributed to the rising number of space exploration activities across the globe.
On the basis of End User: Defence Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for small satellites for defence and security purpose and favorable government support.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due the growing number of space exploration activities, high demand for LEO satellites, and high demand for defence and security purpose to in the region.
Competitive Landscape:
Key players operating in the global small satellite market include Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OneWeb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., OHB AG, and Thales Alenia Space.
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Detailed Segmentation:
- Global Small Satellite Market, By Satellite Size:
- Minisatellite
- Microsatellite
- Nanosatellite
- Picosatellite
- Femtosatellite
- Global Small Satellite Market, By Application Type:
- Earth Observation
- Telecommunication
- Scientific Research
- Technology Demonstration
- Global Small Satellite Market, By End User:
- Civil
- Defense
- Commercial
- Government
- Global Small Satellite Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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