The global small satellite market size was valued at ~USD 2.8 Bn in 2020 and is expected to reach ~USD 12.5 Bn by 2028, expanding at a CAGR of 20.5% during the forecast period, 2021-2028.
Small satellites are low-cost substitutes that enable multinational firms, non-profit organizations, and educational establishments to perform low-Earth orbit operations.
These small satellites enable a wide range of scientific experiments and technology demonstrations to be carried out in orbit at a minimal cost, in an efficient way, and with high flexibility. Small, light satellites need small, less expensive launch vehicles, therefore numerous satellite launches are frequently conceivable. Small satellites allow for cost-effective design and production. The market is fueled by rising demand for LEO-based services, increased need for earth observation images and analytics, and growing number of space research missions.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing demand for high-definition earth imaging, significant investments in space research, and increasing number of government operations are some of the primary drivers for market expansion.
- The restriction of small satellites in terms of payload capacity, as well as the lack of designated small satellite launch vehicles, impede the expansion of the small satellite market.
- Research & development is aided by financial incentives, which ais expected to create high potential in the small satellite market over the forecast period.
Scope of Small Satellite Market Report
The report on the global small satellite market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Global Small Satellite Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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By Types (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, and others), By Subsystems (Satellite Bus, Payloads, Solar Panel, and Satellite Antennas), By End-users (Civil, Commercial, and Military), By Applications (Communication, Earth Observation and Remote Sensing, Scientific Research & Exploration, Mapping & Navigation, Surveillance & Security, Meteorology, and Space Observation)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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OHB SE, Airbus S.A.S., L3Harris Technologies, Inc., Lockheed Martin Corporation., Sierra Nevada Corporation, The Aerospace Corporation., Planet Labs Inc., Boeing, RUAG Group, and AAC Clyde Space.
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Global Small Satellite Market Segment Insights
Cost-effective nanosatellites to drive the market
Based on types, the global small satellite market is segmented into minisatellite, microsatellite, nanosatellite, picosatellite, and others.
The nanosatellites segment is anticipated to grow during the forecast period. Nanosatellites enable rapid, cost-effective, and sustainable access to space. These satellites are used for a plethora of sophisticated space missions, encompassing disaster risk management, environmental monitoring, scientific research and exploration, communications, special operations, positioning, and other academic applications. Less rigorous rules, simple production process, and low costs are driving the nanosatellite market.
Payloads segment to drive the market
On the basis of subsystems, the global small satellite market is segmented into satellite bus, payloads, solar panel, and satellite antennas. The payloads segment is expected to expand at a significant rate during the forecast period.
Growing popularity of internet services to drive the market
In terms of end-users, the global small satellite market is segmented into civil, commercial, and military.
The commercial segment dominated the global market in 2020 and is expected to grow significantly over the forecast period, due to the growing popularity of internet services and mobile users. The industry is growing, due to the increased use of adversary spy satellites. Satellites are used for a variety of commercial purposes, including mapping, communications, and meteorology.
Small satellites are increasingly being used in surveillance operations, hence the military segment is expected to develop significantly. The government segment is expected to grow significantly, due to increased satellite development projects by government space organizations.
Increased demand for earth observation & remote sensing segment in multiple applications to drive the market
Based on applications, the global small satellite market is segmented into communication, earth observation and remote sensing, scientific research & exploration, mapping & navigation, surveillance & security, meteorology, and space observation.
The earth observation & remote sensing segment is expected to expand rapidly, due to increased demand for small satellites for earth observation and remote sensing in commercial, civil, and military applications worldwide.
North America expected to dominate the global market
In terms of regions, the global small satellite market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market in North America is set to record significant CAGR in the forecast period. The presence of key players with a strong focus on the development of small satellites and the growing need to look at the world through small satellites are the main drivers of market growth in the region.
In addition, the small satellite market is expected to grow in Asia Pacific during the forecast period. Increased focus on reducing total equipment costs is a key factor in the growth of the market in the region. The emerging economies in the region invested heavily in its development, as these satellites are economical and reliable. Small satellites are expected to record continued growth in emerging economies such as India and China.
Segments
By Types
- Minisatellite
- Microsatellite
- Nanosatellite
- Picosatellite
- Others
By Subsystems
- Satellite Bus
- Payloads
- Solar Panel
- Satellite Antennas
By End-users
- Civil
- Commercial
- Military
By Applications
- Communication
- Earth Observation and Remote Sensing
- Scientific Research & Exploration
- Mapping & Navigation
- Surveillance & Security
- Meteorology
- Space Observation
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- OHB SE
- Airbus S.A.S.
- L3Harris Technologies, Inc.
- Lockheed Martin Corporation.
- Sierra Nevada Corporation
- The Aerospace Corporation.
- Planet Labs Inc.
- Boeing
- RUAG Group
- AAC Clyde Space
Competitive Landscape
Key players in the global small satellite market include OHB SE, Airbus S.A.S., L3Harris Technologies, Inc., Lockheed Martin Corporation., Sierra Nevada Corporation, The Aerospace Corporation., Planet Labs Inc., Boeing, RUAG Group, and AAC Clyde Space.
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