Small Satellite Market Size to Reach USD 9.75 Billion by
Pune, India, May 10, 2021 (GLOBE NEWSWIRE) – The Global small size of the satellite market is expected to reach $ 9.75 billion, registering a CGAR of 18.99% over the forecast period. The satellites are launched into various orbits such as geostationary terrestrial orbit (GEO), median orbit (MEO) and lower terrestrial orbit (LEO). Depending on the purpose of deployment, the satellites are designed and developed with different capacities and payload sizes. Satellites are used for specific purposes such as communication, navigation, Earth observation and more. Fortune Business Insights ™ present this information in an forthcoming report entitled, “Small Satellite Market, 2020-2027”. The market size is $ 3.07 billion in 2019.
According to the report, the compact satellite market is gaining huge popularity for several reasons. For example, an increasing number of space research missions are expected to significantly stimulate the growth of the small satellite market. About 389 small satellites were reportedly launched in 2019.
Impact of COVID-19:
The global health crisis has dampened the growth of several industries and markets, including the compact satellite market. Thriving economies are now facing an unprecedented crisis. The dynamics of the sectors has changed drastically due to blockades, curfews and norms for social distancing. Delayed production and launch missions hamper market growth. Disturbances in supply chains, production lines, activities and existing contracts are stagnating market growth. It is not certain how long the situation can last this way. Nevertheless, an in-depth analysis of our research report will help you gain a comprehensive understanding of this niche market.
Based on its type, the market is becoming a nano satellite, mini satellite and micro satellite. Based on components, the market is segmented into structures, payloads, power systems, solar panel and antenna systems, propulsion systems and more. Based on end users, the market is divided into military, civil, state and commercial. Geographically, the market is categorized in North America, Europe, the Asia-Pacific region and the rest of the world.
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The list of leading companies profiled in the small satellite market are:
- L3Harris Technologies Inc. (USA)
- Lockheed Martin Corporation (USA)
- Boeing (USA)
- Airbus SAS (Netherlands)
- Northrop Grumman Corporation (USA)
- Sierra Nevada Corporation (USA)
- Planet Labs Inc. (USA)
- SpaceX (USA)
- GeoOptics Inc. (USA)
- ST Engineering (Singapore)
- Thales Group (France)
The report offers an in-depth technical assessment of the potential market. The report covers the effects of the COVID-19 pandemic on the market, PESTLE analysis and Porters’ Five Force analysis to accurately predict the prospective market. The report has been developed using bottom-up and top-down approaches for comprehensive market research. The report contains information gathered through interviews with multiple stakeholders at regional, national and global levels. The report also highlights the competitive landscape of the compact satellite market, including information on key player rankings, key market trends, recent industry developments, etc.
Drivers and limiters –
Increasing use of the Internet of Things (IoT) and artificial intelligence to boost market growth
Small satellites have a short development cycle, require small development teams and also carry lower deployment costs. These benefits are expected to significantly stimulate market growth. The growing use of small satellites for Earth observation and the integration of artificial intelligence into compact satellites is expected to be a major driver of growth in the coming years. The escalating use of CubeSats worldwide by defense communications and monitoring organizations is likely to increase market growth. The Internet of Things (IoT) plays a crucial role in satellite connectivity.
The growing inclusion of small satellite IoT is also expected to be a major driver of growth in the coming years. The introduction of the 5G service is also expected to stimulate market growth due to faster data rates and reduced latency.
However, government regulations and norms are expected to hamper market growth. For example, there are five UN treaties at international level on outer space. The five treaties include the Rescue Agreement, the Outer Space Treaty, the Liability Convention, the Moon Agreement and the Registration Convention.
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The Asia-Pacific region will see stunning growth
North America is expected to hold the largest share of the global small satellite market share. Booming digitalization, growing technological advances, NASA’s ever-growing R&D and SKYWAN technology, and the adoption of three-band antennas by NASA are expected to significantly stimulate market growth. NASA’s deployment of CubeSats is expected to stimulate market growth phenomenally. For example 109you CubeSat was launched by the International Space Station in July 2020. More deployments are expected in the near future.
Growing demand for satellites from countries such as China, India and Japan is expected to help the Asia-Pacific region achieve stunning growth in the coming years. The Indian Space Research Organization (ISRO) plans to launch two navigation satellites, ten earth observation satellites and three communications satellites. These launches are expected to boost growth in the regional market.
The growing adoption of several Internet of Things (IoT) applications is expected to help Europe witness significant growth.
Escalating Internet-based services in the Middle East and Africa are expected to help the rest of the world see significant growth over the forecast period.
Alliances, contracts and technological innovations to strengthen market presence
Major players present in the global small satellite market are focused on expanding their business through contracts and agreements with various government and space agencies. The launch of new technologies and products is also expected to prevail as key growth trends in the market. For example, a new generation of software-defined radio (SDR) payload called Prometheus, developed by Airbus, was launched by New Zealand on Faraday-1 CubeSat in July 2020.
Main developments in the industry:
July 2020: L3Harris Technologies Inc. launches its first satellite of the constellation for remote sensing to provide images of ground military operators to the US Air Force.
June 2020: The US National Intelligence Agency (NRO) has signed an agreement with Rocket Lab to launch two small satellites aboard the Electron launch vehicle.
See a detailed summary of the TOC study report:
- Scope of the study
- Market segmentation
- research methodology
- Definitions and assumptions
- Market dynamics
- Engines on the market
- Market restrictions
- Market opportunities
- Key insights
- Major developments in the industry – mergers, acquisitions and partnerships
- Latest technological improvements
- Analysis of the carriers five forces
- Supply chain analysis
- Quantitative insights – Impact of the COVID-19 pandemic on the small satellite market
- Impact of COVID-19 on the global small satellite market
- Steps taken by industry / companies / governments to overcome the impact
- Major developments in the industry in response to the COVD-19 pandemic
- Potential opportunities due to the COVID-19 outbreak
- Analysis of the global small satellite market, statistics and forecast, 2016-2027
- Main discoveries / Summary
- Market analysis, statistics and forecast – by type
- Mini satellite
- Micro satellite
- Nano satellite
- Market analysis, statistics and forecast – by components
- Solar panels and antenna systems
- Drive systems
- Power systems
TOC Continues …!
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