Small Satellite Market Size to Reach USD 13711.7 Million by 2030 at CAGR 16.4% - Valuates Reports
BANGALORE, India, Jan. 21, 2022 /PRNewswire/ -- The Small Satellite Market is Segmented by Type (Minisatellite, Microsatellite, Nanosatellite, and Others), Application (Earth Observation & Remote Sensing, Satellite Communication, Science & Exploration, Mapping & Navigation, Space Observation, and Others), and End User (Commercial, Academic, Government & Military, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030.
The global small satellite market size was valued at USD 3215.9 Million in 2020 and is projected to reach USD 13711.7 Million by 2030 growing at a Compound Annual Growth Rate (CAGR) of 16.4%.
Major Factors Driving the Growth of Small Satellite market are :
The primary driving factor supporting the growth of the small satellite market during the forecasted period is an increase in satellite manufacturers' attention on the creation of compact satellites due to the decreased cost and development time of small satellites.
In addition to it, ride sharing launch programs have boosted the demand for small satellites. These programs provide more access to space exploration, have the ability to send multiple satellites into higher orbits and reduce launch costs. The time taken to deploy is also decreased as small satellites can easily fit into ride sharing payloads along with other objects. On the other hand the cost of manufacturing is reduced as the need for bulky and expensive propulsion systems are eliminated as the constellation of satellites can directly go to higher orbits. Moreover these satellites are made using reusable low cost hardware and technology.
Furthermore, small satellites allow for a wide range of scientific investigations and technology demonstrations to be carried out in orbit with relative ease. This in turn is expected to further drive the growth of the small satellite market.
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Trends Influencing The Growth Of Small Satellite Market:
An increase in demand for compact satellites is expected to drive the growth of the small satellite market. Small satellites manufactured according to CubeSat specs save a lot of money. This helps to remove barriers to reaching and exploring space, resulting in a spike in tiny satellite popularity since their beginnings. Furthermore, depending on the requirements, a small satellite could be manufactured and launched into orbit for less money than regular satellite missions. Aside from the weight and size advantages, the main benefit of small satellites is the short time it takes to create them. A traditional or large satellite takes 5 to 15 years to create and install in orbit, whereas a CubeSat may discover a need in less than 8 months and position itself in the desired orbit.
An increase in demand for high-resolution imaging services globally is expected to further propel the growth of the small satellite market. High-resolution cameras capable of capturing video at a rate of 25 frames per second are built into small satellites. The video data and images from this satellite will be used to monitor forestry, agriculture, urban growth, and marine transport. Monitoring agricultural fields, detecting climatic changes, disaster mitigation, meteorology, and a variety of other services are all covered by Earth observation services. The US government is currently the largest buyer of satellite imagery. As a result, most smallsat companies, both domestic and international, see the US government as a reliable long-term customer with which to begin.
Commercial organizations' increased focus on the deployment of advanced satellite services presents an opportunity for the small satellite market to grow. Small satellites have been used to provide cutting-edge services such as broadband internet, satellite TV, and other services in commercial organizations thanks to satellite manufacturers' intense focus on lowering the cost of small satellites. Small satellites can be constructed using reusable and low-cost hardware and technology. Small satellites do not require a specialized launch vehicle like regular satellites because they are compact and lightweight, lowering launch costs by up to 40%. Because of the miniaturization of components and software, established private companies and SMEs have begun to invest in small satellites.
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Small Satellite Market Share Analysis:
Based on region, North America held the largest market share during the forecast period. North America is followed by Asia-Pacific, Europe, and LAMEA. The growth of the small satellite market in North America has been aided by an increase in the adoption of launch services in telecommunications, defense, and space exploration, among other industries. In 2020, the United States dominated the small satellite market share, and it is expected to continue to grow at a rapid pace during the forecast period.
However, Asia Pacific is expected to exhibit the highest CAGR of 17.2% during 2020-2027.
Based on application, the earth observation & remote sensing segment held the largest market share in 2020 due to an increase in the use of small satellites by commercial and government space organizations for a variety of applications including urban planning, border mapping, infrastructure security, and homeland security.
Based on type, The minisatellite segment generated the most revenue in 2020, owing to an increase in global demand for high-speed internet connectivity and a rise in telecommunication companies' deployment of satellites to extend their reach.
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Key Market Players
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- The global Small Satellite Services market size is projected to reach USD 54980 Million by 2027, from USD 18350 Million in 2020, at a CAGR of 16.5% during 2021-2027.
- In 2020, the global Nanosatellite and Microsatellite market size was USD 783.9 Million and it is expected to reach USD 2202.7 Million by the end of 2027, with a CAGR of 15.6% during 2021-2027.
- The global LEO Satellite market was valued at USD 2824 Million in 2020 and it is expected to reach USD 11290 Million by the end of 2027, growing at a CAGR of 15.9% during 2021-2027.
- The global Broadband Satellite Services market size is projected to reach USD 3634.7 Million by 2027, from USD 2452.2 Million in 2020, at a CAGR of 5.8% during 2021-2027
- The global Satellite Manufacturing and Launch market size is projected to reach USD 390360 Million by 2027, from USD 302700 Million in 2020, at a CAGR of 3.7% during 2021-2027.
- The global Satellite Communications market size is projected to reach USD 192300 Million by 2027, from USD 161770 Million in 2020, at a CAGR of 2.5% during 2021-2027.
- The global Satellite Sensor market size is estimated to be worth USD 108.4 Million in 2022 and is forecast to a readjusted size of USD 129.5 Million by 2028 with a CAGR of 3.0% during the review period
- The global Satellite Modem market was valued at USD 353 Million in 2020 and it is expected to reach USD 566.2 Million by the end of 2027, growing at a CAGR of 6.8% during 2021-2027.
- The global Satellite Communications Systems market size is projected to reach USD 213070 Million by 2028, from USD 165850 Million in 2021, at a CAGR of 3.6% during 2022-2028.
- The global Fixed Satellite Services market size is projected to reach USD 18050 Million by 2027, from USD 14400 Million in 2020, at a CAGR of 2.8% during 2021-2027.
- The global Commercial Satellite Broadband market size is projected to reach USD 7613.3 Million by 2027, from USD 3808.8 Million in 2020, at a CAGR of 10.4% during 2021-2027
- The global Earth Observation Satellite market size is projected to reach USD 6304.9 Million by 2027, from USD 4432.6 Million in 2020, at a CAGR of 5.1% during 2021-2027.
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