Small Satellite Global Market to Grow from $3.68 Billion to $8.84 Billion by 2027
DUBLIN, Nov. 9, 2022 /PRNewswire/ -- The "Small Satellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global small satellite market size reached US$ 3.68 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 8.84 Billion by 2027, exhibiting a CAGR of 15.73% during 2021-2027.
A small satellite, also known as smallsat, refers to a type of low mass and size satellite, usually under 1,200 kg. Based on weight, it is categorized into minisatellite, microsatellite, nanosatellite, picosatellite, and femtosatellite. Small satellites are affordable alternatives that enable commercial enterprises, non-profit groups, and educational institutions to conduct missions in the lower Earth orbit.
They make it possible to perform several scientific investigations and technology demonstrations in orbit at a low cost, with relative ease, and within a stipulated time. As a result, small satellites are extensively utilized for specific applications such as communication and navigation by civil, commercial, military, and government bodies.
Small Satellite Market Trends:
The rising need for remote sensing and Earth observation services across various sectors, including energy, oil & gas, defense, agriculture, etc., is primarily driving the global small satellite market. In addition to this, the widespread utilization of small satellites for communication and navigation owing to the increasing popularity of advanced technologies, such as over-the-top (OTT) services and Internet Protocol Television (IPTV), is also stimulating the global market.
Moreover, the elevating demand for LEO-based small satellites to provide low-cost broadband in developing countries is further propelling the market growth. Apart from this, the introduction of small satellites in the telecom industry has led to the acceleration of 5G deployment globally, besides generating new market opportunities for satellite communication (Satcom) companies. This, in turn, is creating a positive outlook for the global market.
Additionally, the escalating usage of small satellites by research organizations for academic purposes and technological experimentation in space is acting as anothersignificant growth-inducing factor. For instance, NASA's CubeSat initiative offers educational institutions and NGOs a chance to collaborate on upcoming small satellite launches. Furthermore, the rising integration of numerous innovative technologies, such as robotics, artificial intelligence, machine learning, etc., to ensure efficient communications, improve spacecraft reliability, and enhance coordination is expected to augment the global small satellite market over the forecasted period.
Key Market Segmentation:
Breakup by Component:
Breakup by Type:
Breakup by Frequency:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key Questions Answered in This Report:
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Small Satellite Market
6 Market Breakup by Component
7 Market Breakup by Type
8 Market Breakup by Frequency
9 Market Breakup by Application
10 Market Breakup by End User
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/n9g2r5
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