Small Satellite Market

Small Satellite Market worth $7.4 billion by 2026

According to a research report "Small Satellite Market by Satellite Mass (Small satellite, CubeSat), Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology), Subsystem, Orbit, End User, Frequency and Region - Forecast to 2026" size is estimated to be USD 3.1 Bn in 2020 and projected to reach USD 7.4 Bn by 2026, at a CAGR of 19.4%. The continuous advancements in the miniaturization of satellites through technological advancements in electronics, low-mission costs, and the increasing use of satellite constellations (containerization) are major drivers for the growth of this market.  According to Euroconsult, government funding in space exploration is expected to surpass USD 20 billion by 2027. There will be a boost in public and private initiatives in space exploration in the future with a converging global interest in moon exploration. The global expenditures have grown in the past 5 years (excluding 2020 due to the COVID-19 pandemic) driven by programs in leading and new countries investing in space exploration. This will directly drive the small satellite market for serving space observation applications.

Browse 295 market data Tables and 61 Figures spread through 310 Pages and in-depth TOC on "Small Satellite Market by Satellite Mass (Small satellite, CubeSat), Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology), Subsystem, Orbit, End User, Frequency and Region - Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/small-satellite-market-150947396.html

Growing investments by several governments particularly in developed and developing economies such as the US, India, and China, among others. COVID-19 has affected the Small satellite market growth to some extent, and this varies from country to country. Industry experts believe that the pandemic has not affected the demand for small satellite equipment.

Based on platform, the commercial segment is estimated to lead the small satellite market from 2021 to 2026.

The commercial segment includes companies using small satellites for communications, Earth observation, imaging, and agricultural monitoring. Telecommunication players like OneWeb are currently using small satellites to provide Internet access to the world at the same speed as fiber-optic cables. This was not possible through conventional satellites.

The satellite operators/owners segment is estimated to account for the largest share of the small satellite market for the commercial sector. The growth of the satellite operators/owners segment is due to rising investments from the private sector in space research and satellite communication services.

Based on satellite mass, the small satellite segment is expected to lead the small satellite market from 2021 to 2026.

Based on mass, the small satellite segment is further segmented into minisatellites, microsatellites, nanosatellites. Constant innovation and technological advances of miniaturizations of electronics are expected to boost the commercial sector significantly in the proportion of nanosatellite launches. It is expected that the demand for nanosatellite services from across the verticals will increase tremendously over the next few years.

Based on region, North America is expected to lead the small satellite market from 2021 to 2026.

The US is a lucrative market for small satellite systems in the North American region. The US government is increasingly investing in advanced small satellite technologies to enhance the quality and effectiveness of satellite communication.

Contracts were the main strategy adopted by leading players to sustain their position in the Small satellite market, followed by new product developments with advanced technologies. Many companies also collaborated to set up special centers for the research & development of advanced small satellite systems.

The small satellite market is dominated by a few globally established players such as Thales Group (France), L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Airbus (Germany), among others.

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Report Code
AS 4259
PR Published ON
2/17/2022
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