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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441