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Pune, India, June 23, 2022 (GLOBE NEWSWIRE) -- The global small satellite market size was valued at $4.08 billion in 2020. The market size in 2021 stood at $4.70 billion and is expected to touch $10.75 billion in 2028, exhibiting a CAGR of 12.55% during the forecast period. Rising space exploration projects and the introduction of Artificial Intelligence (AI) and robotics technologies are expected to boost the market growth. Fortune Business Insights ™ provides this information in its report titled“ Small Satellite Market, 2021-2028. ”
Satellite Launch Program Delays to Impede Market Growth
This market is expected to be negatively affected during the pandemic due to satellite launch program delays. Furthermore, rapidly spreading COVID infections and unprecedented challenges faced by several industries negatively affected the satellite's production. Moreover, the delays in satellite launch projects negatively affected the industry's growth. However, the adoption of reduced capacities, part-time shifts, and automated production techniques may elevate the industry's progress. These factors may facilitate industry growth.
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List of Key Players Profiled in the Report
- Sierra Nevada Corporation (U.S.)
- ST Engineering (Singapore)
- Airbus S.A.S (Netherlands)
- Northrop Grumman Corporation (U.S.)
- Space Exploration Technologies Corp. (SpaceX) (U.S.)
- The Boeing Company (U.S.)
- Thales Group (France)
- Lockheed Martin Corporation (U.S.)
- L3Harris Technologies Inc. (U.S.)
Report Scope & Segmentation:
| Report Attribute || Details |
| Market size value in 2020 || USD 4.08 Billion |
| Revenue forecast in 2028 || USD 10.75 Billion |
| Growth Rate || CAGR of almost 12.55% during 2021-2028 |
| Base Year || 2020 |
| Historic Years || 2017-2020 |
| Forecast Years || 2021- 2028 |
| Segments Covered || By Source, By Type, By Distribution Channel and By Geography |
| Forecast Units || Value (USD Million), and Volume (Units) |
| Quantitative Units || Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered || North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered || Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered || Companies Covered in Small Satellite Market are Sierra Nevada Corporation (U.S.), ST Engineering (Singapore), Airbus S.A.S (Netherlands), Northrop Grumman Corporation (U.S.), Space Exploration Technologies Corp. (SpaceX) (U.S.) , The Boeing Company (U.S.), Thales Group (France), Lockheed Martin Corporation (U.S.), L3Harris Technologies Inc. (U.S.) and Other key players |
| Report Coverage || Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope || Avail customized purchase options to meet your exact research needs. |
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Nanosatellite Segment to Dominate Attributable to Growing R&D Activities
By type, the market is segmented into nanosatellite, microsatellite, and mini-satellite
The nanosatellite segment is expected to dominate the market share because of growing R&D activities. Furthermore, the rising number of space laboratories for upcoming space missions on Mars and the moon is expected to elevate industry progress.
Structure Segment to Grow Rapidly Attributable to Increasing Number of Satellites
Based on components, the market is segmented into structures, payload, electric power systems, solar panel and antenna systems, propulsion systems, and others.
The structure segment is expected to dominate owing to the rising number of satellites in commercial and government sectors. Furthermore, the rising demand for networks for civil missions, satellite services, and military missions is expected to propel market progress.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porter Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Small Satellite Market
- Impact of COVID-19 Pandemic on Global Small Satellite Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential opportunities due to COVID-19 Pandemic
Navigation Segment to Hold Major Market Share Attributable to Rising Adoption of Satellite for Communication
Based on application, the market is segmented into navigation, communication, technology development, earth observation, and others.
The navigation segment is expected to dominate the market share because of the rising adoption of satellites for communication. Also, several communication services such as broadcasting, telecommunication, and communication are liekly to enhance market progress.
Commercial and Military Segments to Dominate Owing to Strong Implementation of Satellites
By end-user, the market is classified into government, military, commercial, and civil.
The commercial and military segment may dominate due to the rising implementation of satellites. Furthermore, increasing mobile phone users and internet services is likely to foster satellite adoption.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
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Rapid Adoption of Internet of Things (IoT) in Manufacturing Sector to Propel Market Progress
Small satellite is developed and designed for specific applications such as earth observation, communication, navigation, and others. An increasing number of satellite launches is expected to enhance industry growth. Furthermore, the rising adoption of IoT for data transmission may elevate small satellite demand. Moreover, the rising demand for high-speed internet and 5G connectivity is expected to bolster the adoption of small satellites. Also, small satellites' rising applications in healthcare, smart grids, power, energy, and others are expected to boost sales. These factors may drive the small satellite market growth.
However, strict government norms may restrict the market's progress.
Rising Research and Development Activities by NASA to Propel Market Growth in North America
North America is expected to dominate the small satellite market share because of the rising focus on research and development activities by NASA. The market in North America stood at USD 2.11 billion in 2020 and is anticipated to grow positively during the upcoming years. Furthermore, robust investments in surveillance missions are expected to propel the product's adoption. These factors may propel industry growth.
In Europe, the adoption of IoT services for several applications is expected to enhance small satellite adoption. Furthermore, the rising dependence upon 5G services is expected to enhance market progress.
In Asia Pacific, the strong demand for small satellites from India, Japan, and China is expected to fuel industry growth. Moreover, the rising dependence upon IoT services may foster market progress.
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Major Players Focus on Novel Product Launches to Expand Brand Positioning
The prominent companies operating in the market focus on expansions to enhance their brand presence. For example, Airbus S.A.S launched a novel earth observation satellite product range comprising S250 radar and S250 optical satellites in February 2020. Furthermore, companies invest heavily in research and development activities to enhance their product offerings, save costs, and enhance profit. In addition, manufacturers undertake partnerships, mergers, and acquisitions to bolster their market position.
- July 2021: ISRO announced a Geo imaging satellite designed for earth observation purposes named EOS—03 in 2021's quarter.
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