(MENAFN- PR Newswire)
Maximize market Research has published a detailed exclusive analytical report on the Small Satellite Market
PUNE, India, Aug. 14, 2024 /PRNewswire/ -- The
Small Satellite Market
is projected to grow from 3.23 Billion in 2023 to USD 7.49 Billion by 2030, at a CAGR of 12.77 % from 2024 to 2030 according to a new report by Maximize Market Research.
The space industry is advancing towards a future where expansive constellations of small satellites deliver a wide range of services across the globe. According to MMR study Report over 26,100 small satellites, each under 500 kg, will be launched between 2023 and 2032, resulting in a daily launch mass of 1.5 tons. This boom is driven primarily by mega-constellations such as SpaceX's Starlink and China SatNet's GuoWang, which together will account for nearly two-thirds of the smallsat launches and over 80% of the launch mass. This Factor is significantly responsible for the growth of the Small Satellite Market. Also, growth is boosted by the New Space era, lowering barriers to entry and driving significant interest from startups, companies, and governments. SpaceWorks forecasts between 513 and 745 smallsat launches in 2023 alone, potentially doubling and even tripling the number of small satellites in orbit within five years. This surge marks a transformative shift in the Space
industry landscape.
Small Satellite Market Scope
| Market Size in 2023 |
USD 3.23 Billion |
| Market Size in 2030 |
USD 7.49 Billion |
| CAGR |
12.77
% |
| Forecast Period |
2024-2030 |
| Base Year |
2023 |
| Segment Covered |
by Satellite Type by Application by End User by Region |
| Drivers |
● Innovations in satellite technology ● Growing Demand for Internet Connectivity |
| Restrain |
● Stringent Regulations ● Orbital Debris Concerns |
| Opportunities |
● Increasing Government Investments |
| Report Coverage |
Market Share, Market Size, and Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players' Market Ranking Analysis. |
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Small Satellite Technology: Revolutionizing Space Industry
The small satellite Market is growing, due to significant advancements in microelectronics and battery technology. These innovations have enabled the creation of powerful yet compact satellites that are both cost-effective and capable of long-term missions, making space more accessible to diverse organizations, including universities and startups. For instance, City Labs is leading the charge with its recent U.S. Air Force contract to develop an innovative ion engine powered by radioactive isotopes. This breakthrough promises to advance small satellite technology, paving the way for new opportunities in space exploration and communication.
Small Satellite Industry Segment Analysis: Key Areas of Focus
The global Small Satellite
Market was segmented into Satellite Types including small satellites Mini satellites, Micro satellites, Nano satellites, and others. Among these small satellites dominated the Small Satellite Market in the year 2023. Due to their flexibility, and rapid deployment capabilities. They offer advanced technologies at lower prices compared to traditional satellites, driving innovation and widespread adoption across various sectors such as communication, Earth observation, and scientific research. Their scalability and efficiency make them a preferred choice.
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Regional Insight: North America held the largest share of the Small Satellite Market
The United States remains a dominant force in the space industry, commanding approximately one-third of the operational spacecraft orbiting Earth. Its historic achievements include the Apollo moon landings, Skylab space station, Space Shuttle program, International Space Station (ISS), and the Mars Exploration rovers Opportunity and Curiosity. The U.S. has developed a substantial fleet encompassing communications, electronic intelligence, missile detection, weather monitoring, technological advancements, navigation, and surveillance satellites. These technological innovations helped North America to stay forefront of the
Small Satellite Industry.
The country's space exploration initiatives are primarily overseen by the National Aeronautics and Space Administration (NASA), which continues to spearhead advancements in space technology and exploration. The U.S. strategic focus on satellite technology underscores its leadership and ongoing commitment to maintaining a significant presence in the global space sector and Small Satellite Market.
Small Satellite Market: Segmentation
By Satellite Type
Small Satellite
Mini Satellite
Micro Satellite
Nano Satellite
Others
By Application
Earth Observation & Remote Sensing
Satellite Communication
Science & Exploration
Mapping & Navigation
Space Observation
Others
By End User
Commercial
Academic
Government & Military
Others
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Small Satellite Market : Key Players
Small Satellite Market
Top Key Players in North America
SpaceX (Hawthorne, California, USA)
Planet Labs (San Francisco, California, USA)
Spire Global (Vienna, Virginia, USA)
Rocket Lab (Long Beach, California, USA)
Sierra Nevada Corporation (Sparks, Nevada, USA)
BlackSky Global (Herndon, Virginia, USA)
Blue Canyon Technologies (Boulder, Colorado, USA)
Lockheed Martin Space (Denver, Colorado, USA)
Relativity Space (Long Beach, California, USA)
Small Satellite Market
Giants in Europe
OneWeb (London, United Kingdom)
AAC Clyde Space (Uppsala, Sweden)
Astrocast (Lausanne, Switzerland)
NanoAvionics (Vilnius, Lithuania)
Thales Alenia Space (Cannes, France)
Surrey Satellite Technology Ltd (SSTL) (Guildford, United Kingdom)
Maximize Market Research is leading Information Technology & Telecommunication Research firm, has also published the following reports:
Satellite IoT Market : The global Satellite IoT Market is segmented by Service Type, Frequency Band, Organization Size, and Application. The Market is expected to reach USD 7.95 Billion by 2030. Technological Development in Satellite IoT Services and Wireless Technology to Drive Market Growth.
Satellite Enabled IoT Software Market : Satellite enabled IoT Software Market is segmented by Technology and Application. The Market is expected to reach USD 15.34 Billion by 2030. The growth demand for connections with remote locations has been instrumental in the development of the satellite-enabled IoT market.
Optical Satellite Communication Market : The Optical Satellite Communication Market is segmented by Component, Application, and End User. The Market is expected to reach USD 1156 Million by 2030. Increasing Demand for High-Speed Data Transmission significantly boost the market growth.
Commercial Satellite Launch Service Market : The Global Commercial Satellite Launch Service Market is segmented by Product, Type, and Application. The Market is expected to reach USD 10.34 Billion by 2030. Increasing demand for satellite connectivity drives the growth of the Market.
Satellite Internet Market
was valued at USD 85.89 Billion in 2023, and it is expected to reach USD 162.04 Billion by 2030, exhibiting a CAGR of 9.5% during the forecast period (2024-2030)
Small Satellite Service Market
size was valued at US$ 5.72 Bn. in 2023 and the total revenue is expected to grow at 19.6 % through 2024 to 2030, reaching nearly US$ 20.04 Bn.
Key Benefits for Stakeholders:
This report offers a comprehensive analysis of the Small Satellite market, combining both quantitative and qualitative insights. It covers segment analysis, current trends, market dynamics, challenges, and forecasts for the industry from 2024 to 2030.
Utilizing Porter's Five Forces framework, the report examines the power of buyers and suppliers, supporting stakeholders in making informed decisions and strengthening supplier-buyer relationships.
A detailed look at market segmentation covers key opportunities within the Small Satellite sector.
Major countries within each region are mapped according to their revenue contributions, highlighting their impact on the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
About Maximize Market Research:
Maximize Market Research is a multifaceted Market Research and consulting company with professionals from several industries. Some industries we
cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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