July 15, 2024
Small Satellite Market
Ict

The Growing Demand For Ubiquitous Connectivity Opening Up The New Avenue For Small Satellite Market

Market Overview:

Small satellites refer to satellites with a mass between 1 kg and 180 kg. They find extensive usage in earth observation, communication, technology demonstrations, and academic training. The small mass allows building and launching small satellites at a relatively lower cost compared to conventional satellites. Earth observation satellites are used to capture images of the earth for agricultural monitoring, disaster management, urban planning, etc. Communication small satellites are used for telecommunication, and internet access and provide connectivity in remote areas.

Market Dynamics:

Two key drivers contributing to the growing small satellite market are:.Firstly, reduced costs associated with manufacturing and launching small satellites compared to conventional satellites. The low mass allows for building small satellites at lower costs utilizing commercial-off-the-shelf electronic components. They can also piggyback on rocket launches of larger satellites for lower launch costs. This has encouraged private companies and academic institutions to invest in developing small satellite constellations. Secondly, advancements in small satellite technologies have boosted their capabilities. Miniaturization of satellite components has enabled economically viable small satellites to deliver useful earth observation, communication and other services. This is propelling the adoption of small satellites globally.

The global Small Satellite Market Size is estimated to be valued at US$ 4512.3 Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The global small satellite market can be segmented based on satellite type, which includes mini-satellites, microsatellites, nano-satellites and others. Among these, nanosatellites dominate the market as they offer cost-effective solutions and can carry out a variety of missions. Their small size and low mass enable multiple nanosatellites to be launched together, which has further enhanced their popularity.

PEST Analysis

Political: Government bodies across countries are increasingly funding programs for small satellite launches to lower mission costs and improve access to space. This has facilitated the development of new space technologies.
Economic: The small satellite market is growing due to benefits such as low mission costs and quick mass production. With thousands of proposed constellation plans, this sector is expected to witness high investments in the coming years.
Social: Small satellites enable internet access in remote areas and the development of applications for disaster management, environmental monitoring, agriculture etc. This is increasing their social relevance.
Technological: Advancements in the miniaturization of components and new types of small satellites such as CubeSats are expanding the capabilities of small satellite missions. Additive manufacturing techniques are also aiding rapid satellite production.

Key Takeaways

The global small satellite market size was valued at US$ 4512.3 Bn in 2023 and is expected to reach over US$ 10,000 Bn by 2030, expanding at a CAGR of 15% during the forecast period. Rising demand for earth observation services and communication services from sectors such as agriculture, oil, and gas are propelling the market growth.

North America dominated the small satellite market in 2023 with a share of over 30%, backed by high investments in the U.S. for space exploration and a significant number of satellite launches. However, Asia Pacific is anticipated to be the fastest-growing regional market between 2023-2030, driven by rising government funding for small satellite programs in countries such as China and India.

Key players operating in the small satellite market are Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, OneWeb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space. Major players are focusing on new product launches and partnerships to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it