Significant growth in the communication and telecom sector is expected to increase demand for small satellites during the forecast period Satellite communication technology offers data, voice, and video services in remote locations. It helps to track and monitor vehicles and vessels to offer efficient logistics support. Provide internet facility and calling connectivity for business to set up in rural and backward area across the globe. According to analysis, around 6200 satellite are expected to be launched by 2027, of which around 50% are expected to belong to the telecom industry.
Global Small Satellite market is estimated to be valued at US$ 12,491 Mn by 2030.
Global Small Satellite Market: Drivers
Internet of Things (IoT) Connectivity
Small satellites are playing a vital role in providing global connectivity for IoT devices and applications. By deploying groups of small satellites, companies can establish a network that enables seamless connectivity in remote areas and supports various IoT applications, such as asset tracking, environmental monitoring, and precision agriculture. For Instance, on May 11, 2023 Article published by Cognizant an IT company stated that, Groundbreaker a 10 kilo satellite rode in the space X rocket into the orbit to operate on 5G cellular standard.
Global Small Satellite Market: Opportunities
Scientific Research and Exploration:
Small satellites are increasingly used for scientific research missions and space exploration. They enable cost-effective missions for studying the Earth, planets, asteroids, and other celestial bodies. Small satellites can contribute to space weather monitoring, climate studies, astronomy, planetary exploration, and microgravity experiments. For Instance, On January 09, 2023, article published by Space.com reported that Cubesats which are the miniature satellites were deployed from the international space station to focus on study of ionosphere the region of earth’s atmosphere which extends from 30 to 600 miles above the surface of earth. These purpose was to study how the space weather affects the communication signals.
Global Small Satellite Market: Restraints
Communication Limitations:
Small satellites often have limited communication capabilities, particularly in terms of bandwidth and data transfer rates. The smaller size of the antennas and power limitations can impact the efficiency and speed of data transmission. This can pose challenges for real-time data delivery, especially for applications that require large volumes of data.
Market Trends
North America Trends
North America held a dominant position in the global small satellite market in the year 2021. The research and development activities carried out by National Aeronautics Space Association (NASA) and the increased spending of the military on surveillance and reconnaissance activities is driving the growth of the small satellite market. Sensors mounted on the small satellites help in detecting the nuclear explosions, locate an enemy location, monitoring the terrain, etc. All these advantages of small satellites are driving the growth of the small satellite market in the North America region.
Asia Pacific
Asia Pacific and Latin America is expected to witness significant growth in the small satellite market, owing to increasing government and private investments for development of small satellites. For instance, the U.S. Government Department of Defense and the National Aeronautics and Space Administration announced investment of US$ 110 million for development of small satellites.
Global Small Satellite Market- Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries have been affected by COVID-19 and most of the countries announced a lockdown. This disrupted businesses across the globe. The demand for small satellites decreased and hence the companies invested less in research and development activities. This reduced the operating performance of small satellite industry leading to gradual decline in the growth of the global small satellite market.
Global Small Satellite Market: Competitive Landscape
Major players operating in the global small satellite market include 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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/small-satellite-market-2512
Key Takeaways:
Global market was valued at US$ 3.900 Mn in 2022 and is forecast to reach a value of US$ 12,491 Mn by 2030 exhibiting CAGR of 15.7% between 2023 and 2030.
Global Small Satellite Market: Recent Developments
On June 30, 2022, Thales Alenia Space is a Franco-Italian aerospace manufacturer signed a joint venture with Leonardo S.p.A a multi-national company specialized in defense, space launched SES-22 satellite into space onboard a SpaceX Falcon 9 rocket. This satellite will clear a part of the C-band spectrum to enable wireless operators to establish 5G services across the contiguous U.S. (CONUS).
In February 2022, Indian Space Research Organization’s (ISRO) PSLV-C52 (Polar Satellite Launch Vehicle) successfully launched earth observation EOS-04 and two small satellites.
