Market Scope
Market Research Future (MRFR) anticipates that the small satellite market will touch USD 2,438.1 Million by 2027. Meanwhile, the market size will be growing at a rate of 2.77% from 2020 to 2027.
Competitive Landscape
Northrop Grumman Corporation (US), Arca Space Corporation (US), Lockheed Martin Corporation (US), Boeing (US), Mitsubishi Heavy Industries, Ltd (Japan), Blue Origin (US), Indian Space Research Organization (India), Space Exploration Technologies Corporation (US), Eurockot Launch Services GmbH (Germany), Bristol Airspace (UK), Kelly Space & Technology, Inc. (US), Virgin Orbit (US), E-Prime Aerospace (US), Scaled Composites LLC (US) are some of the key developers of small satellites worldwide.
Drivers
Surge in small satellites’ defense and military applications should enhance the global industry size. The accelerated deployment of modern equipment and UAVs in the military sector has fostered the need for higher bandwidth, and a dependable communication infrastructure, creating robust demand for nano and microsatellites. In addition, the growing demand for these types of satellites in commercial applications, including Internet and GPS services has also been favorable for the global market. The requirement for low cost for developing and operating small satellites is another reason for their rapidly rising demand and can mean substantial market expansion in the near future.
Opportunities
The small satellite market has been growing relentlessly worldwide, given the rise in technological innovations in the face of the rising need for faster and simple designs. Simplified development facilitates integration of advanced technologies, such as AI/Artificial Intelligence and robotics, which help elevate the satellites’ capabilities and also curb issues arising while trying to reduce the system mass. Frequent technical advancements in generally are some of the latest satellite industry trends could translate into significant revenues over the forthcoming period.
Segment Overview
The small satellite industry has been categorized with respect to circle, payloads, as well as applications.
Depending on circle, the global industry caters to medium earth circle (MEO), sun-coordinated circle (SSO), geosynchronous circle (GEO), and low earth circle (LEO).
With respect to payloads, the major segments can be 6 to 10, and 2 to 5.
Applications of small satellites are route, innovative work, logic, correspondence, earth perception, meteorology, and remote detecting.
Regional Analysis
North America is set to clinch the top position in the coming years, on account of the accelerated demand for micro and nano satellites among end-users including research organizations, military and defense, and telecommunication sectors. Presence of several space organizations as well as private vendors that specialize in advanced satellite technologies has fostered the demand for small satellites applications for business use in North America.
The small satellites market in Asia Pacific will be soaring at a rapid pace in the future, given the surging deployment in the commercial sector. MRFR experts believe that since the SARS-CoV-2 outbreak, there has been a rampant need for satellite communication and earth observation, with the government increasingly focusing on controlling the novel coronavirus pandemic. The demand for big data and analytics services and supply of space surveillance data is also projected to mount exponentially as the pandemic continues to escalate in the region.
Latest News
February 2022
Lockheed Martin has chosen Terran Orbital for the supply of three advanced microsatellites, along with launch integration and support services for its aeronautics business. Terran Orbital will be building and backing the microsatellite as part of Lockheed’s satellite demonstration activities.
January 2022
The Indian Space Research Organisation’s new advanced launch rockets, known as the Small Satellite Launch Vehicle or SSLV, will be making its first flight in April 2022. The SSLV has been developed with the aim to meet with the market demand for small satellites’ launch into the Earth’s low orbits, particularly in emerging countries.
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