Small Satellite Market Overview:
Small Satellite Market is expected to garner $7,179 million by 2022, registering a CAGR of 19.8% during the forecast period 2016-2022. Small satellites are spacecraft with a mass less than 500 kg, and are used to conduct missions beyond low Earth orbit (LEO). Small satellites are categorized into minisatellites (mass of 100-500 kg), microsatellites (10-100 kg), and nanosatellites (110 kg). small satellites are used for various applications such as Earth observation, communication, scientific research, and technology demonstration. There has been an increasing demand of Earth observation services among various sectors such as agriculture, energy, civil engineering, oil & gas, and defense, which in turn increases the use of small satellites. CubeSats are increasingly being used by defense organizations globally to enhance battlefield communications, gather information from unattended sensors, and monitor space weather. Other applications of small satellites in the defense sector include medium resolution imagery, tactical communication, technology development, and geospace & atmospheric research. Technological advancements in microelectronics such as lightweight apertures, antennas, panels, trans-receivers, control sensors and actuators, and multispectral imagers coupled with increasing involvement and investment by governments to improve infrastructure are expected to drive the global small satellite market. Low cost, lightweight, and less complexity associated with these satellites may increase its adoption in the commercial sector, especially among small & medium enterprises. However, absence of dedicated launchers for small vehicles, delay and failure in launches, and design-related limitations restrain the small satellite industry growth. Increasing demand of small satellites among emerging economies of Asia-Pacific and LAMEA along with high government investments are expected to provide numerous growth opportunities in the small satellite market.
Well-known companies profiled in the report include Sierra Nevada Corporation, Lockheed Martin Corporation, Airbus Defense and Space, Northrop Grumman Corporation, Harris Corporation, Aerospace Corporation, Planet Labs Inc., The Boeing Company, Thales Group, and Surrey Satellite Technology Ltd. These companies consistently launch products and explore novel technologies to meet the customers increasing needs and requirements. A significant increase in investments is observed for R&D in private and public organizations, involving product innovation and development of customized solutions.
The global small satellite market is segmented into type, application, end user, and geography. Based on type, the small satellite market is divided into minisatellites, microsatellites, and nanosatellites. Based on application, it is classified into Earth observation, telecommunication, scientific research & experimentation, and technology demonstration. On the basis of end user, the small satellite market is categorized into defense, commercial, civil, and government. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Small Satellite Market: Top Investment Pockets
The above graph represents the growth potential of the global small satellite market across various industry applications such as Earth observation, communication, scientific research & exploration, and technology demonstration. Earth observation drives the market, with the highest revenue, and is expected to grow at the highest rate, owing to increasing demand for imaging services from diverse sectors.
Currently, Earth observation dominates the global small satellite market, as small satellites are increasingly used in Earth observation for commercial weather monitoring, agricultural monitoring and management, and synthetic aperture radar imagery. In addition, in the defense sector, these satellites are used for border monitoring, disaster management, and other military missions.
Technology demonstration is another lucrative investment area, which is expected to drive the small satellite industry in the future. Small satellites are used to demonstrate the ability of various technologies to function in space and to test several technologies at once. These satellites are cost-effective and a fast method for development and testing technologies on a small scale before using it on a larger scale.
Rising need for high-resolution imaging services, along with high-speed communication services, has encouraged the commercial sector to invest in the market. Advancements in technology such as regarding hardware and software also support the market growth.
- This report provides an in-depth analysis of the global small satellite market to identify the potential investment pockets.
- It outlines the current trends and future scenario of the global small satellite market from 2016 to 2022 to understand the prevailing opportunities and investment pockets.
- The key drivers, restraints, and opportunities along with their detailed impact analyses have been elucidated.
- Porters Five Forces model analysis illustrates the impact of factors such as threat of new entrants, threat of substitutes, strength of the buyers, and strength of suppliers on the small satellite industry growth.
- The quantitative analysis of the global small satellite market size from 2014 to 2022 is provided in the report to elaborate the market potential.
Small Satellite Market Key Segments
The small satellite market is segmented on the basis of type, application, end user, and geography.
- Earth Observation
- Scientific Research & Experimentation
- Technology Demonstration
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players:
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- Airbus Defense and Space
- Northrop Grumman Corporation
- Harris Corporation
- Aerospace Corporation
- Planet Labs Inc.
- The Boeing Company
- Surrey Satellite Technology Ltd.
- Thales Group
Other Companies Mentioned in the Report:
GeoOptics, Inc., Spire Global, Inc., Fidelity Investments, OneWeb LLC, SpaceX (Space Exploration Technologies Corporation), Skybox Imaging (Terra Bella), Dauria Aerospace, BlackSky Global LLC, Satellogic, DigitalGlobe, Inc., O3b Networks, Ltd., Clyde Space Ltd., GomSpace ApS, Avio Spa