With a CAGR of 12.55%, the small satellite market will reach $10.75 billion by 2028

Fortune Business Insights

The companies covered in the small satellite market are Sierra Nevada Corporation (USA), ST Engineering (Singapore), Airbus SAS (Netherlands), Northrop Grumman Corporation (USA), Space Exploration Technologies Corp. (SpaceX) (USA), The Boeing Company (USA). ), Thales Group (France), Lockheed Martin Corporation (USA), L3Harris Technologies Inc. (USA) and Other Key Players

Pune, India, June 23, 2022 (GLOBE NEWSWIRE) — The world small satellite market The market size was valued at $4.08 billion in 2020. The market size in 2021 was $4.70 billion and is projected to reach $10.75 billion in 2028, growing at a CAGR of 12. 55% over the forecast period. Increase in space exploration projects and introduction of artificial intelligence (AI) and robotic technologies are expected to boost the market growth. Fortune Business Insightsprovides this information in its report entitled “Small Satellite Market, 2021-2028.

Impact of COVID-19:

Satellite launch program delays to hamper market growth

This market is expected to be negatively affected during the pandemic due to delays in the satellite launch program. Additionally, the rapid spread of COVID infections and unprecedented challenges facing multiple industries have negatively impacted the production of the satellite. Additionally, delays in satellite launch projects have had a negative effect on the growth of the industry. However, adopting smaller capacities, part-time shifts, and automated production techniques can accelerate industry progress. These factors can facilitate the growth of the industry.

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List of Key Players Featured in the Report

  • Sierra Nevada Corporation (USA)

  • ST Engineering (Singapore)

  • Airbus SAS (Netherlands)

  • Northrop Grumman Corporation (USA)

  • Space Exploration Technologies Corp. (SpaceX) (US)

  • The Boeing Company (USA)

  • Thales Group (France)

  • Lockheed Martin Corporation (USA)

  • L3Harris Technologies Inc. (USA)

Report Scope and Segmentation:

Report attribute

Details

Market size value in 2020

$4.08 billion

Revenue forecast in 2028

$10.75 billion

Rate of growth

CAGR of nearly 12.55% over the period 2021-2028

Year of reference

2020

Historical years

2017-2020

Forecast years

2021- 2028

Segments Covered

By source, by type, by distribution channel and by geography

Forecast units

Value (million USD) and volume (units)

Quantitative units

Revenue in USD Million/Billion and CAGR from 2021 to 2028

Regions covered

North America, Europe, Asia-Pacific, South America, Middle East and Africa, and Rest of the World

Countries covered

United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others

Number of companies covered

The companies covered in the small satellite market are Sierra Nevada Corporation (USA), ST Engineering (Singapore), Airbus SAS (Netherlands), Northrop Grumman Corporation (USA), Space Exploration Technologies Corp. (SpaceX) (US), The Boeing Company (USA), Thales Group (France), Lockheed Martin Corporation (USA), L3Harris Technologies Inc. (USA) and other key players

Report cover

Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.

Scope of customization

Take advantage of personalized purchasing options to meet your exact research needs.

Browse Detailed Abstract of Research Report with TOC:

https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917

Segmentation

Nanosatellite Segment Will Dominate Due to Growth in R&D Activities

By Type, the market is segmented into nanosatellite, microsatellite and mini-satellite

The nanosatellite segment is expected to dominate the market share due to growing R&D activities. Also, the growing number of space labs for upcoming space missions to Mars and the Moon is expected to accelerate the progress of the industry.

Rapid growth of the structure segment attributable to the increase in the number of satellites

On the basis of components, the market is segmented into structures, payload, power supply systems, solar panel and antenna systems, propulsion systems, and others.

The structure segment is expected to dominate due to the growing number of satellites in the commercial and government sectors. Additionally, the growing demand for networks for civilian missions, satellite services, and military missions is expected to propel the progress of the market.

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Detailed Table of Contents:

TOC Continued…!

The navigation segment will hold a major market share attributable to the growing adoption of satellite for communication

Based on application, the market is segmented into navigation, communication, technology development, earth observation, and others.

The navigation segment is expected to dominate the market share owing to the increasing adoption of satellites for communication. Additionally, several communication services such as broadcasting, telecommunications, and communication are likely to enhance the progress of the market.

Commercial and military segments will dominate due to strong satellite implementation

By end-user, the market is categorized into government, military, commercial, and civilian.

The commercial and military segment could dominate due to the increasing implementation of satellites. In addition, the increase in the number of users of cell phones and Internet services is likely to increase the adoption of satellite.

Geographically, the market is clubbed across North America, Europe, Asia-Pacific, and the rest of the world.

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Determining factors

Rapid Adoption of Internet of Things (IoT) in Manufacturing to Propel Market Advancements

A small satellite is developed and designed for specific applications such as earth observation, communication, navigation and others. An increasing number of satellite launches is expected to boost the growth of the industry. Also, the growing adoption of IoT for data transmission may increase the demand for small satellites. Additionally, the growing demand for high-speed internet and 5G connectivity is expected to drive the adoption of small satellites. Additionally, growing applications of small satellites in healthcare, smart grid, power, energy and others are expected to boost sales. These factors can boost the growth of the small satellite market.

However, strict government standards may limit market progress.

Regional outlook

Increase in NASA research and development activities to propel North America market growth

North America is expected to dominate the small satellite market share due to increasing emphasis on research and development activities by NASA. The North America market stood at USD 2.11 billion in 2020 and is expected to grow positively over the next few years. Additionally, strong investments in monitoring missions are expected to propel the adoption of the product. These factors can propel the growth of the industry.

In Europe, the adoption of IoT services for several applications is expected to improve the adoption of small satellites. Additionally, the increasing reliance on 5G services is expected to drive the progress of the market.

In Asia-Pacific, strong demand for small satellites from India, Japan and China is expected to fuel industry growth. Moreover, the growing reliance on IoT services may drive the progress of the market.

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Competitive landscape

Major Players Focus on New Product Launches to Expand Brand Positioning

Major companies operating in the market are focusing on expansions to boost their brand presence. For example, Airbus SAS launched a new product line of Earth observation satellites comprising the S250 radar and S250 optical satellites in February 2020. In addition, the companies are investing heavily in research and development activities to improve their product offerings, reduce costs and increase profits. Additionally, manufacturers are undertaking partnerships, mergers and acquisitions to strengthen their position in the market.

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