CHICAGO, March 31, 2023 /PRNewswire/ — The small satellite market is estimated at USD 3.2 billion in 2023 and is projected to reach USD 7.0 billion by 2028, at a CAGR of 16.8 % from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing capabilities of small satellites through the integration of the latest hi-tech and commercial-off-the-shelf electronic circuits will further boost the demand for such satellites at a rapid pace in the coming years.
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Browse in-depth TOC on “Small Satellite Market” 175 – Tables
62 – Figures
256 – Pages
Small Satellite Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$3.2 billion |
|
Estimated Value by 2028 |
$7.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 16.8% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Mass, By Application, By Subsystem, By End-use, By Frequency, By Orbit |
|
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Key Market Challenge |
Telemetry, tracking, and command issues |
|
Key Market Opportunities |
Development of satellite network to provide internet access in areas without broadband connectivity |
|
Key Market Drivers |
Growing demand for LEO-based small satellites |
Commercial segment is expected to account for the largest share in 2023.
By End-use, the small satellite market is segmented into commercial, government & defense and dual use. The Commercial segment is expected to account for the largest share the small satellite market by the end-user. One of the main factors boosting the market for small satellites is the reduced in launch costs. The cost of launching a satellite into orbit used to be extremely high, sometimes costing over $100 million. The new launch firms like SpaceX and Rocket Lab have significantly reduced the cost of placing small satellites into orbit. Small satellite constellation development has developed as a result of the decrease in cost for enterprises to launch small satellites. The growth of the satellite operators/owners segment is due to rising investments from the private sector in space research and satellite communication services.
The Satellite bus segment held the largest market share in the small satellite market.
By Subsegment, the small satellite market has been segmented into satellite bus, payload, solar panel, satellite antenna and others. Satellite bus segment to hold the largest market share. The Satellite bus segment demand is influence by the adoption of the small satellite for various applications such as earth observation, communication, research etc. Overall, it is anticipated that the small satellite bus segment market would expand and diversify over the coming years as new technologies and applications are introduced.
The LEO segment of the small satellite market by orbit is projected to dominate the market.
The small satellite marketed based on the orbit is segmented into the LEO, MEO, GEO and others. The Low Earth Orbiting (LEO) Segment holds the major market share of the small satellite market by orbit segment. GEO Segment to hold the highest growth rate over the forecast period. Growing demand for high-speed and low-latency communication and increased satellite and spacecraft launches in LEO are primarily driving this segment.
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North America is expected to account for the largest share in 2023.
The small satellite market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The North America region to account for the largest market share. The market in North America is being driven by increasing NASA Research and Development initiatives and rising military spending on surveillance missions.
Major players operating in the small satellite market Sierra Nevada Corporation (US), L3Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defence and Space (Germany) are some of the market players.
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