The global miniaturized satellite market is expected to grow primarily due to the increase in the need for high-resolution imaging services worldwide. Satellite communication sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, June 15, 2023 /PRNewswire/ — Global Miniaturized Satellite Market Forecast Analysis:
As per the report published by Research Dive, the global miniaturized satellite market is expected to register a revenue of $15,958.6 million by 2031 at a CAGR of 17.1% during the forecast period 2022-2031.
Segments of the Miniaturized Satellite Market
The report has divided the miniaturized satellite market into the following segments:
- Type: minisatellite, microsatellite, nanosatellite, and picosatellite
- Minisatellite – Highest market share in 2021
Growing number of companies utilizing miniature satellite technology to safeguard information stored on internal servers and cloud gateways is expected to boost the sub-segment in the 2022-2031 timeframe. - Application: earth observation & remote sensing, satellite communication, science & exploration, mapping & navigation, space observation, and others
- Satellite Communication – Most profitable in 2021
The growing usage of communication antennas in both the private and public sectors is expected to propel the sub-segment forward. - End user: commercial, academic, government & military, and others
- Commercial – Most lucrative in 2021
The intensive focus of satellite manufacturers on lowering the cost of miniaturized satellites has led to an increase in the use of miniaturized satellites by commercial organizations to supply cutting-edge services such as the internet, broadband satellite TV, and other services. This is anticipated to push the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The continuously expanding demand for miniature satellites in the communication and telecommunications industries in this region is predicted to propel the market in the forecast period.
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Dynamics of the Global Miniaturized Satellite Market
The increased attention of satellite manufacturers on the creation of small spacecraft as a result of the lower cost and development time of miniaturized satellites is expected to make the miniaturized satellite market a highly profitable one in the forecast period. Additionally, the need for small spacecraft has increased due to launch missions for ride-sharing programmes, which is predicted to propel the market forward. However, the lack of satellite launches, and the shorter life span of miniaturized satellites might become a restraint in the growth of the market.
The rising use of satellite-connected internet is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the rise in the use of miniature satellites by small and average players is expected to propel the miniaturized satellite market forward in the coming period.
COVID-19 Impact on the Global Miniaturized Satellite Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The miniaturized satellite market, too, was negatively impacted due to the pandemic. The market for miniaturized satellites decreased as a result of supply chain interruptions, manufacturing facility closures, and a downturn in the world economy. Moreover, because of the increased need for remote sensing and mapping services that do not require large satellites, small satellite firms had to limit growth and R&D operations to combat declining sales and operating performance in the space industry. These factors significantly hindered the market growth amidst the pandemic.
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Key Players of the Global Miniaturized Satellite Market
The major players of the market include
- gomspace
- Airbus
- Northrop Grumman Corporation
- planet labs inc.
- L3Harris
- Technologies Inc.
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- Thales Group
- The Boeing Company
- The Aerospace Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2020, SpaceX, an American spacecraft launcher and satellite communications firm, launched its third batch of 60 miniature Starlink satellites with an aim to form a massive spacecraft constellation.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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