Small satellite market worth $7.4 billion by 2026
CHICAGO, February 17, 2022 /PRNewswire/ — According to the new research report, the “Small Satellite Market by Satellite Mass (Small Satellite, CubeSat), Application (Communication, Earth Observation and Remote Sensing, Scientific, Technology), Subsystem, Orbit, End User, Frequency and Region – Forecast to 2026 “, published by MarketsandMarkets™, the small satellite market is expected to grow from $3.1 billion in 2021 for $7.4 billion by 2026, at a CAGR of 19.4%.
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Small satellite systems have enormous potential for small satellite data service providers, small satellite service providers, remote sensing service providers, technical service providers and investors. The market is one of the most lucrative verticals in the space industry. Factors such as versatility, low cost, advanced mechanics, ease of assembly and launch, mass production and short life cycles have driven investments in the small satellite market. The amount of satellite data and the range of applications for that data will continue to grow in the future as new technologies develop and more satellites come online.
Growing investments from several governments, especially in developed and developing economies such as the United States, Indiaand China, among others. COVID-19 has affected the growth of the small satellite market to some extent, and it varies from country to country. Industry experts believe that the pandemic has not affected the demand for small satellite equipment.
Based on the platform, the commercial segment is estimated to dominate the small satellite market from 2021 to 2026.
It is expected to grow further due to the growing need for communications, Earth observation, imagery and agricultural monitoring. Companies such as Pumpkin Space (USA) use small satellites for scientific experiments such as testing new technologies such as batteries with sleep mode capability (BM-2). BUSEK Space Propulsion and Systems (USA) is another company that focuses on the development of new propulsion systems such as pulsed plasma thruster, green monopropeller thrusters and electrothermal thrusters. In 2019, OneWeb Satellites, a joint venture between OneWeb and Airbus SE, launched approximately 34 satellites for the OneWeb constellation from Baikonur, Kazakhstan.
Based on satellite mass, the small satellite segment is expected to dominate the small satellite market from 2021 to 2026.
A small satellite is a type of low mass and compact satellite mainly used for remote sensing, earth observation and communication purposes. These satellites generally weigh less than 500 kg. Small satellites are used for in-orbit inspection of large satellites. These are also used as test carriers for newly developed components that need to be installed on a very critical satellite. However, small satellites are prone to operational challenges which include lack of energy storage and propulsion system, due to their small dimensions. In January 2022Satellite communications provider Starlink has launched part of the constellation of small satellites into low Earth orbit.
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Based on the region, North America is expected to dominate the small satellite market from 2021 to 2026.
The United States is a lucrative market for small satellite systems in the North American region. The US government is increasingly investing in advanced small satellite technologies to improve the quality and efficiency of satellite communications. The growing investment in small satellite equipment to improve the defense and surveillance capabilities of the armed forces, the modernization of existing communications in military platforms, critical infrastructure and law enforcement using small satellite systems , are key factors expected to drive the small satellite market in North America. In 2021, Swarm Technologies launched 28 SpaceBEE 0.25U CubeSats. The CubeSat is the world’s smallest two-way communication satellite for IoT.
Contracts have been the main strategy adopted by the major players to maintain their position in the small satellite market, followed by the development of new products with advanced technologies. Many companies have also collaborated to set up special centers for research and development of advanced small satellite systems.
The market for small satellites is dominated by a few globally established players such as the Thales group (France), L3Harris Technologies (USA), Honeywell International Inc. (USA), Lockheed Martin (USA), Airbus (Germany), among others.
Satellite payloads Market by Type (Communication, Imaging, Software Defined Payload, Navigation), Satellite (CubeSat, Small Satellite, Medium Satellite, Large Satellite), Orbit, Application, End User, Frequency and Region – Forecast to 2026
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