Global Small Satellite Market to Reach $7 Billion by 2028: Technological Advancements in Software-Defined Payloads for Communication Satellites Drives Growth
DUBLIN, April 14, 2023 /PRNewswire/ — The “Small Satellite Market by Mass (Small Satellite, CubeSat), Application, Subsystems (Satellite Bus, Payload, Solar Panel, Satellite Antenna), Frequency, End-use (Commercial, Government & Defence, Dual-use), Orbit and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The small satellite market is projected to grow from USD 3.2 Billion in 2022 to USD 7.0 Billion by 2028, at a CAGR of 16.8 % during the forecast period.
The growth of this market can be attributed to the increasing need for secure satellite communications for military missions and commercial applications. Additionally technological advancements in small satellite systems, such as laser/optical band communications technologies are driving the market.
The CubeSat segment is projected to witness the highest CAGR during the forecast period.
Based on mass, the CubeSat segment of the small satellite market is projected to hold the highest growth rate during the forecast period. CubeSats are used for a variety of missions by governments, universities, and private businesses due to their low cost and fast turnaround time. The development of new technologies and improvements in launch systems also contributed to the growth of the CubeSat market.
The laser/optical band segment is projected to dominate the small satellite market by frequency
Based on Frequency, the laser/optical band segment is projected to dominate the market share during the forecast period. The laser/optical band enhance the communication capabilities. The most promising commercial applications can be found in the interconnection of satellites or high-altitude platforms to build high-performance optical backbone networks. Corporations like SpaceX, Facebook, Google, and a series of start-ups are currently working on various concepts based on laser communication technology.
North America is expected to account for the largest market share in 2023
The small satellite market industry has been studied in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest market share in 2022. The US leads the market in North America with a large number of companies and startups operating in the industry. The country is also home to some of the world’s leading small satellite manufacturers and operators, such as SpaceX, Blue Origin, and Planet Labs.
- Growing Demand for Leo-Based Small Satellites
- Rising Need for Earth Observation Imagery and Analytics
- Technological Advancements in Software-Defined Payloads for Communication Satellites
- Increasing Number of Space Exploration Missions
- Cost-Effectiveness of Small Satellites Compared to Conventional Satellites
- Absence of Unified Regulations and Government Policies Across Nations
- Lack of Dedicated Small Satellite Launch Vehicles
- Use of Software-Defined Technology for Flexibility to Alter Space Missions
- Development of Satellite Network to Provide Internet Access in Areas Without Broadband Connectivity
- Increased Government Investments in Space Agencies
- Increased Use of Small Satellites in Various Applications
- Concerns Over Space Debris
- Complex Propulsion Systems
- Telemetry, Tracking, and Command Issues
- Raising Capital and Funding for Satellite Manufacturing and Launch
- Qualitative Limitation of Small Satellites
Use Case Analysis
- Cubesats for Interplanetary Missions
- Small Satellites for IoT and Communications
- Space-Based Global Wireless Monitoring Systems
- Measurements of Magnetic and Electric Fields on Earth’s Ionosphere
- Real-Time Data for Emergency Systems
- Satellite Radiation Hardness Test
- Aac Clyde Space
- Aerospace Corporation
- Airbus Defence and Space
- Alba Orbital
- Alen Space
- Ball Aerospace & Technologies
- Dauria Aerospace Ltd.
- Earth-I, Inc.
- Exolaunch GmbH
- LHarris Technologies, Inc.
- Lockheed Martin Corporation
- Maxar Technologies
- Millennium Space Systems, Inc.
- Mitsubishi Electric Corporation
- Nearspace Launch, Inc.
- Northrop Grumman Corporation
- Ohb Se
- Other Players
- Planet Labs Inc.
- Pumpkin, Inc.
- Raytheon Technologies Corporation
- Sierra Nevada Corporation
- Space Exploration Technologies Corp. (Spacex)
- Spire Global, Inc.
- Surrey Satellite Technology Ltd.
- Swarm Technologies
- Terran Orbital
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/s70h44
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