Small Satellite Global Market Report 2022: Massive Demand from the Commercial Sector Drives Sector
DUBLIN, Feb. 28, 2023 /PRNewswire/ — The “Small Satellite Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, and Femtosatellite), By Application, By Orbit, By End Use, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global small satellite market size is expected to grow and register steady CAGR in the forecast period, 2023-2027. Factors such as the development of automated technologies and technological advancements and lower launch costs of small satellites are primarily driving the demand for the global small satellite market.
There is increased demand for compact satellites due to the advantages offered by them including low weight and less developing time across the globe. Also, the surge in the demand for high-resolution imaging services worldwide and the use of small satellites for commercial purposes are further expected to fuel the growth of global small satellite market over the next five years.
Massive Demand from the Commercial Sector Drives the Market Demand
The rise in the efforts by the manufacturers and the use of advanced technologies in the manufacturing process have significantly lowered the overall cost of small satellites. They can be manufactured by using reusable and low-cost hardware components as well as technology. Due to their cost-effectiveness, the small satellites could be used to offer services like broadband internet and television services in the commercial sector.
Also, the small size and lightweight nature of the small satellites eliminate the need for specialized launch vehicles like that of regular satellites, which further lowers the launch cost of the small satellites. The ongoing technological advancements have enabled the miniaturization of the components and the related software, which has made private companies and small and medium-sized enterprises invest in the small satellites market.
Also, the advent of microelectronic innovations, including antennas, lightweight aperture, control sensors and actuators, and multispectral images, are expected to enhance the efficiency and processing power of small satellites. Therefore, the ongoing advancements and the rise in the use of small satellites in the commercial sector are expected to bolster the market demand over the next five years.
Rise in Popularity of the Compact Satellites is Expected to Fuel the Market Demand
Small satellites are significant resources in the building process and facilitate access to explore space. They can be built and placed in orbit at lower costs as compared to conventional satellites. Besides this, the major advantage of using small satellites is the less time spent on building them. Microsatellites and nanosatellites are gaining popularity as they provide cost-effective solutions to the end-users and are usually used for research, commercial and communication purposes. The advantages offered by the small satellites, including the shorter development cycle and lower costs, lower launch costs, lightweight characteristics, and executing complex computing capabilities, are expected to propel the small satellite uses across the globe.
Also, the expected roll-out of 5G technology to provide an enhanced user experience with higher speeds is expected to create lucrative growth opportunities for the market. Small satellites can be used to deliver high data rates to terrestrial wireless networks in urban and suburban areas. The growing demand for high-speed internet connections and the benefits of using small satellites are expected to boost the demand for global small satellites over the next five years.
Small Satellite Market, By Type:
Small Satellite Market, By Application:
- Earth Observation & Remote Sensing
- Satellite Communication
- Science & Exploration
- Mapping & Navigation
- Space Observation
Small Satellite Market, By Orbit:
Small Satellite Market, By End Use:
Small Satellite Market, By Region:
- North America
- United States
- South Korea
- Europe & CIS
- United Kingdom
- South America
- Middle East & Africa
- Saudi Arabia
A selection of companies mentioned in this report includes
- Northrop Grumman Corporation
- Airbus S.A.S.
- L3harris Technologies, Inc
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- The Aerospace Corporation
- Planet Labs Inc.
- Thales Group
- The Boeing Company
For more information about this report visit https://www.researchandmarkets.com/r/b36n01-satellite?w=5
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