Global Small Satellite Market Size, Share, and COVID-19 Impact Analysis, By Type (Minisatellite, Microsatellite, Nanosatellite and Others), By Component (Payloads, Solar Panels, Satellite Antenna, Propulsion Systems and Others), By Application (Communication, Earth Observation & Remote Sensing, Scientific & Exploration, Mapping & Navigation, Technology Development and Others), By End-Use (Commercial, Government & Military, Academy and Civil) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2028
KEY MARKET INSIGHTS
The Global Small Satellite Market was valued at USD 3.1 Bn in 2021. The market is projected to grow USD 8.3 Bn in 2028, at a CAGR of 18.2%. Rising development in the small satellite industry for climate checking, route, communication, and remote detecting applications would aid the expansion of the small satellite market. Satellite dispatch vehicles assist in the transportation of the shuttle to space. The dispatch vehicle, the platform, and several designs make up the initial framework. The number of stages and the amount of mass transported into the circle determine the sequence of the satellite dispatch vehicles. Satellite dispatch vehicles use supports to provide initial thrust and reduce the weight of subsequent stages, allowing for larger payloads to be transported into the circle. Small satellite investments have been fueled by factors such as adaptability, cheap cost, sophisticated mechanics, ease of assembly and launch, mass production, and short lifecycles. As new technologies emerge and more satellites come up, the volume of satellite data and the breadth of applications for that data will continue to expand.
With the outbreak of COVID-19, the impact is remaining unaffected for the small satellite market. The COVID-19 epidemic has caused massive damage to the economic operations of countries across the world. Small satellite systems, subsystems, and components are also affected. Despite the importance of small satellite systems, supply chain difficulties have put a stop to their production for the time being. The COVID-19 epidemic posed numerous obstacles for small satellite businesses, including disruptions in raw Type supply chains, logistical challenges, and other issues. Currently, countries such as the United States, India, China, Russia, Japan, and a few European countries have considerable satellite assembly capabilities. However, as the push toward the manufacture of more affordable and less refined small satellites grows, it is natural that the satellite manufacturing base expands to a few other countries throughout the world.
Adoption of AI and Robotics in Small Satellite Market
The small satellite market has seen significant changes as a result of the integration of artificial intelligence (AI). Future problems are detected using telemetry-based automatic diagnostics technology. The data gathered in space aids in the analysis of space and the download of specific data required for the mission. Furthermore, AI-enabled automatic learning systems and intelligent ground stations improved CubeSat constellation control. In the coming years, the space sector will be transformed by improved data processing, transmission capacity, and laser communication systems.
Rapid Technological Advancements in 5G Satellite
The introduction of 5G improved user experience by providing new applications and services at faster speeds. It boosts a communication network's dependability and performance. When compared to 4G, 5G has a lower latency and much higher data speeds. High data rates were given to terrestrial wireless networks in urban and suburban areas thanks to satellite communication and high-altitude platform systems (HAPS). Furthermore, by placing power sensors in rural and urban regions, 5G will drive the expansion of IoT and smart cities. It has a wide range of applications in healthcare, energy, the power sector, smart grids, and other areas, all of which will contribute to the global small satellite market's growth over the forecast period.
Increasing Demand for LEO based Small Satellites
Rising demand of small satellites with expanded capacity for energy (oil, gas, mining), and governments in developed countries. As a result, demand for low-cost broadband is increasing among individual consumers in less developed countries and rural locations, where internet connection may be limited. Investments in small satellite-based LEO constellations are being driven by these market expectations. In addition, there is a large demand for low-cost, high-speed internet in developed countries, and if all planned GEO HTS satellites and LEO constellations succeed, supply could be far greater than demand, lowering the price per megabit.
Limitation of Dedicated Small Satellite Regarding Payload Component
The payload capacity of small satellites limits their ability to carry out a variety of missions. Because small satellites are that small, the volume of propulsion, payload, and other subsystems that can be installed in them is severely limited. The greater impulse required for maneuver missions mandates the use of more propellant, limiting the capacity of any scientific equipment or payload planned for the small satellites. The paucity of room on small satellites also limits their capacity to carry critical components required for complex missions.
The global small satellite market is segmented by Type (Minisatellite, Microsatellite, Nanosatellite, Others), By Component (Payloads, Solar Panels, Satellite Antenna, Propulsion Systems and Others), By Application (Communication, Earth Observation & Remote Sensing, Scientific & Exploration, Mapping & Navigation, Technology Development and Others), By End-Use (Commercial, Government & Military, Academy and Civil). Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Based on the Type, the market is categorized into minisatellite, microsatellite, nanosatellite and others. The minisatellite segment is dominating the market share owing to growing demand for high-speed internet connectivity and a rising number of telecommunication companies to which deployment of satellites is required.
Based on the Component, the market is categorized into payloads, solar panels, satellite antenna, propulsion systems and others. The payloads segment is dominating the market share owing to the increased product use in a variety of applications such as navigation, communication, earth observation, weather monitoring, and others. The payload segment is expected to rise significantly throughout the forecast period. Internal satellite systems are powered by electric power systems.
Based on the Application, the market is categorized into communication, earth observation & remote sensing, scientific & exploration, mapping & navigation, technology development and others. The earth observation & remote sensing segment is expected to dominate the market share owing to the increase usage of small satellites by commercial and government space organizations along with variety of applications including border mapping, urban planning, infrastructure and homeland security.
Based on the End-Use, the market is categorized into commercial, government & military, academy and civil. The commercial segment is expected to dominate the highest revenue in 2020 owing to the growing usage of earth observation, communications, agricultural monitoring and imaging technologies. Increasing adoption of edge-cutting technologies for small satellite along with the development of reusable satellites and low cost components is driving the growth of global small satellites market. For instance, in September 2021, Honeywell has expanded their product offerings by launching three which is specifically designed for commercial space satellites.
The global small satellite market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The North America region is expected to dominate the market share owing to the rising investing in innovative small satellite technology along with improvising the quality and efficacy of satellite communication. The growing investment in small satellite equipment to improve the armed forces' defense and surveillance capabilities, as well as the modernization of existing communication in military platforms, critical infrastructure, and law enforcement agencies that use small satellite systems, are expected to drive the small satellite market in North America.
- L3harris Technologies, Inc
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Planet Labs Inc.
- Sierra Nevada Corporation
- Thales Group
- The Aerospace Corporation
- The Boeing Company
- Honeywell International Inc.
KEY INDUSTRY DEVELOPMENTS:
February 2022- Airbus has made a strategic partnership with CFM International, a 50/50 joint company between GE and Safran Aircraft Engines to demonstrate hydrogen combustion technology to flight test a direct combustion engine fueled by hydrogen.
August 2021- ISRO has planned to launch a Geo-Imaging satellite which will help in capturing real-time images and also enable quick monitoring of natural disasters.
June 2021- Honeywell has launched a new rate sensor specifically planned to help small satellites in navigating increasingly overcrowded orbits.
- Solar Panels
- Satellite Antenna
- Propulsion Systems
- Earth Observation & Remote Sensing
- Scientific & Exploration
- Mapping & Navigation
- Technology Development
- Government & Military
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia