Global Small Satellite Market Size By Type (Minisatellite, Microsatellite, Nanosatellite and Others), Component (Payloads, Solar Panels, Satellite Antenna, Propulsion Systems and Others), Application (Communication, Earth Observation & Remote Sensing, Scientific & Exploration, Mapping & Navigation, Technology Development and Others), End-Use (Commercial, Government & Military, Academy and Civil) and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030
The global Small Satellite Market was valued at USD 3.78 billion in 2022 and is projected to reach USD 11.25 billion by 2030, growing at a CAGR of 16.8% from 2023 to 2030.
The growth of the small satellite industry, with its applications in climate monitoring, navigation, communication, and remote sensing, is expected to drive the expansion of the small satellite market. Satellite launch vehicles play a crucial role in transporting these satellites into space. The launch vehicle consists of a platform and various components that form the initial framework, with the number of stages and payload capacity determining the sequencing of the launch vehicles. Utilizing boosters, these vehicles provide initial thrust and enable the transportation of larger payloads. The attractiveness of small satellites lies in their flexibility, cost-effectiveness, advanced technology, ease of assembly and launch, mass production capabilities, and short lifecycles. With the emergence of new technologies and an increasing number of satellites, the volume of satellite data and its applications are set to expand further, which is likely to foster the industry outlook.
- Based on type, the minisatellite segment captured the largest industry share in 2022
- Based on components, the payloads segment acquired the largest market share in 2022
- Based on application, the earth observation & remote sensing segment captured the largest industry share in 2022
- Based on end-use, the commercial segment garnered the largest market share in 2022
- On the basis of region, North America accounted for the largest market share in 2022
Adoption of AI and Robotics in Small Satellite Market to Drive Market Growth
The small satellite market has undergone notable transformations with the incorporation of artificial intelligence (AI). Telemetry-based automatic diagnostics technology enables the detection of potential issues in advance. The data collected in space facilitates space analysis and the retrieval of mission-specific data. Additionally, AI-powered machine learning systems and intelligent ground stations have enhanced the control of CubeSat constellations. In the near future, the space industry will witness a significant shift driven by advancements in data processing, transmission capabilities, and laser communication systems.
Increasing Demand for LEO based Small Satellites to Fuel Market Expansion
The growing need for small satellites with enhanced capabilities in the energy sector (oil, gas, mining) and among government entities in developed nations has led to increased demand for affordable broadband services. This demand is particularly prominent in less developed countries and rural areas where internet connectivity may be limited. Moreover, emerging trends have fueled investments in low Earth orbit (LEO) constellations based on small satellites. Additionally, there is a significant market demand for cost-effective, high-speed internet in developed countries. However, if all planned geostationary (GEO) high-throughput satellites (HTS) and LEO constellations are successfully deployed, the supply of broadband services could surpass the demand, resulting in lower prices per megabit.
February 2022- Airbus entered into a strategic partnership with CFM International, a joint venture between GE and Safran Aircraft Engines, to showcase the capabilities of hydrogen combustion technology. The collaboration aims to conduct flight tests using a direct combustion engine fueled by hydrogen, demonstrating Airbus' commitment to advancing sustainable aviation solutions.
Based on type, the market is categorized into minisatellite, microsatellite, nanosatellite, and others. The minisatellite segment is exhibiting market dominance due to the increasing demand for high-speed internet connectivity and the growing need for satellite deployment by telecommunication companies. This trend is driven by the need to expand internet access and meet the requirements of a digital society.
Based on component, the market is categorized into payloads, solar panels, satellite antenna, propulsion systems, and others. The payloads segment is leading the market due to its wide range of applications including navigation, communication, earth observation, and weather monitoring. This segment is expected to grow substantially in the foreseeable future. Electric power systems are powering internal satellite systems.
Based on application, the market is categorized into communication, earth observation & remote sensing, scientific & exploration, mapping & navigation, technology development, and others. The market is set to be dominated by the earth observation and remote sensing segment, primarily driven by the growing utilization of small satellites by commercial and government space organizations. This dominance is further supported by the wide range of applications, including border mapping, urban planning, infrastructure development, and homeland security. These applications highlight the significance of earth observation and remote sensing technologies in various sectors. As a result, this segment is expected to command a significant market share and witness substantial growth in the coming years.
North America Dominated the Market Owing to Increased Investment in Advanced Technologies
North America is poised to dominate the market in 2022 as a result of increased investment in cutting-edge small satellite technology and efforts to enhance the quality and effectiveness of satellite communication. The growth of the regional small satellite market is being driven by investments in advanced equipment to bolster the defense and surveillance capabilities of armed forces, as well as the modernization of communication systems in military platforms, critical infrastructure, and law enforcement agencies utilizing small satellites. These factors contribute to North America's strong market share and highlight the region's leadership in the small satellite industry.
Asia Pacific is Expected to be the Fastest Growing Region Owing to Government Support
Asia Pacific is expected to anticipate the fastest-growing region over the forecast period owing to the burgeoning demand for small satellites in the region's space industry. As nations across Asia Pacific continue to invest in space exploration, satellite-based communication, and Earth observation, the demand for small satellites has surged. This growth is fueled by several factors, including the need for cost-effective space solutions, a growing appetite for space-based data for agriculture, disaster management, and environmental monitoring, as well as increasing collaboration between governments and private companies in the development and deployment of small satellite constellations. The region's strategic positioning as a hub for satellite manufacturing and launch services further bolsters its potential to lead the market.
The global small satellite market is fragmented with key players such as Airbus, Gomspace, L3harris Technologies, Inc, Lockheed Martin Corporation, Northrop Grumman Corporation, Planet Labs Inc., Sierra Nevada Corporation, Thales Group, SpaceX, The Aerospace Corporation, The Boeing Company, and Honeywell International Inc. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.
The global small satellite market is segmented as follows:
- Solar Panels
- Satellite Antenna
- Propulsion Systems
- Earth Observation & Remote Sensing
- Scientific & Exploration
- Mapping & Navigation
- Technology Development
- Government & Military
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- North America
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Global Small Satellite Market Size By