Small Satellite Market Set to Soar Past USD 13.05 Billion by 2030
The global Small Satellite market size is expected to reach USD 13.05 billion by 2030 and exhibit a CAGR of 11.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The cost-effectiveness, increased commercialization, growing demand for Earth observation data, advancements in miniaturized technology, expanding applications in communication, rising interest from government and defense sectors, improved launch opportunities through rideshare services, international collaborations, and regulatory support for streamlined approvals are fueling the market’s growth.
Westford USA, Jan. 10, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Small Satellite market, increased adoption of CubeSats, proliferation of constellations for global coverage, enhanced data analytics capabilities, integration of Artificial Intelligence (AI) and Machine Learning (ML), emergence of dedicated small satellite launch services, growth in on-orbit servicing and debris removal solutions, development of standardized interfaces and components, and the exploration of new orbits beyond Low Earth Orbit (LEO) for various applications are the trends that aid in the market’s growth.
Browse in-depth TOC on “Small Satellite Market”
- Pages – 157
- Tables – 65
- Figures – 75
A small satellite, also known as a minisatellite or smallsat, is an artificial satellite with a wet mass (including fuel) of less than 500 kg (1,100 lb). Small satellites are becoming increasingly popular due to their lower cost and shorter development time than larger ones. They are also more versatile and can be used for various applications, including Earth observation, communications, navigation, and scientific research.
Prominent Players in Small Satellite Market
- Airbus Defence and Space
- Ball Aerospace
- Boeing Space
- BlackSky
- Blue Canyon Technologies
- GomSpace
- L3Harris Technologies
- Lockheed Martin
- Maxar Technologies
- Northrop Grumman
- Planet Labs
- Spire Global
- Surrey Satellite Technology
- Thales Alenia Space
- Space Exploration Technologies Corp. (SpaceX)
- Tyvak Nano-Satellite Systems
- AAC Clyde Space
- Ardusat
- ICEYE
- Capella Space
- Kleos Space
- Leaf Space
- Umbra Lab
- Vorticity Aerospace
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NanoSatellites and MicroSatellites Demand to Grow Substantially in the Forecast Period
NanoSatellites and MicroSatellites dominate the global online market as they are more cost-effective to manufacture and launch than larger satellites. This cost advantage makes them attractive to many customers, including startups, research institutions, and even larger organizations.
Earth Observation is the Leading Application Segment
In terms of application, earth observation is the leading segment due to the crucial for collecting high-resolution images and data for applications such as agriculture, forestry, urban planning, disaster monitoring, and environmental management. The increasing demand for accurate and up-to-date geospatial information in various sectors has driven the need for more Earth observation satellites.
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North America is the leading Market Due to the Private Sector Innovation
Region-wise, North America is one of the largest growing markets with a huge emphasis on private sector innovation. The United States government has been actively supporting the development and deployment of small satellites through programs like the CubeSat Initiative and the Commercial Resupply Services (CRS) program, facilitating the launch of small satellites to the International Space Station (ISS).
A recent report thoroughly analyzes the major players operating within the Small Satellite market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Small Satellite.
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Key Developments in the Small Satellite Market
- In May 2022, SpaceX launched a batch of Starlink satellites, continuing the deployment of its global broadband internet constellation.
- In April 2022, OneWeb launched a batch of small satellites, expanding its constellation to provide global internet connectivity.
Key Questions Answered in Small Satellite Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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