“Increased demand for LEO-based services and demand for Earth observation imagery and analytics are the major factors driving the Small Satellite Market.”
The global Small Satellite market size is projected to grow from USD 2.8 billion in 2020 to USD 7.1 billion by 2025, at a CAGR of 20.5% from 2020 to 2025. The market is driven by various factors, such as the growing demand for LEO-based services , demand for Earth observation imagery and analytics and increasing in number of space exploration missionsare the major drivers of small satellite ma rket.
The small satellite market includes major players Sierra Nevada Corporation (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defense and Space (Netherlands). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect small satellite production and services by 10% globally in 2020.
“Small Satellite: The fastest-growing segment of the Small Satellite market, by Satellite mass “
Small Satellite is the fastest-growing segment of the Small Satellite market, by Satellite Mass. The growth of this segment can be attributed due its wide use for Earth observation and broadband internet. Small satellites are used in constellation architecture for gathering scientific data and communication purposes. Small satellites are used for in-orbit inspection purposes of larger satellites. These are also used as test carriers for newly developed components that are to be installed on a much critical satellite.
“Earth observation & remote sensing: The fastest-growing segment of the Small Satellite market, by application. “
Earth observation & remote sensing is the fastest-growing segment of the Small Satellite market, by application. The growth of this segment can be attributed due to compact nature of small satellites led to efficient Earth observation and remote sensing. due to their compactness, they are ideal for Earth observation and tracking of various weather-related phenomena such as hurricanes, lightning, and polar lights, or natural catastrophes as well as speculation of accidental disasters with relatively no delay in reporting time.
“Commercial: The fastest-growing segment of the Small Satellite market, by end use“
Commercial is the fastest-growing segment of the Small Satellite market. The growth of this segment can be attributed due to increase involvement of Private Players in Global Space Industry to drive the segment Private companies can invest in small satellites as they are cheaper, faster to build, and can be launched for commercial purposes. The geospatial technology using Earth-imaging small satellites for agriculture, education, intelligence navigation, mapping, and other uses has driven the commercial sector.
“North America:: The fastest-growing region in the Small Satellite market.”
North America is projected to be the highest CAGR rate for the small satellite market during the forecast period.. North America is a leading region for the adoption of small satellites and provides great opportunities for the growth of the overall market. The region has always been an early adopter of new technologies or software. The demand for small satellites in North America is being driven by the booming digitalization across industries, along with the surging demand for Earth observation satellites, which offer extremely high-resolution Earth images and videos, as close as 1 meter or less, of the Earth’s surface..
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
- By Designation: C Level–35%; Directors–25%; and Others–40%
- By Region: North America–40%; Europe–30%; Asia Pacific–20%; Middle East & Africa–5%; and South America-5%
Sierra Nevada Corporation (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defense and Space (Netherlands) are some of the leading players operating in the small satellite market report.
The study covers the Small Satellite market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on Satellite mass, subsystem, application,end use, frequency, NGEO orbit and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons To Buy this Report
- This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Small Satellite Market and its segments.
- This study is also expected to provide region wise information about the applications, wherein Small Satellite is used.
- This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.