The small satellite market is projected to grow from USD 3.2 Billion in 2022 to USD 7.0 Billion by 2028, at a CAGR of 16.8 % during the forecast period. The growth of this market can be attributed to the increasing need for secure satellite communications for military missions and commercial applications. Additionally technological advancements in small satellite systems, such as laser/optical band communications technologies are driving the market.
The CubeSat segment is projected to witness the highest CAGR during the forecast period.
Based on mass, the CubeSat segment of the small satellite market is projected to hold the highest growth rate during the forecast period. CubeSats are used for a variety of missions by governments, universities, and private businesses due to their low cost and fast turnaround time. The development of new technologies and improvements in launch systems also contributed to the growth of the CubeSat market.
The laser/optical band segment is projected to dominate the small satellite market by frequency
Based on Frequency, the laser/optical band segment is projected to dominate the market share during the forecast period. The laser/optical band enhance the communication capabilities. The most promising commercial applications can be found in the interconnection of satellites or high-altitude platforms to build high-performance optical backbone networks. Corporations like SpaceX, Facebook, Google, and a series of start-ups are currently working on various concepts based on laser communication technology.
North America is expected to account for the largest market share in 2023
The small satellite market industry has been studied in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest market share in 2022. The US leads the market in North America with a large number of companies and startups operating in the industry. The country is also home to some of the world’s leading small satellite manufacturers and operators, such as SpaceX, Blue Origin, and Planet Labs.
The break-up of the profile of primary participants in the SMALL SATELLITE market:
- By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
- By Designation: C Level – 30%, Director Level – 20%, Others-50%
- By Region: North America –35%, Europe – 20%, Asia Pacific – 30%, Middle East & Africa – 10%, and Latin America – 5%
Prominent companies include Sierra Nevada Corporation (US), L3Harris Technologies, Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defence and Space (Germany) among others.
This research report categorizes the small satellite market by Application (Communication, Earth Observation, Education, Technology, Others), by Subsystem (Satellite bus, Payload, Solar Panel, Satellite Antenna, Others), by Orbit (LEO, GEO, MEO, Others), by Mass (Small Satellite, CubeSat), by End-use (commercial, government & defense), Frequency ( L-Band, S-Band, C-Band, X-Band, Ku-Band, Ka-Band, Q/V Band, HF/VHF/UHF- Band, & Laser/Optical) and region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the small satellite market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the small satellite market. Competitive analysis of upcoming startups in the small satellite market ecosystem is covered in this report.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall small satellite market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on small satellite offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the small satellite market
- Market Development: Comprehensive information about lucrative markets – the report analyses the small satellite market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the small satellite market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the small satellite market