Small Satellite Market to Touch USD 12.25 Billion at 19.60% CAGR by 2023
Research Reports
Sep 27, 2023
Small Satellite Market Overview
The global Small Satellite Market will touch USD 12.25 billion at a 19.60% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Development of Compact Satellites to Boost Market Growth
The primary driver boosting the market growth in the forecast period is the increased attention of satellite manufacturers towards the development of compact spacecraft as a result of the lowered cost and development time of tiny satellites.
Opportunities
Launch of 5G Network to offer Robust Opportunities
The user experience has improved as a result of 5G’s ability to deliver new apps & services at quicker rates. Additionally, performance and dependability of communication networks are improved. 5G boasts much faster data rates and lower latency when compared to 4G. Satellite communication & high-altitude platform systems enabled high data rates to be delivered to terrestrial wireless networks in urban and suburban areas. The Internet of Things & smart cities would both develop with the deployment of power sensors in urban and rural areas. Due to its numerous applications in the healthcare, power sector, energy, smart grids, & other industries, the small satellite market is anticipated to grow over the course of the projected period.
Restraints and Challenges
Poor Power Generation to act as Market Restraint
The poor power generation and limited technological advances may act as market restraints over the forecast period.
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Market Segmentation
The global small satellite market is bifurcated based on end user, launch vehicle size, launch platform, and payload.
By payload, GEO will lead the market over the forecast period.
By launch platform, air will domineer the market over the forecast period.
By launch vehicle size, heavy lift launch vehicles will spearhead this market during the assessment period.
By end user, commercial will spur the market over the forecast period.
COVID-19 Analysis
The impact of COVID-19 on the market for small satellite is uncertain, and until the second quarter of 2021, market expansion is anticipated to be constrained. In order to stop the COVID-19 pandemic, governments throughout the world were obliged to impose stringent lockdowns and mandate social seclusion. So as safety precautions, several businesses launched work from home policies. As a result, there was a sharp drop in demand for tiny satellites everywhere. National lockdowns also caused supply-chain disruptions because some manufacturing sites had to completely or partially halt their operations. The COVID-19 pandemic’s negative effects caused major supply-demand problems for small satellite market worldwide.
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Regional Analysis
North America to Command Small Satellite Market
The biggest market share belonged to and continued to be retained by North America. Increased NASA R&D projects and increased military investment on surveillance missions are driving the region’s industry. Real time transmission, made feasible by NASA’s usage of SKYWAN technology & a tri-band antenna, is the ideal transmission for each application.
Key Players
Eminent industry players profiled in the global small satellite market report include Mitsubishi Heavy Industries Ltd (Japan), Blue Origin (US), Indian Space Research Organization (India), Space Exploration Technologies Corporation (US), Eurockot Launch Services GmbH (Germany), Bristol Airspace (UK), Kelly Space & Technology Inc(US), and Virgin Orbit (US).
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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