Global Small Satellite Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2033
The Small Satellite Market report has been segmented on the basis of satellite type, application type, end-user, and region.
Global Small Satellite Market: Overview
“The Small Satellite Market size is expected to be worth around USD 20486 million by 2033 from USD 4369 million in 2023, growing at a CAGR of 18.73% during the forecast period 2023 to 2033.”
Small satellites are satellites of low mass and size usually under 500 kg.
Global Small Satellite Market: Dynamics
The rising adoption of small satellites in earth observatories for various applications such as weather forecast and agricultural or wasteland management is a key factor expected to drive the growth of the global market over the forecast period.
For instance, in November 2018, the Indian Space Research Organization (ISRO) launched HySIS— the earth observation satellite from its Satish Dhawan Space Center (SDSC) in Sriharikota.
In addition, the rising adoption of mobile phones, communication modules, GPS systems, and data-based services, owing to next-generation 4G/LTE networks is another factor expected to further fuel the growth of the target market over the forecast period.
Moreover, increasing demand for weather forecasting software such as AccuWeather, The Weather Channel, Yahoo Weather, and Google Weather is another factor expected to propel the growth of the global market over the forecast period.
Furthermore, technological advancements in microelectronics and the rising adoption of small satellites in the commercial sector, owing to factors such as lower cost, lightweight, and less complexity.
However, technological challenges such as lack of sufficient power storage or room for propulsion systems are major factors expected to restrain the growth of the global market over the forecast period.
In addition, limited product launchers and failure in launches, and design-related issues are some other factors expected to hamper the growth of the target market over the forecast period.
Rising demand for small satellites for disaster management, development of Global Navigation Satellite System (GNSS) by various countries, technological advancements in small satellite structure, and increasing demand for cost-effective products are some major factors expected to create potential revenue for the players operating in the target market over the forecast period.
Global Small Satellite Market: Segment Analysis
Among the satellite type segments, the nanosatellites segment is expected to register significant growth in the global market over the forecast period, owing to its features such as operating under harsh environmental conditions and being cost-effective.
Among the application type segments, the earth observation segment is expected to register significant growth, owing to the increasing adoption of small satellites for monitoring civil engineering projects, majorly in rural or remote areas, and increasing imaging services across various industries.
Global Small Satellite Market: Regional Analysis
The market in North America is expected to dominate the global small satellite market in terms of revenue and is expected to continue its dominance over the forecast period, owing to increasing government and private organization initiatives and investments for the development and launch of a small satellite across various countries in this region.
In addition, the presence of major players such as the National Aeronautics Space Association (NASA) and Space Exploration Technologies Corp. in this region.
The market in the Asia Pacific is expected to register the fastest growth in terms of revenue over the forecast period, owing to increasing demand for satellite-based activities and rising opportunities for new business across India, China, Japan, and Singapore in this region.
Global Small Satellite Market Segmentation:
Segmentation by satellite type:
Segmentation by application type:
- Earth Observation
- Scientific Research
- Technology Demonstration
Segmentation by end-user:
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size USD 20486 million Growth Rate 18.73% Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
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