small satellite market forecast

The global small satellite market size reached US$ 3.68 Billion in 2021. By 2027, it will reach a value of US$ 8.84 Billion, CAGR of 14.50% (2022-2027).

SHERIDAN, WYOMING, USA, September 22, 2022 /EINPresswire.com/ -- The global small satellite market size reached US$ 3.68 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 8.84 Billion by 2027 exhibiting a growth rate (CAGR) of 14.50% during 2022-2027.

What is small satellite ?

A small satellite, also called a smallsat, refers to a type of low-mass and low-size satellite that is generally under 1,200 kg. Based on weight, it is categorized into minisatellite, microsatellite, nanosatellite, picosatellite, femtosatellite, etc. Small satellites are affordable alternatives that enable commercial enterprises, non-profit groups, educational institutions, etc., to conduct missions in the low Earth orbit (LEO). In addition to this, they make it possible to perform numerous scientific investigations and technology demonstrations in orbit at a low cost with relative ease and within a stipulated time. As a result, small satellites are extensively used for specific applications, including communication and navigation, by civil, commercial, military, and government bodies.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Small Satellite Market Trends and Drivers:

The rising need for remote sensing and Earth observation services across various sectors, such as energy, oil and gas, defense, agriculture, etc., is among the key factors stimulating the small satellite market. Additionally, the increasing utilization of these satellites for communication and navigation, owing to the elevating popularity of advanced technologies, including over-the-top (OTT) services and Internet Protocol Television (IPTV), is also propelling the global market.

Besides this, the inflating demand for LEO-based smallsats to provide low-cost broadband in developing countries is further fueling the market growth. Apart from this, the introduction of these satellites in the telecom sector is leading to the acceleration of 5G deployment across the globe, which is also driving the global market. Furthermore, the growing usage of smallsats by research organizations for academic purposes and technological experimentation in space is acting as another significant growth-inducing factor.

Moreover, the expanding integration of several innovative technologies, such as robotics, artificial intelligence, machine learning, etc., to ensure efficient communications, improve spacecraft reliability, enhance coordination, etc., is expected to positively influence the small satellite market over the forecasted period.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:
• Payloads and Structures
• Electric Power System
• Solar Panels and Antenna System
• Propulsion System
• Others

Breakup by Type:
• Mini Satellite
• Micro Satellite
• Nano Satellite
• Others

Breakup by Frequency:
• L-Band
• S-Band
• C-Band
• X-Band
• Ku-Band
• Ka-Band
• Q/V-Band
• HF/VHF/UHF-Band
• Others

Breakup by Application:
• Communication
• Earth Observation and Remote Sensing
• Science and Exploration
• Mapping and Navigation
• Space Observation
• Others

Breakup by End User:
• Commercial
• Academic
• Government and Military
• Others

By Geography:
•North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other

List of Major Key Players:

The major players in the market are AAC Clyde Space, Airbus SE, Ball Corporation, Blue Canyon Technologies (Raytheon Technologies Corporation), Exolaunch Gmbh, GomSpace, L3Harris Technologies Inc., Lockheed Martin Corporation, Millennium Space Systems Inc. (The Boeing Company), Northrop Grumman Corporation, Spire Global Inc. and The Aerospace Corporation.

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Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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