The global small satellite market size is expected to experience significant growth by reaching USD 10.75 billion by 2028 while exhibiting a CAGR of 12.55% in 2021 and 2028. Fortune Business Insights, in its report titled “Small Satellite Market, 2021-2028.”, observes that the market stood at USD 4.08 billion in 2020. Factors such as the increasing adoption of modern technologies such as the internet of things (IoT) in the manufacturing sector will propel the demand for the product.
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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List of the Companies Operating in the Global Market:
- Sierra Nevada Corporation (The U.S.)
- ST Engineering (Singapore)
- Airbus S.A.S (The Netherlands)
- Northrop Grumman Corporation (The U.S.)
- Space Exploration Technologies Corp. (SpaceX) (The U.S.)
- The Boeing Company (The U.S.)
- Thales Group (France)
- Lockheed Martin Corporation (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
Market Segmentation:
On the basis of type, the market is trifurcated into mini, micro, and nano. Based on the type, the microsatellite segment is expected to hold the largest global small satellite market share of about 24.40% in 2020. Moreover, it is likely to dominate the market in the forthcoming years, backed by the increasing adoption of these types of satellites for space research purposes globally. On the basis of the component, the market is divided into the structure, payload, electric power system, solar panel & antenna systems, propulsion systems, and others. Moreover, based on the application, the market is classified into communication, earth observation, navigation, technology development, and others. Based on the end-user, the market is segmented into commercial, military, civil, and government.
DRIVING FACTORS
Increasing Adoption of IoT in Manufacturing Sector to Promote Growth
IoT ensures advanced connectivity options across industrial applications for the production and control of machines through satellites. They further aid in exchanging real-time data to improve the production and operations of the industries. In the manufacturing sector, IoT-enabled devices adopt satellite connectivity for data transmission between the systems and components. Owing to their several benefits, such as process automation, the surging adoption of IoT is likely to favor the global small satellite market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region stood at USD 2.11 billion in 2020 and is expected to remain at the forefront during the forecast period. This is due to the increasing focus on deploying small satellites for military purposes in countries such as the U.S. For instance, in July 2020, the U.S. CubeSat initiative announced the deployment of the 109th CubeSat from the international space station.
Asia-Pacific – The market in the region is expected to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the growing demand for advanced small satellites for space observation programs in countries such as India, Japan, and China. For instance, by 2021, the Indian Space Research Organization (ISRO) plans to deploy several satellites, such as ten earth observation satellites, two navigational satellites, three communication satellites, and three space science satellites.
COMPETITIVE LANDSCAPE
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop advanced small satellites to cater to the growing demand from several industrial applications. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for market growth.
Industry Development:
- February 2020 – Astrocast announced the signing of a contract with Spaceflight to launch ten additional IoT nanosatellites. These satellites are designed to transmit and receive low bandwidth data from the IoT devices located anywhere globally.
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