Small Satellite Market Size, And Top Key Players 2029

The global small satellite market size was valued at USD 4.90 billion in 2021 and reached USD 5.60 billion in 2022. According to a report titled "Small Satellite Market, 2022-2029" by Fortune Business Insights™, the market is anticipated to reach a valuation of USD 12.02 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 11.53% during the forecast period. The market growth is expected to be driven by the swift adoption of 3D printing technology for satellite manufacturing and the growing utilization of satellites across various industries.

List of Key Players Profiled in the Report:

• Airbus S.A.S (Netherlands)
• The Boeing Company (U.S.)
• Lockheed Martin Corporation (U.S.)
• Northrop Grumman Corporation (U.S.)
• Sierra Nevada Corporation (U.S.)
• ST Engineering (Singapore)
• Thales Group (France)
• SPACEX (U.S.)
• L3Harris Technologies, Inc. (U.S.)

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917

Small Satellite Industry Segmentation:

By Type:

1. Miniature Satellite
2. Micro Satellite
3. Nano Satellite
4. Pico Satellite
5. Femto Satellite

By Application:

1. Communication
2. Earth Observation
3. Scientific Research
4. Technology Development
5. Mapping and Navigation
6. Military and Defense
7. Others

By End-User:

1. Commercial
2. Civil
3. Government
4. Defense

By Region:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Robust Internet of Things Adoption in the Manufacturing Sector to Foster Market Progress

Small satellites are objects developed and designed for earth observation, communication, navigation, and other purposes. Satellites are launched into several orbits that comprise Geostationary Earth Orbit (GEO), Medium Earth Orbit (MEO), and Low Earth Orbit (LEO) with the help of rockets. The robust Internet of Things (IoT) adoption in the manufacturing sector is expected to enhance satellite adoption. Furthermore, the rising adoption of satellites for transport, consumers, oil & gas, and mining is likely to fuel industry growth. These factors may drive the small satellite market growth.

However, launch vehicle shortage is expected to hinder the market growth.

Regional Insights

Rising Research & Development Investments in NASA to Fuel Growth in North America

North America is expected to dominate the small satellite market share due to rising research and development investments in NASA. The market size in North America stood at USD 2.53 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the adoption of tri-band antenna and SKYWAN technology is expected to foster the industry’s progress. For example, CubeSat announced a launch initiative from its international space station for the 109th CubeSat in July 2020.

In Europe, launching IoT services and the internet for numerous applications is expected to enhance the product adoption. Furthermore, the rising focus on executing and developing low-cost missions is expected to propel market growth.

In Asia Pacific, strong demand from India, Japan, and China is expected to foster industry growth. Furthermore, the development of plans by ISRO is expected to foster the industry’s progress.

Key Industry Development

• May 2022: Thales Alenia Space entered into a joint venture with Leonardo and Thales to complete tasks associated with the final integration of Orion’s European Service Module 4 essential systems.