During the forecast period, the small satellite market is anticipated to grow at a strong 15.3% CAGR. By 2033, the market is expected to be worth US$ 55.9 billion and generate US$ 13.5 billion in revenue. The growing number of international space exploration initiatives has significantly impacted the space race. The use of tiny satellites is essential as a result.
New technologies, R&D initiatives, and investments in space exploration by startups and commercial businesses are some of the factors driving the tiny satellite industry. A lot of micro satellites are being launched by nations and their defence operations, along with constellations for observation and spying.
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Different types of carriers and launch pads have also been built according to the reusable rockets and satellites. The latest addition to sustainable technology is the use of reusable and biodegradable materials while building satellites to minimize space waste.
Emerging economies like India and China have started building and advancing their space exploration programs with the help of commercial rides, payload carriers, and satellite carriers. Small startups are also helping organizations like ISRO and DRDO to create sustainable solutions for space programs.
Key Points
- The US market for small satellite holds the biggest market share and is likely to cross the anticipated values of US$ 7.2 Bn by 2033 with a CAGR of 14.8%. The growth rate is rising for the US market as the market flourished from a lower CAGR of 11.0% between 2017 and 2022.
- The Indian small satellite market thrives at the highest CAGR of 18.2% during the forecast period, while like revenue of US$ 701.1 million by 2033. The regional market was at a lower CAGR of 13.5% during the previous forecast period.
- The small satellite market outlook states that the nanosatellites segment continues to lead the satellite type category with a CAGR of 15.9% between 2023 and 2033. The growth is owed to the easy implementation, effective use and cheaper cost.
- Based on end-user type, the defence segment thrives at a CAGR of 15.3% between 2023 and 2033. This is due to the increased use of surveillance for enhanced security of the defense personnel.
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Competitive Landscape
Major players in small satellite market focus on experimenting with the size by using lighter materials in the production of these small satellites. Brands make satellites with a weight of 500 kg to increase performance and save rocket fuel too. Key players in the market are Orbital ATK, Inc., Ball Corporation, Airbus, Boeing, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., QinetiQ, ISIS- Innovative Solutions In Space B.V., OHB SE, Surrey Satellite Technology Ltd., Planet Labs Inc.
For instance:
- Lockheed Martin Corporation launched its advanced satellite series which has LM 50, offering compact size, optimized design, and efficient packaging while its mission life lies between three months to five years.
- Ball Corporation has introduced BCP 100, which is a small satellite and offers a rapid and frequent response to meet mission requirements. Another satellite is BCP 300 that is applied for the demonstration mission for tests and other technological experiments.
Key Segments
By Satellite Type:
- Micro-Satellite
- Mini-Satellite
- Nano-Satellite
- Pico-Satellites
By End User:
- Civil
- Commercial
- Defense
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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