Allied Market Research published a report, titled, “Small Satellite Market by Type (Minisatellite, Microsatellite, Nanosatellite, and Others), Application (Earth Observation & Remote Sensing, Satellite Communication, Science & Exploration, Mapping & Navigation, Space Observation, and Others), and End User (Commercial, Academic, Government & Military, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global small satellite industry was estimated at $3.25 billion in 2020 and is anticipated to hit $13.71 billion by 2030, registering a CAGR of 16.4% from 2021 to 2030.
Drivers, restraints, and opportunities-
The tiny satellite industry is rising due to increased demand for smaller satellites and high-resolution image services, as well as a greater willingness to employ LEO-based services. On the other hand, the payload capacity of small satellites and the lack of specialized small satellite launch vehicles stifle growth to some extent. However, a boom in commercial demand for satellite services is projected to open up lucrative opportunities in the industry.
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Stringent lockdowns and lengthy lockdowns resulted in a low rate of space launches, significantly harming the worldwide small satellite business, particularly in the early stages of the epidemic.
The market, on the other hand, is expected to return to normal soon.
The minisatellite segment to dominate by 2030-
In 2020, the minisatellite sector dominated by holding nearly two-fifths of the global small satellite market, according to type. This is due to a worldwide increase in demand for direct-to-home satellite TV systems. The nanosatellite market, on the other hand, is predicted to grow at the quickest rate, with a CAGR of 17.0% over the forecast period. The category is growing because of an increase in demand for connectivity solutions for processing real-time data for observation applications such as meteorological, hydrological, and marine, among others.
The commercial segment to maintain the dominant share-
The commercial category, which accounted for more than two-fifths of the global small satellite market in terms of revenue, had the highest market share by end-user. Due to the increased adoption of space technology by commercial organizations, the same segment is expected to grow at the quickest rate of 17.1 percent over the projection period.
Because of the surge in acceptance of advanced satellite services among the civil, defense, and space industries in the North American region, the market in North America dominated the market with a substantial share in 2020, accounting for more than two-fifths of the worldwide small satellite market. However, due to rising investment in satellite technology deployment in countries such as China and India, the market in Asia-Pacific is predicted to grow at the quickest rate of 17.2 percent from 2021 to 2030.
North America garnered the major share in 2020-
Key players in the industry-
- Northrop Grumman Corporation
- Planet Labs Inc.
- Airbus S.A.S.
- The Boeing Company
- Sierra Nevada Corporation
- Thales Group
- L3Harris Technologies, Inc.
- Aerospace Corporation
- Lockheed Martin Corporation
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
SOURCE Allied Market Research