The global small satellite market size was valued at USD 4.90 billion in 2021 and reached USD 5.60 billion in 2022. The market is expected to be valued at USD 12.02 billion by 2029, exhibiting a CAGR of 11.53% during the forecast period. The rapid adoption of 3D printing parts for satellite manufacturing and rising applications of satellites from several sectors are expected to boost market progress. Fortune Business Insights™ presents this information in its report titled “Small Satellite Market, 2022-2029.”

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:

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

Russia-Ukraine War Impact

Economic Sanctions Imposed by the U.S. and its Allies on the Russian Federation Negatively Affected the Industry

During the war, the global industries were adversely affected by disruptions to the import and export flow, and the economic sanctions imposed on Russia by the US and its allies are expected to hinder the growth of a particular industry. The dominance of Roscosmos, a quasi-civilian space agency in Russia, in the commercial space sector has had a negative impact on alternative launch service providers in Japan, India, Europe, and the US, which has further contributed to the market's decline during the war.

Segments

The small satellite market can be segmented based on the type of small satellite, which includes nanosatellites, microsatellites, and minisatellites. It can also be segmented based on application, such as earth observation, communication, scientific research, technology development, and others. Geographically, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Other segmentation factors may include orbit type, end-user, and launch vehicle type.

 

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 designed for a variety of purposes, including earth observation, communication, and navigation, and are launched into different orbits such as GEO, MEO, and LEO using rockets. The increasing adoption of the Internet of Things (IoT) in the manufacturing industry is expected to boost the use of satellites, and the growing demand for satellite-based solutions in transportation, consumer goods, oil and gas, and mining industries is likely to drive the growth of the small satellite market. These factors are expected to contribute to the growth of the industry.

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.

Competitive Landscape

Prominent Players Announce Novel Facilities to Expand Market Reach

Prominent companies operating in the market announce novel facilities to expand their market reach. For example, Boeing announced its novel high-throughput test facility, integration, and small satellite production in March 2022. This development was meant to enhance productivity and fasten delivery times. The production facility shall be powered by Millennium Space Systems, a Boeing subsidiary, and shall be housed in the largest satellite production facility globally. This strategy may expand the company’s market reach worldwide. Further, companies devise automated production techniques, research and development, mergers, acquisitions, and collaborations to enhance the market growth.

 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.