The major factors that propel the small satellite market are low cost, lightweight, and increased applications of small satellites across diverse sectors.
The small satellite market accounted for revenue of $3,632.4m in 2018 and is anticipated to generate $15,686.3m by 2026. The market is projected to experience a growth at a CAGR of 20.1% from 2019 to 2026, according to a new report published by Trends Market Research titled, Small Satellite Market by Type, Application, and End-User: Global Opportunity Analysis and Industry Forecast, 2019-2026.
The major factors that propel the small satellite market are low cost, lightweight, and increased applications of small satellites across diverse sectors. Technological developments and an increase in investments by governments are anticipated to further augment the growth. High demand for these satellites from emerging economies, such as Asia-Pacific and LAMEA, along with the rise in involvement of commercial companies, startups, and educational institutes in the market is anticipated to offer numerous growth opportunities during the forecast period.
The small satellite market is segmented based on type, application, end-user, and region. By type, the market is classified into minisatellite, microsatellite, nanosatellite, and pico-satellites, femto satellites. On the basis of application, it is categorised into imaging and earth observations, satellite communications, science & explorations, technology development, and space situational awareness. Based on end-user and region, the market is bifurcated into civil & commercial, and government & defence, the small satellite market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, the nanosatellite segment is anticipated to grow at the fastest rate during the forecast period. This is attributed to the rising demand for nanosatellites in earth observation application and increased investments in nanosatellite technologies.
Based on application, the satellite communications segment is expected to be the fastest-growing application during the forecast period. This is attributed to increase in demand for a small satellite in military applications and navigations, radio broadcasting, and others.
Based on the region, the Asia-Pacific (APAC) market is expected to grow at the fastest growth rate. The major countries in APAC aim to improve their connectivity during the coming years. Owing to these factors, there is a rise in demand for small satellites in the communication sector. Countries with a dominant share in the APAC market are China, Japan, South Korea, and India.
The small satellite market analysis covers in-depth information of the major industry participants. The key player operating and profiled in the market includes Sierra Nevada Corporation, Lockheed Martin Corporation, Airbus SAS, Northrop Grumman Corporation, L3Harris Technologies, Inc., The Aerospace Corporation, Planet Labs Inc., Boeing, Thales Group, GomSpace and Blue Canyon Technologies
Other players in the value chain of the small satellite market include Orbital ATK, Space Systems Loral, OHB AG, Spire Global Inc., Geooptics Inc., Lockheed Martin Corporation, and others.