Small Satellite Market Size Worth $22.9 Billion, Globally, by 2028 at 22.2% CAGR - Exclusive Research Report by The Insight Partners

NEW YORK, Sept. 27, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Small Satellite Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Satellite Type, Application, Vertical, and Geography," the global small satellite market size is expected to grow from $5.8 Billion in 2021 to $22.9 Billion by 2028 at a CAGR of 22.2% between 2022 and 2028.

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Small Satellite Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 150 pages with list of tables & list of figures from the report, "Small Satellite Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Satellite Type (Microsatellite, Nanosatellite, and Minisatellite), Application (Surveillance & Security, Communication, Scientific Research & Exploration, Earth Observation & Meteorology, and Mapping & Navigation), Vertical (Defense, Commercial, Government, Non-profit Organizations, and Others), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/small-satellite-market

The demand for small satellites has been mainly driven by the commercial sectors that are majorly focusing on launching different services across different regions. The growing demand for constellation projects worldwide for commercial and government applications is one of the major factors propelling the growth of the global small satellite market. Further, in developed countries with a significant number of small satellite manufacturers, the demand is mainly catered by domestic vendors, wherein foreign companies cannot capture much of the market share.

The rising number of satellite launches over the years has been another major factor catalyzing the small satellite market. For instance, during 2012-2022, over 4,663 small satellites were launched from over 44 launch vehicles across the world, wherein 6 main launchers, including Falcon 9, Soyuz, PSLV, Antares, Atlas V, and Electron, accounted for around more than 80% of the units launched.

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The global small satellite market volume is likely to witness nearly robust growth during the next 10 years, from 2022 to 2032. It is expected that more than 18,000 units of small satellites are expected to be launched by the end of 2032, which is further projected to drive the small satellite market during the forecast period.

Small satellite manufacturers are focusing on developing different types of satellites for different applications, such as weather monitoring and forecasts, communication, environmental emissions, and earth observation satellites. Manufacturers are also facing several challenges in meeting the rapidly rising demand for small satellite products.  Slow satellite production rates, slow operational rate of subsystems, and limitations in current launch services worldwide are other challenges they face. Such factors are likely to hamper the small satellite market in the near future.

In addition, introducing low-cost launch services is one of the major trends that is burgeoning the demand for small satellite launch vehicles. Several companies are focusing on the development of multiple launch vehicles that will accommodate multiple small satellites to launch at the same time. As per the current scenario, most satellite operators access the space on large launch vehicles with ridesharing capabilities, which also leads to launching their satellites as secondary payloads, becoming dependent on the primary payload satellite. To manage this challenge, many market players, such as ISRO, NASA, SpaceX, and other organizations, are working on developing launch vehicles with less than 2 tons capacity that can be used to launch multiple small satellites. This is expected to open new growth windows for small satellite manufacturers during the forecast period.

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During the COVID-19 pandemic, the satellite manufacturing companies have also helped their respective country governments by developing and producing different types of medical equipment and other technologies that were utilized to fight the COVID-19 virus and collecting the data of patients from remote locations. Support in various ways, such as high-speed connectivity, was also provided across remote locations to fight the COVID-19 pandemic. However, new launches of small satellites were impacted severely as the launch requires a lot of activities from spacecraft manufacturing, rocket launch, and satellite operations and also needs a lot of funding. Such instances have hampered the development of several satellite projects and led to a decline in the small satellite market during the COVID-19 pandemic across the world.

The report includes the profiles of key small satellite market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information, such as company profiles, components and services offered, financial information of last 3 years, and key developments in past five years.

• Northrop Grumman Corporation
• Airbus Defense and Space
• L3Harris Technologies
• Planet Labs Inc.
• Thales Group
• Millennium Space Systems Inc.
• Aerospace Corporation
• Sierra Nevada Corporation
• Space Exploration Technologies Corp.
• Surrey Satellite Technology Ltd.

The report also includes the profiles of key small satellite market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components, and services offered, financial information of the last 3 years, and key development in the previous 5 years.

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