The Small Satellite Market size is projected to reach US$ 25.94 billion by 2031 from US$ 3.81 billion in 2023. The market is expected to register a CAGR of 27.1% in 2023–2031. The rising adoption of small satellites for military applications is likely to remain a key small satellite market trend.
Small Satellite Market Analysis
Many start-ups in the small satellite market have witnessed a decline in their business growth and operations due to several challenges due to the onset of the pandemic, including delays in satellite launch projects and product deliveries owing to supply chain challenges and minimal investments in the small satellite sector. Further, the growth in the development of nanosatellites with the help of investments across the small satellite industry for future constellation launch projects is also boosting the business growth of small satellite ecosystem vendors. This growth is mainly due to the increase in demand for smallsat components such as sensors, transmitters, imaging devices, transponders, antennas, automatic identification systems, etc., for small satellite production.
Small Satellite Market Overview
The small satellite manufacturers offer a wide range of satellites such as pico satellites, nanosatellites, and microsatellites. These satellites are used for various applications, including earth observation, communication & navigation, and scientific research. Additionally, the increasing demand for satellite-based service offerings from the commercial and military sectors is further influencing the demand for small satellites. A few of the major players operating in the global small satellite market are Northrop Grumman Corporation, L3Harris Technologies Inc., Thales Group, Millennium Space Systems Inc. (a Boeing Company), Space Exploration Technologies Corp. (SpaceX), and Surrey Satellite Technology Ltd.
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Small Satellite Market: Strategic Insights
Market Size Value in US$ 3,131.09 Million in 2022 Market Size Value by US$ 11,778.83 Million by 2028 Growth rate CAGR of 24.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Small Satellite Market: Strategic Insights
| Market Size Value in | US$ 3,131.09 Million in 2022 |
| Market Size Value by | US$ 11,778.83 Million by 2028 |
| Growth rate | CAGR of 24.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Small Satellite Market Drivers and Opportunities
Increasing Number of Partnerships and Contracts
The growing need for small satellites encourages market players to make strategic partnerships, collaborations, and contracts. A few strategies by the players are mentioned below:
- In April 2022, NASA awarded a contract of US$ 280 million to SATCOM companies to develop near-Earth space communication services. Under this contract, Elon Musk's Space Exploration Technologies is awarded the largest amount of US$ 69.95 million, followed by Kuiper Government Solutions (US$ 67 million), Viasat Incorporated (US$ 53.3 million), Inmarsat Government (US$ 28.6 million), SES Government Solutions (US$ 28.96 million), and Telesat U.S. Services (US$ 30.65 million).
- In July 2022, Vaya Space, Inc. announced the signing of an agreement with All2Space to launch its satellite constellation. All2Space is a developer of CubeSat and is also a launch aggregator with Brazilian Space Agency.
- In September 2021, the Indian Space Research Organisation (ISRO) announced the signing of a contract with Bhutan's telecom department to develop a small satellite.
Several companies are making contracts and partnerships to provide small satellites for various applications such as communication, navigation, and earth observation. Therefore, the rising number of such initiatives bolsters the growth of the small satellite market.
Growing IoT and Communication Applications – An Opportunity in Small Satellite Market
Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite. Space has become an ideal solution to improve the efficiency of current terrestrial communication networks. According to Alén Space, by 2025, more than 25.2 billion IoT connections are predicted to exist worldwide, and the IoT market will reach US$ 1,072.08 billion (€ 950 billion). Also, small satellite constellations can play an important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data is received from all types of sensors and linked devices for IoT-based business models. Thus, a small satellite helps receive, store, and transmit real-time information to any point.
Small Satellite Market Report Segmentation Analysis
Key segments that contributed to the derivation of the small satellite market analysis are type, payload, application, and vertical.
- Based on type, the small satellite market is divided into nanosatellite (1 to 10 Kg) and microsatellite (10 to 150 Kg). The microsatellite segment held a larger market share in 2023.
- Based on application, the small satellite market is segmented into earth observation, communication & navigation, and scientific research. The earth observation segment held a larger market share in 2023.
- Based on application, the small satellite market is segmented into automatic identification systems (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held a larger market share in 2023.
- Based on end user, the small satellite market is segregated into government, military, and commercial. The commercial segment held a larger market share in 2023.
Small Satellite Market Share Analysis by Geography
The geographic scope of the small satellite market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
In 2023, North America accounted for a major share of the global small satellite market followed by Asia Pacific and Europe. Further, Asia Pacific is likely to register the highest CAGR during the 2023-2031 period. The space industry focus across countries such as China, India, Japan, South Korea, Thailand, Vietnam, and Taiwan is expected to influence the growth of the small satellite market over the forecast period. Rapid economic development, adoption of advanced technologies in the space industry, and rising adoption of space services in the commercial sector are expected to propel the growth market in the region in the coming years.
Small Satellite Market Report Scope
Small Satellite Market News and Recent Developments
The small satellite market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In 2022, The Space Development Agency (SDA) has given Lockheed Martin a prototype contract for the development and production of 42 small satellites, with a potential value of almost $700 million. These satellites are a part of Tranche 1, the agency's Transport Layer's initial warfighting capabilities, which will link Earth's other domains with space in a highly capable, networked environment known as Joint All-Domain Operations. (Source: SDA, Press Release)
- In 2022, Terran Orbital Taps into Booming Small Satellite Market. The company expanded its satellite business and announced plans to build a new manufacturing facility in Florida. (Source: Terran Orbital, Newsletter)
Small Satellite Market Report Coverage and Deliverables
The “Small Satellite Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Small Satellite Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Small Satellite Market trends
- Detailed Porter’s Five Forces
- Small Satellite Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Small Satellite Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Payload, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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