Small Satellite Market Size to Grow at a CAGR of 18.2% During the Forecast Period 2021-2026
The Growing Emergence of New Marine Communication With Ubiquitous Connection for Exceptional Service Is Estimated to Drive the Small Satellite Market.
Hyderabad, India – July 24, 2021 /MarketersMedia/ —
The Small Satellite Market size is analyzed to grow at a CAGR of 18.2% during the forecast 2021-2026 to reach $8.2 billion. Small satellites, also termed as Smallsats are a class of flight-proven spacecraft, designed to meet high reliability mission requirements. The increasing popularity of these mini-satellites and nano-satellites is mostly due to their lightweight, versatile and inexpensive designs, integrated with the latest software and hardware improvements, which fuel the growth of the Small Satellite Industry. Hence, the affordable solution has broadened the diverse mission-specific standards across various industry verticals, including, asset tracking, security & defense, IoT, and other space programs. Furthermore, the rise in demands for satellite imagery, low-cost high-speed broadband, along with the investments in fundamental research in CubeSats are some of the factors that drive the growth of the Small Satellite Market.
Small Satellite Market Segment Analysis – By Type
By Type, the Small Satellite Market is segmented into Mini-Satellite, Micro-Satellite, Nano-Satellite, Pico-Satellite, Femto-Satellite and Other. The Mini-Satellite is estimated to hold the highest share of 33.5% in 2020, owing to the advantageous features, including miniaturized design, travel at high speeds and remote sensing technology. In addition, affordable development solutions of Nano-Satellite technology makes them a suitable option to deliver superior solutions for communications. In February 2021, Fleet Space Technologies, an Australian nanosatellite company is set to launch its fifth nanosatellite, Centauri 3. The Centauri 3 is Fleet Space’s fifth and most advanced Commercial Nanosatellite, designed to power up a global network of connected devices deployed worldwide. Increasingly, these miniaturized spacecraft provide lucrative opportunities to most business enterprises to accelerate the growth of the Small Satellite Market.
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Small Satellite Market Segment Analysis – By Application
By Application, Small Satellite Market is segmented into IoT/M2M, Communication, Earth Observation & Meteorology, Military & Intelligence, Scientific Research & Exploration, Weather and other. The communication segment held the major share of 22.2% in 2020 in the Small Satellite Market, due to the successful introduction of game-changing software for the satellite communication industry along with new business opportunities to expand remote location operation and real-time asset monitoring. In March 2020, a leading provider of next generation content connectivity solutions, NOVELSAT announced a comprehensive solution for mission critical satellite communications. The solution by Novelsat is designed to deliver highest levels of transmission security, resilience and robustness, with a comprehensive wide-ranging security suit, including, transmission security (TRANSEC), communication security (COMSEC), low probability of detection (LPD) and low probability of interception (LPI). Therefore, the growing demand for optimum levels of security and protection for business operations and other mission critical communications of across defense, security and government is estimated to drive the Small Satellite Market.
Small Satellite Market Segment Analysis – By Geography
North America is estimated to hold the largest market share of 45.7% in 2020, along with Europe, owing to the eminent requirement for responsive defense forces, massive investments for breakthrough custom-designed satellites, along with rigorous commercial services demand for satellite bandwidth and network solution. Thus, the Small Satellite industry is poised to grow as large scale space organizations are offering “space as a service” to enable business enterprises with accessibility to data, specific to business requirements. Simultaneously, the market of Small Satellite is witnessing potential growth in Asia Pacific region, owing to the digitalization across industries and vast majority of demonstrative space debris clearance service.
Small Satellite Market Drivers
Popularity of M2M Satellite Communication
The M2M Satellite Communication technologies are majorly driven by the potential launches of cloud-based solutions, and growing demand from various end-users to expand their business reach globally, are estimated to drive the Small Satellite Market. In addition, rugged, superior and cost-effective Satellite Terminals and telematics devices are becoming a part of the present-day comprehensive fleet management solution, which also boost the market growth.
Potential demand for Maritime Satellite Communication solution
The promising requirements to seek enhanced and reliable connectivity between the land and sea operations, along with VSAT connectivity for on-board security and surveillance of shipping industry influence the demand of Maritime Satellite Communication platforms, thereby drive the growth of the Small Satellite Market. The technology innovations across maritime sectors are expanding due to the introduction of gyro-stabilized ground terminals, Minisatellite platforms and multi-frequency dish antennas to reduce the time lag during data transfer. In April 2019, a major international provider of telecommunications, enterprise and consumer technology solutions for the Mobile Internet, ZTE, announced the collaboration with Zhejiang Branch of China Mobile to launch “Heweitong”, a marine broadband satellite solution.
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Small Satellite Market Landscape
The Small Satellite top 10 companies include Airbus SE, BAE Systems plc, Dauria Aerospace, L3Harris Technologies, Inc., Lockheed Martin, Magellan Aerospace, Maxar Technologies Inc., Northrop Grumman, ORBCOMM Inc., Rocket Lab, Park Aerospace Corp., Sierra Nevada Corporation, Aerospace Corporation, Space Flight Laboratory and many more.
Key Takeaways
North America is estimated to hold the largest market share of 45.7% in 2020, owing to the eminent requirement for responsive defense forces, massive investments for breakthrough custom-designed satellites, along with rigorous commercial services demand for satellite bandwidth and network solution.
The M2M Satellite Communication technologies are majorly driven by the potential launches of cloud-based solutions is estimated to drive the market.
The promising requirements to seek reliable connectivity between the land and sea operations, along with VSAT connectivity for on-board security, drive the market growth.
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Source: MarketersMedia
Release ID: 89037482
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