The Insight Partners published latest research study on “Small Satellite Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Type, Application, Payload, Vertical and Geography”, the global small satellite market is expected to grow from US$ 3.13 Billion in 2022 to US$ 11.77 Billion by 2028; it is estimated to grow at a CAGR of 24.7% from 2022 to 2028.
Global Small Satellite Market: Competitive Landscape and Key Developments
Dauria Aerospace, GomSpace, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Sierra Nevada Corporation, Surrery Satellite Technology Ltd, Thales SA, and Tyvak International are among the key small satellite market players profiled in the report. Several other essential market players were analyzed for a holistic view of the small satellite market and its ecosystem. The report provides detailed market insights, which can help major small satellite market players strategize their growth.
April 2022: Surrey Satellite Technology Ltd (SSTL) signed a USD 26.2 million contract with Defence Equipment and Support on behalf of UK Space Command for a 150-kg satellite based on SSTL’s Carbonite+ Project.
August 2021: SpaceX announced the completion of one of the major nanosatellite manufacturers, i.e., Swarm Technologies Inc., for enhancing its satellite portfolio under low-cost internet connectivity applications.
NASA’s CubeSat launch initiatives, Canadian CubeSat Project, and other government initiatives offer lucrative opportunities to small satellite manufacturers across North America. In May 2018, the Canadian government awarded 15 grants to 37 organizations participating in the country’s CubeSat project. The project is also focused on international partnerships with universities and companies from Europe, APAC, and other regions to enhance the development of small satellites under the project. Such factors are further bolstering the North America small satellite market growth.
The APAC small satellite market size is expected to register the highest CAGR 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 of China, India, Japan, South Korea, Thailand, Vietnam, and Taiwan are expected to propel the growth of the regional market in the coming years.
Many vendors involved in the small satellite market were able to continue their operations during the COVID-19 pandemic without severe financial losses. A majority of established small satellite manufacturers have witnessed growth in operating revenue; however, many small satellite start-ups witnessed a downfall in operating revenue due to challenges such as supply chain issues, launch delays, and delayed contracts and funding for different small satellite projects.
Based on region, the global small satellite market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America (SAM). In 2021, North America accounted for the largest share in the global small satellite market. This growth is attributed to the growing space expenditure by the government of countries such as the US and Canada in various space projects for applications such as earth observation, communication & navigation, and CO2 emission monitoring. The region is also rapidly adopting microsatellites and nanosatellites for defense applications. For instance, in July 2021, the US Missile Defense Agency (MDA) launched two CubeSats for missile defense communications architecture trials. The efficient applications of these satellites have influenced the growing demand for small satellites in defense applications. These factors are contributing to the growth of the North America small satellite market size.
A majority of nanosatellite and microsatellite manufacturing companies are based in North America, whereas Europe and Asia Pacific have been operating with a comparatively lower number of small satellite manufacturing players. Surrey Satellite Technology Ltd, a UK-based small satellite manufacturing company, has been collaboratively working on different regional projects to fulfill the demand of customers and remain competitive in the market while expanding its presence across different regions. Further, many small satellite manufacturers are collaboratively working with different end users across different regions in long-term contracts to provide them with reliable small satellite solutions. For instance, Airbus has been working with OneWeb to provide the company with the remaining number of small satellites that are to be launched for its OneWeb satellite constellation. Such projects are encouraging different market vendors to collaborate with multiple end users, which is subsequently contributing to the growth of the small satellite market.
North America has a huge presence of small satellite manufacturers. Northrop Grumman Corp; Millennium Space Systems, Inc. (Boeing); Sierra Nevada Corporation; and Space Exploration Technologies Corp (SpaceX) are a few players operating in the small satellite market in North America. The constant organic and inorganic growth strategies by the players are influencing the market. In 2019, OneWeb Satellites announced its intentions to develop 900 small satellites in its Florida production plant. yahoo! finance