Small satellite market to hit $15 bn by 2032

The small satellite market valuation is anticipated to cross USD 15 billion by 2032, as reported in according to the latest research report by Global Market Insights Inc.

The increasing government support through various initiatives in the aerospace sector worldwide will influence the industry expansion. Of late, there have been rising investments in small satellite related projects across the educational institutions and research centers. For instance, NASA’s SmallSat Technology Partnership (STP) initiative in the U.S. is promoting the adoption of university-based technologies for bringing significant advancements in the small spacecraft industry.

Based on component, the small satellite market size from the payload component segment will surpass USD 4 billion by 2032. Payloads have grown widely popular in satellites for launch purposes, including earth observation, communication, navigation, and weather monitoring. The increasing number of small satellite launches will also play a key role in the segment growth.

The commercial end-use segment will reach USD 6 billion by 2032. The growth can be attributed to the growing adoption of small satellite launches for several commercial purposes, including communication and earth observation.

Asia Pacific Small satellite market is estimated to record over 18% CAGR from 2023 to 2032 driven by the increasing demand for small satellites in China, India and Japan. Major missile maker and defense contractor, China Aerospace Science and Industry Corporation (CASIC), manufactures nearly 240 small satellites each year. The increasing focus towards making small satellite affordable along with the rapid technological advancements will anchor the market growth in APAC.

Some of the major small satellite market players include Lockheed Martin Corporation, L3Harris Technologies Inc., Sierra Nevada Corporation, Planet Labs Inc. Northrop Grumman Corporation, Thales Group, Airbus, Gomspace, and Blue Canyon Technologies. These companies are implementing strategies, such as partnerships, investments and acquisitions for gaining competitive edges. Globe Newswire