Small satellite market to reach USD 15.17 Bn by 2029
The Small Satellite Market was valued at USD 3.8 Bn in 2021, and it is expected to reach USD 15.17 Bn by 2029, exhibiting a CAGR of 18.9 percent during the forecast period (2022-2029).
The market is driven by advancements in AI and robotics, an increase in demand for low-cost satellites, the integration of IoT in the manufacturing sector, the introduction of 5G networks, and the development of satellite networks to provide internet access in areas without broadband connectivity. The Small Satellite Market faced supply chain disruptions due to the COVID-19 pandemic, which led to the temporary halt of production and the delay of satellite programs.
The Small Satellite Market holds significant potential for small satellite data service providers, remote sensing service providers, small sat service providers, technical service providers, and investors. The market is one of the most profitable sectors of the space industry due to its advanced mechanics, low cost, versatility, mass production, ease of assembly and launch, and short lifecycles. The demand for small satellite systems is expected to continue to increase as new technologies advance and more satellites are launched. Open PR