• Stacy Lawlor

Global Small Satellite Market Size to grow USD 8.3 Bn in 2028


Small Satellite Market

The Global Small Satellite Market Size was valued at USD 3.1 Bn in 2021. The market is projected to grow USD 8.3 Bn in 2028, at a CAGR of 18.2%. Rising development in the small satellite industry for climate checking, route, communication, and remote detecting applications would aid the expansion of the small satellite market.

Small Satellite Market

Request Free Sample To Learn More About This Report


The primary driving factor supporting the growth of the small satellite market during the forecast timeframe is an increase in satellite manufacturers' attention on the creation of compact spacecraft due to the decreased cost and development time of small satellites. Through satellites, the Internet of Things (IoT) allows connection in industrial applications for production and equipment control. IoT-based devices share real-time data with processing units, allowing for better production and machine control. IoT devices leverage satellite connectivity for data transmission between IoT systems and components during the manufacturing process. As a result, satellite connectivity plays a role in the industrial sector and process automation, boosting the market's growth.


The small satellite market is likely to grow even faster as demand for high-resolution image services grows around the world. Small satellites are equipped with high-resolution cameras capable of collecting video at a rate of 25 frames per second. This satellite's video data and photos will be utilized to monitor forestry, agricultural, urban growth, and maritime transportation. Earth observation services cover a wide range of services, including agricultural field monitoring, detecting climatic changes, disaster mitigation, meteorology, and a variety of others. Currently, the US government is the largest purchaser of satellite imagery. As a result, most small satellite enterprises, both domestic and international, consider the US government as a good place to start.

Small Satellite Market

Request Free Sample To Learn More About This Report


The minisatellite segment is dominating the market share owing to growing demand for high-speed internet connectivity and a rising number of telecommunication companies to which deployment of satellites is required. The payloads segment is dominating the market share owing to the increased product use in a variety of applications such as navigation, communication, earth observation, weather monitoring, and others. The earth observation & remote sensing segment is expected to dominate the market share owing to the increase usage of small satellites by commercial and government space organizations along with variety of applications including border mapping, urban planning, infrastructure and homeland security. The commercial segment is expected to dominate the highest revenue in 2020 owing to the growing usage of earth observation, communications, agricultural monitoring and imaging technologies. The North America region is expected to dominate the market share owing to the rising investing in innovative small satellite technology along with improvising the quality and efficacy of satellite communication.


KEY INDUSTRY DEVELOPMENTS:


February 2022- Airbus has made a strategic partnership with CFM International, a 50/50 joint company between GE and Safran Aircraft Engines to demonstrate hydrogen combustion technology to flight test a direct combustion engine fueled by hydrogen.


August 2021- ISRO has planned to launch Geo-Imaging satellite which will help in capturing real-time images and also enable quick monitoring of natural disasters.


June 2021- Honeywell has launched new rate sensor specifically planned to help small satellites in navigating increasingly over crowded orbits.


Read More Details On This Report:

https://extrapolate.com/aerospace-and-defence/small-satellite-market/25625

7 views