Small Satellite Market Outlook and Forecast 2020 to 2026 Regional Analysis, Business Opportunity & Restrain Drivers
The Global Small Satellite Market Size is projected to reach USD 9.75 billion by the end of 2027. The increasing number of space programs across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Small Satellite Market Size, Share & Industry Analysis, By Type (Mini, Micro, Nano), Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), Application (Communication, Navigation, Earth Observation, Technology Development, Others), End-User (Commercial, Civil, Military, Government), and Regional Forecast, 2020-2027,” the market was worth USD 3.07 billion and will exhibit a CAGR of 18.99% during the forecast period, 2020-2027.
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List of companies profiled in the report:
• Airbus S.A.S (The Netherlands)
• The Boeing Company (The U.S.)
• Lockheed Martin Corporation (The U.S.)
• Northrop Grumman Corporation (The U.S.)
• Sierra Nevada Corporation (The U.S.)
• ST Engineering (Singapore)
• Planet Labs Inc.(The U.S.)
• Thales Group (France)
• SpaceX (The U.S.)
• L3Harris Technologies, Inc. (The U.S.)
• GeoOptics, Inc. (The U.S.)
Small satellites are widely used in several space applications including observational and functional purposes. These satellites have a lower mass as well as size and require lesser propellant fuel than conventional satellites. The increasing demand for small satellites is consequential to the rising awareness as well as debates surrounding high fuel consumption in larger satellites. The huge investments in the research and development of small satellites will bode well for the growth of the market in the coming years. Increasing number of observational space programs by globally renowned organizations such as ISRO and NASA will give the platform for growth for the companies operating in the small satellites market.
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Increasing Number of Company Mergers and Acquisitions will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for small satellites across the world, larger organizations and businesses are looking to collaborate as well as acquire companies in the mid-level brackets. As a result there has been an increase in the number of company collaborations and mergers across the world in the past two decades. In February 2020, rocket labs announced that it has signed a contract with NASA, through which it will work on NASA’s plans to launch small satellites to the moon in 2021. The contract is said to be worth an estimated USD 15.5 million. This contract will not just benefit the company but will also encourage other companies of similar stature as well as small scale businesses. The increasing number of such company collaborations will bode well for the growth of the market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across five major regions. Among all regions, the market in North America is expected to hold the largest market share in the coming years. The presence of several large scale space organizations in the US will have a positive impact on the growth of the market in the coming years. As of 2019, the market in North America was worth USD 1.91 billion and this value is projected to rise at a considerable pace in the coming years. Besides North America, the market in Asia Pacific will rise at a considerable pace driven by the rapid urbanization across the region.
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Industry Developments:
April 2020: VOX Space announced that it has signed a contract with the U.S. Space Force (USSF). Through this contract, the company will work towards USSF’s plans for the launch of three small satellite missions delivering multiple spacecraft to orbit for the Department of Defense (DoD) Space Test Program- S28 (STP-28).
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