According to the small satellite market analysis by Future Market Insights (FMI), the demand registered between 2021 and 2031 will increase at a healthy CAGR of 18.5%.
The report also forecasts that the market will surpass a valuation of ~US$ 3.2 Bn by the end of 2021. As per FMI, rapid technological advancements and introduction of artificial intelligence, internet of things, and 5G have created prospects for small satellites market growth. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.
The global small satellite market is driven by various factors. One among them is the satellite miniaturization. Apart from that, the fact that space mission cost and expenditure have reduced with the introduction of small satellites is also among the major factors boosting the overall demand for small satellites.
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The proposed development of all satellite networks to work on internet where broadband connectivity does not reach is seen as a lucrative opportunity for the growth of the market. Besides this, the high rate communication of data and the huge amount of capitals invested in small satellite market will propel the growth of the market in future years.
Key Takeaways: Small Satellite Market
- By type, the nanosatellite segment is anticipated to account for the leading share in the global market for small satellite during the forecast period. However, the microsatellite segment is estimated to grow at a robust CAGR of 19.5% through 2031.
- By end user, the adoption of small satellites in commercial sector is anticipated to increase at a CAGR of 17.5% between 2021 and 2031, while civil segment is currently dominating the market.
- North America is expected to lead the global small satellite market followed by Europe in 2021.
- The market in Japan is expected to progress at a CAGR of around 16% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 13% over the next ten years.
“Small satellites are comparatively more useful than their larger counterparts. More number of small satellites can prove to be multifunctional helping to gather information or for scientific data collection or even for radio relay.” says a FMI analyst.
COVID-19 Impact Analysis on Small Satellite Market
Due to rapid spread of COVID-19 in many regions such as Europe, the US & Asia Pacific, there was a significant drop in demand for small satellites. Also there was corresponding reduction in revenues for various service providers, suppliers across small satellite market owing to manufacturing shutdown, late delivery, limited availability of equipment and limited staff at manufacturing facilities.
For an instance, the U.S. Space Force delayed the launch of Falcon 9, a GPS satellite, by 2 months due to COvid-19 impact. However, the global small satellite demand is anticipated to recover by 2022 fully.
Increasing Demand for High-Resolution Images
The demand for small satellites is growing substantially all around the world. As per records of nanosats.eu, there are more than 2800 nanosatellites launched into Earth’s orbit as of January 2021. Key players in the industry are launching constellations of nanosatellites or microsatellites into Earth’s orbit for applications including telecommunications and earth observation.
For an instance in January 2020, Sateliot, a nanosatellite and telecommunications operator, signed a Memorandum of Understanding (MoU) with the European Space Agency (ESA) to research, develop, and deploy novel space-capable technologies, goods, and services leveraging 5G. At the back of these factors, the market of small satellites is expected to grow at a significant rate during the forecast period.
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By End User:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.