What is Small Satellites Market Scope?
The small satellite is envisaged to provide a platform for stand-alone payloads for earth imaging and science missions within a quick turnaround time. Growing demand for low-cost, miniaturized satellites and increasing demand for Earth observation applications are major driving factors and propelling the growth of the global small satellite market. Global armed forces are keenly focusing on enhancing their existing communications framework to obtain a tactical advantage over their adversaries, this has led to significant growth of the global small satellite market in the forecast period.
The Small Satellites market study is being classified by Type (Minisatellite (100-500 kg), Microsatellite (10-100 kg), Nanosatellite (1-10 kg) and Others(Picosatellite and Femtosatellite Less Than 1 Kg)), by Application (Communication, Earth Observation and Remote Sensing, Scientific Research & Exploration, Mapping and Navigation, Surveillance and Security, Meteorology and Space Observation) and major geographies with country level break-up. According to AMA, the Global Small Satellites market is expected to see growth rate of 21.28% and may see market size of USD2867.0 Million by 2026.
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Small Satellites market throughout the predicted period.
Sierra Nevada Corporation (United States), L3 Harris Technologies (United States), Lockheed Martin Corporation (United States), Northrop Grumman Corporation (United States), Airbus Defense and Space (Netherlands), Planet Labs, Inc. (United States), Thales Group (France), Millennium Space Systems (United States), Space Exploration Technologies (United States) and Surrey Satellite Technology (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Harris Corporation (United States), GeoOptics (United States), Spire Global, Inc. (United States) and ST Engineering Limited (Singapore).
Analyst at AMA have segmented the market study of Global Small Satellites market by Type, Application and Region.
On the basis of geography, the market of Small Satellites has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In May 2020, Sierra Nevada Corporation (SNC) SNC’s Dream Chaser spacecraft, known as “America’s Spaceplane™,” which is the world’s only non-capsule, commercial spacecraft capable of a runway landing, received a NASA contract to perform cargo delivery and disposal services from the International Space Station.
In July 2020, L3Harris has received a contract from the US Air Force for developing a constellation of small spy satellites. The constellation of small satellites will provide imagery to military operators on the ground. The company will task, command, and control the satellite system, as well as perform on-board processing of data, to deliver imagery products directly to warfighters. and In February 2020, Surrey Satellite Technology received a contract from the UK Space Agency, which confirmed it would invest USD 419 million per year with ESA for the implementation phase of its Lunar data-relay spacecraft, Lunar Pathfinder.
Influencing Market Trend
- Rising Adoption of Cutting Edge Technology like Artificial Intelligence (AI), and Machine Learning
- Rising Demand for Earth Observation Imagery and Analytics
- Increase in the Number of Space Exploration Missions
- Growing Demand for LEO-based Services
- Growing Developments of Satellite Networks to Provide Internet Access in Areas Without Broadband Connectivity
- Increased Government Investments in Space Technology
- Strict Government Rules and Regulations
- Raising Capital and Funding for Satellite Manufacturing and Launch
Key Target AudienceSmall Satellites Manufacturers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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