Small Satellite Market Growth Accelerated by Increasing Demand for Earth Observation Applications

 

Small satellites are gaining prominence across various applications owing to their cost-effective attributes and miniaturization of components. Small satellites help deliver earth observation and communication services at lower costs than traditional large satellites, thereby witnessing increasing adoption. The global small satellite market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Small satellites have a mass ranging from 1 kg to 500 kg and help address technological advancements in miniature payload components including imaging sensors, computers, solar panels and propulsion systems. Miniaturization of components has led to increased applications of small satellites across defense, communications and earth observation sectors. They provide cheaper, more frequent access to space which is benefiting various government agencies and commercial companies globally for activities such as weather monitoring, border monitoring, cartography and broadband internet access. The demand for earth observation applications of small satellites is growing in order to monitor environment and natural disasters which is a key factor fueling the market growth.

Market key trends:

One of the key trends spurring growth in the small satellite market is increasing demand for earth observation applications. Companies are launching more small satellites for earth observation purposes to have frequent revisits over the same location and capture high-resolution imagery data. For instance, Planet Labs has launched over 150 small satellites since 2015 to map the entire earth every day. Similarly, companies such as ICEYE, Capella Space and others are launching constellations of small satellites with Synthetic Aperture Radar (SAR) payloads to penetrate clouds and capture images day and night to track changes for defense, agriculture and environmental monitoring sectors. The high-resolution data captured by such small earth observation satellites is driving adoption across various verticals and accelerating revenues in the market.

Segment Analysis
The global small satellite market is dominated by the nano and micro satellites segment. These satellites weigh less than 50 kg and 10 kg respectively. Their small size enables low-cost manufacturing and launch and has made these segments popular for earth observation, technology development, and deployment in large numbers for internet of things (IoT) constellations. Manufacturers are extensively developing new designs and technology in these segments to improve capabilities and lower costs further.

Key Takeaways
The Global Small Satellite Market Size is expected to witness high growth over the forecast period driven by increasing demand for earth observation services and connectivity solutions. The market growth will be fuelled by technological advancements for miniaturization of components, availability of dedicated low-cost launch vehicles, and expanding applications of satellite constellations.

Regional analysis: North America currently leads the global small satellite market driven by strong presence of satellite manufacturers, launch service providers, technology companies, and government space agencies in the US and Canada that are actively supporting research and development of innovative small satellite technologies and constellations. Asia-Pacific is expected to be the fastest growing regional market owing to increasing government investments in satellite programs and expansion of domestic space industries in China, India, and Japan.

Key players operating in the small satellite market are One10 LLC, 360 Destination Group, CWT Meetings & Events, ITA Group, ConferenceDirect, Experient, Inc., Eventbrite, Cvent Inc, Reed Exhibitions, Informa plc, Emerald Expositions, BCD Meetings and Events, ATPI Ltd., Interpublic Group, Ruckus Marketing, LLC, Hubb, Freeman, Maritz, BI Worldwide, Conference Care Ltd. One10 LLC and 360 Destination Group are leaders in the tiny and small satellite segments.

For More Insights, Read: https://www.newswirestats.com/small-satellite-market-trends-growth-and-regional-outlook-2023-2030/

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