Small Satellite Market Size

Small Satellite Market Size

Small Satellite Market size reached USD 3 billion in 2022 and is anticipated to grow at a CAGR of over 15% between 2023 and 2032. The market growth is attributed to the rising demand for compact satellites.

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A small satellite can be built depending on the requirements and launched at a lower cost than traditional satellites. The advantages of small satellites include small weight & dimensions and the short time required for their development. A large satellite takes 10 to 15 years to develop but a small satellite can detect demand and place the satellite in the decided orbit in less than eight months. Nanosatellites and microsatellites are small satellites that are more cost-effective than conventional satellites and are often designed for communications, commerce, and space exploration. The demand for these satellites has grown significantly in recent years due to their shorter development cycles, lightness, high performance in complex computing operations, and lower launch & development costs.

Small satellites are built at a fraction of the cost & time required for larger satellites, reducing reliance on complex mechanisms & deployable structures, and enabling mission sharing. However, small satellites also have limitations in terms of thrust, payload, and other subsystems that they can carry due to their compactness. The ability of small satellites to carry out various missions is also limited by payload capacity. The increased momentum required for maneuver missions needs additional propellants, further restricting the capacity of satellites to carry scientific instruments and payloads. The lack of space on small satellites also restrains their ability to carry the key components needed to conduct complex missions.