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Small Satellite Market Trends

Report ID: GMI5727
Published Date: May 2023
Report Format: PDF

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Small Satellite Business Trends

The small satellite market has been experiencing a steady growth over recent years, attributed to several trends that are expected to foster market expansion. The small satellite business is growing due to the increasing demand for earth observation, advancements in communication technologies, growth of on-demand satellite launch services, increasing government investments, and the emergence of new business models. On-demand launch services are becoming increasingly popular due to their benefits such as cost savings and flexibility for small satellite operators. Several companies operating in the market are developing dedicated small satellite launchers and reusable launch vehicles, which are forecast to reduce the cost of launching small satellites.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

The market size of small satellite was valued at over USD 3 billion in 2022 and will record more than 15% CAGR from 2023 to 2032 driven by the rising need for high performance in complex computing operations, and lower launch & development costs.

The earth observation applications will witness over 16% CAGR from 2032-2032 owing to increasing deployment of hyperspectral sensors, high-resolution cameras, and remote sensing instruments.

North America held over 35% of the small satellite industry share in 2022 owing to the strong presence of leading small satellite manufacturers and ground station operators.

Airbus, Blue Canyon Technologies, Gomspace, L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Planet Labs Inc., Sierra Nevada Corporation, and Thales Group are some of the well-known industry players.