(I-BusinessNews.Com, May 11, 2022 ) The small satellite market is projected to grow from USD 3.1 billion in 2021 to USD 7.4 billion by 2026, at a CAGR of 19.4 %.Increase in number of space exploration mission and LEO based services is projected to drive the small satellite market during the forecast period.
Small satellite systems hold a huge potential for small satellite data service providers, small sat service providers, remote sensing service providers, technical service providers, and investors. The market is one of the most lucrative verticals of the space industry. Factors such as versatility, low cost, advanced mechanics, ease of assembly and launch, mass production, and short lifecycles have driven investments in the small satellite market. The amount of satellite data and the range of applications for that data will continue to grow in the future as new technologies develop and more satellites come online.
Based on subsystem, the small satellite market is segmented into satellite bus, payloads, solar panels, satellite antenna, and others. The satellite bus is further segmented into attitude & orbital control systems, command & data handling systems (C&DH), electrical power systems, propulsion, telemetry, tracking and command (TT&C), structure, and thermal systems. The attitude & orbital control system is a crucial subsystem of a satellite. It provides pointing accuracy and stability of the payloads and antennas as critical parts of satellite operation and mission success. The Attitude & orbital control system is required when the orientation (attitude) of the spacecraft is important and must be known and controlled.
Based on orbit, the small satellite market is segmented into LEO, MEO, GEO, and others. The emphasis on the development of small satellites, coupled with the integration of IoT and 5G technology hardware, is fueling the growth of the small satellite market. These satellites are mostly used in navigation and mapping, meteorology, and communication. The LEO segment is projected to lead the small satellite market during the forecast period. Growing demand for high-speed and low-latency communication and increased satellite and spacecraft launches in LEO are primarily driving this segment.
Based on region, North America is expected to lead the small satellite market from 2021 to 2026. The use of small satellite in US is is expected to grow for consumer broadband, media and entrainment, agriculture, defense and security, maritime, transportation and logistics, and engineering and infrastructure applications. In 2021, L3Harris Technologies received a contract worth USD 137 million from Lockheed Martin for four digital payloads to be used in GPS navigation satellites.
Some key US-based satellite payload companies are SpaceX (US), Sierra Nevada Corporation (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US), and Northrop Grumman Corporation (US).
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