(I-BusinessNews.Com, September 02, 2022 ) The report "Small Satellite Market by Satellite Mass (Small satellite, CubeSat), Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology), Subsystem, Orbit, End User, Frequency and Region - Forecast to 2026" size is estimated to be USD 3.1 Bn in 2020 and projected to reach USD 7.4 Bn by 2026, at a CAGR of 19.4%. Small satellites are miniaturized and cost-effective; they are designed for commercial, communication, and space research purposes. According to NASA, small satellites are classified according to their mass in kilograms (kg). The mass of small satellites can be considered below 500 kg.
These satellites are used for Earth observation & remote sensing, communication, mapping & navigation, surveillance & security, meteorology, scientific research & exploration, space observation, and various other applications by the military, commercial, and government verticals.
Key Market Players
The Small satellite is dominated by a few globally established players such as Thales Group (France), L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Northrop Grumman (US), Airbus (Germany) among others, which are the key manufacturers that secured small satellite system contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements of commercial, government and military & space users across the world.
Based on platform, the commercial segment is estimated to lead the small satellite market from 2021 to 2026.
The commercial segment includes companies using small satellites for communications, Earth observation, imaging, and agricultural monitoring. Telecommunication players like OneWeb are currently using small satellites to provide Internet access to the world at the same speed as fiber-optic cables. This was not possible through conventional satellites.
The satellite operators/owners segment is estimated to account for the largest share of the small satellite market for the commercial sector. The growth of the satellite operators/owners segment is due to rising investments from the private sector in space research and satellite communication services.
Based on satellite mass, the small satellite segment is expected to lead the small satellite market from 2021 to 2026.
Based on mass, the small satellite segment is further segmented into minisatellites, microsatellites, nanosatellites. Constant innovation and technological advances of miniaturizations of electronics are expected to boost the commercial sector significantly in the proportion of nanosatellite launches. It is expected that the demand for nanosatellite services from across the verticals will increase tremendously over the next few years.
Based on region, North America is expected to lead the small satellite market from 2021 to 2026.
The US is a lucrative market for small satellite systems in the North American region. The US government is increasingly investing in advanced small satellite technologies to enhance the quality and effectiveness of satellite communication.
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