Global Small Satellite Market to Reach $7 Billion by 2028: Technological Advancements in Software-Defined Payloads for Communication Satellites Drives Growth

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Apr 14, 2023, 13:30 ET

DUBLIN, April 14, 2023 /PRNewswire/ -- The "Small Satellite Market by Mass (Small Satellite, CubeSat), Application, Subsystems (Satellite Bus, Payload, Solar Panel, Satellite Antenna), Frequency, End-use (Commercial, Government & Defence, Dual-use), Orbit and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The small satellite market is projected to grow from USD 3.2 Billion in 2022 to USD 7.0 Billion by 2028, at a CAGR of 16.8 % during the forecast period.

The growth of this market can be attributed to the increasing need for secure satellite communications for military missions and commercial applications. Additionally technological advancements in small satellite systems, such as laser/optical band communications technologies are driving the market.

The CubeSat segment is projected to witness the highest CAGR during the forecast period.

Based on mass, the CubeSat segment of the small satellite market is projected to hold the highest growth rate during the forecast period. CubeSats are used for a variety of missions by governments, universities, and private businesses due to their low cost and fast turnaround time. The development of new technologies and improvements in launch systems also contributed to the growth of the CubeSat market.

The laser/optical band segment is projected to dominate the small satellite market by frequency

Based on Frequency, the laser/optical band segment is projected to dominate the market share during the forecast period. The laser/optical band enhance the communication capabilities. The most promising commercial applications can be found in the interconnection of satellites or high-altitude platforms to build high-performance optical backbone networks. Corporations like SpaceX, Facebook, Google, and a series of start-ups are currently working on various concepts based on laser communication technology.

North America is expected to account for the largest market share in 2023

The small satellite market industry has been studied in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest market share in 2022. The US leads the market in North America with a large number of companies and startups operating in the industry. The country is also home to some of the world's leading small satellite manufacturers and operators, such as SpaceX, Blue Origin, and Planet Labs.

Market Dynamics

Drivers

Growing Demand for Leo-Based Small Satellites
Rising Need for Earth Observation Imagery and Analytics
Technological Advancements in Software-Defined Payloads for Communication Satellites
Increasing Number of Space Exploration Missions
Cost-Effectiveness of Small Satellites Compared to Conventional Satellites

Restraints

Absence of Unified Regulations and Government Policies Across Nations
Lack of Dedicated Small Satellite Launch Vehicles

Opportunities

Use of Software-Defined Technology for Flexibility to Alter Space Missions
Development of Satellite Network to Provide Internet Access in Areas Without Broadband Connectivity
Increased Government Investments in Space Agencies
Increased Use of Small Satellites in Various Applications

Challenges

Concerns Over Space Debris
Complex Propulsion Systems
Telemetry, Tracking, and Command Issues
Raising Capital and Funding for Satellite Manufacturing and Launch
Qualitative Limitation of Small Satellites

Use Case Analysis

Cubesats for Interplanetary Missions
Small Satellites for IoT and Communications
Space-Based Global Wireless Monitoring Systems
Measurements of Magnetic and Electric Fields on Earth's Ionosphere
Real-Time Data for Emergency Systems
Satellite Radiation Hardness Test

Companies Mentioned

Aac Clyde Space
Aerospace Corporation
Airbus Defence and Space
Alba Orbital
Alen Space
Ball Aerospace & Technologies
Dauria Aerospace Ltd.
Earth-I, Inc.
Endurosat
Exolaunch GmbH
Gomspace
LHarris Technologies, Inc.
Lockheed Martin Corporation
Maxar Technologies
Millennium Space Systems, Inc.
Mitsubishi Electric Corporation
Nanoavionics
Nearspace Launch, Inc.
Northrop Grumman Corporation
Ohb Se
Other Players
Planet Labs Inc.
Pumpkin, Inc.
Raytheon Technologies Corporation
Satellogic
Sierra Nevada Corporation
Space Exploration Technologies Corp. (Spacex)
Spire Global, Inc.
Surrey Satellite Technology Ltd.
Swarm Technologies
Terran Orbital
Thales Group

For more information about this report visit https://www.researchandmarkets.com/r/s70h44

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