According to the market research firm Stratview Research, the global Small Satellites market is predicted to exhibit a shift during 2021–2026. The report is segmented by Type (Minisatellite, Microsatellite, Nanosatellite, and Picosatellite), by Application Type (Earth Observation, Technology Development, Communications, and Scientific), by Operator Type (Commercial, Government, Civil, and Military), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The small satellites market grew from USD 763.7 million in 2017 to USD 4657.0 million in 2022, exhibiting a growth of 500%. Also, it estimates that in the coming 5 years, the market will reach USD 8,456.3 million, almost double what it is in the year 2022.
Market Highlights
Miniaturized satellites having a wet mass of under 500 KG are considered under the small satellites category. The weight of the small satellites varies as per the components and sensors installed in them. These satellites have a shorter development team and cycles; thus, can be developed and launched at a lower cost in comparison to traditional large satellites.
The number of small satellites launched in the past few years has surged substantially owing to their low cost, easier launch vehicle integration, and technological developments. SpaceX’s robust plan of launching about 12,000 satellites in the Starlink constellation, of which half of them are targeted to be launched by the end of 2024, is signaling a highly optimistic near-term outlook of the industry, especially for small satellite ones.
The small satellites market plunged in 2016 mainly due to launch failures. It further dropped slightly in 2018 when compared to 2017, owing to the decline in the number of small satellite launches. However, the market witnessed a robust pace in 2020 especially due to the launch of the Starlink internet satellite by SpaceX.
COVID-19 IMPACT
The COVID-19 outbreak had a negligible impact on the small satellites market due to the longer project timelines for launching and establishing services. However, the temporary halt of satellite production lines, postponement of launches, and limited availability of funding led to some turbulence amid the pandemic.
Segment Analysis
Based on the type, the market is segmented as minisatellite, microsatellite, nanosatellite, and picosatellite. The minisatellite is expected to remain the largest and fastest-growing segment of the market during the forecast period. Minisatellites are satellites weighing between 201-500 kg. These satellites are simpler and use similar technologies as larger satellites. SpaceX is the leading player in the minisatellite sector and is primarily employing these satellites for communication and broadband internet services.
Based on the application type, the market is segmented as earth observation, technology development, communications, and scientific. Communications are expected to remain the largest segment of the market during the forecast period. Rising demand for high-speed internet services coupled with growing digitalization across various verticals is augmenting the demand for smallsats, especially for communication purposes.
In terms of regions, North America is projected to remain the largest market for small satellites in the foreseeable future. The USA is the pioneer in the smallsats market. In the year 2020, new small satellite launches in the USA grew six-fold from that of the 2019 level, mainly driven by SpaceX’s Starlink constellation. Leading players, such as Planet Labs and SpaceX, are vertically integrated, having a stronghold from raw material procurement to the provision of internet services.
Asia-Pacific is likely to recoup at an impressive rate during the forecast period. The strong growth of the region is mainly attributable to the growing emphasis on the production and launch of smallsats to cater to the need for broadband connectivity solutions, military support, and weather forecasting. China is the leading contributor in the region in the wake of strong expenditure in space exploration and defense activities.
Research Methodology
The specific procedures or techniques used to identify, select, and analyse information about the Small Satellites market allows the user to get a sneak peek into the market’s present and future position. The information provided in the report plays a crucial role for the market participants and investors in the identification of the low-hanging fruits available in the market and formulate the growth strategies to expedite their growth process. This report is the outcome of a detailed research methodology comprising broad secondary research, and rigorous primary interviews with industry stakeholders. Several authenticated secondary sources, such as company annual reports, fact books, press releases, and articles have been leveraged to gather the data.
Key Players
Several businesses are actively shifting their strategies with an eye toward stimulating growth, gaining competitive advantage and plugging growing opportunities in this briskly expanding market. Most of these companies are well-diversified and have a good market position with several years of experience. Continuous product development and launching of best-fitting products according to the market needs, and the ability to adapt to the changing business environment have enabled these companies to establish their leadership in the market.
According to this report published by Stratview Research, below given is the list of the key players in the Small Satellites market-
- SpaceX
- OneWeb Satellites
- Planet Labs Inc.
- Chang Guang Satellite Technology Co., Ltd.
- Kepler Communications Inc.
- Satellogic
- Spire Global
- Surrey Satellite Technology Ltd. (SSTL)
- Swarm Technologies, Inc.
What to expect from this report?
The report structure has been kept such that it offers maximum business value to the user. It provides vital insights into the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints.
- Market trend and forecast analysis, Market segment trend.
- Competitive landscape and dynamics: Market shares, Product portfolios, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends and Key success factors.
- Strategic growth opportunities for the existing and new players.
Critical Questions Answered in the Report
- What are the key trends in the Small Satellites market?
- How the market has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on Small Satellites market?
- What are the key strategies adopted by the major vendors to lead in Small Satellites market?
- What is the market share of the top vendors?
Customisation of this study-
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sales@stratviewresearch.com.
About Stratview Research
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
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