According to a recent report published by Allied Market Research, titled, “Small Satellite Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global small satellite market was valued at $3,251.9 million in 2020, and is projected to reach $13,711.7 million by 2030, registering a CAGR of 16.4%.
In terms of revenue, North America leads the market, followed by Asia-Pacific, Europe, and LAMEA. Rise in adoption of launch service in telecommunication, defense, and space exploration, and other industries have bolstered the growth of small satellite market in North America. U.S. dominated the small satellite market share in 2020 and is expected to grow at a significant rate during the forecast period. Small satellite are increasingly being used to expedite deployment of telecommunication services in major North American economies.
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Small satellites are being used by defense organizations to deploy spy solutions for tracking and monitoring enemy and terrorist activities worldwide. By type, the small satellite market is categorized into minisatellite, microsatellite, nanosatellite, and others. The minisatellite segment accounted for the highest revenue in 2020, owing to the increase in demand for high-speed internet connectivity globally and rise in deployment of satellites by telecommunication companies to increase their reach. Increased demand in defence, homeland security, and other industries for low cost real-time monitoring services that augments national security has promoted the growth of the minisatellite segment.
By application, the small satellite market has been segmented into earth observation & remote sensing, satellite communication, science & exploration, mapping & navigation, space observation, and others. In 2020, the earth observation & remote sensing segment dominated the end users segment, owing to rise in the adoption of small satellites by commercial and government space organizations for several applications such as such as urban planning, border mapping, infrastructure security, and homeland security. The adoption of small satellite by telecommunications to fully exploit the potential of the advanced space technology and deliver high-speed connectivity across the world has promoted the growth of the satellite communication small satellite market.
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Factors such as increase in increase in demand for compact satellites, rising demand for high-resolution imaging services globally and increasing demand for LEO-based services accelerate the growth of the small satellite market. However, limitations of small satellites regarding payload accommodation and lack of dedicated small satellite launch vehicles hamper the growth of the small satellite market. Conversely, increasing demand in the commercial sector for satellite services and increase in demand for satellite data are expected to provide lucrative opportunities for the expansion of the growth of the small satellite market.
COVID-19 Impact Analysis
The COVID impact on the small satellite market is unpredictable and is expected to remain stunted till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to a sudden decrease in demand for small satellites across the world.
Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues for the small satellite industry globally.
Key Findings Of The Study
By type, the nanosatellite segment is expected to register a significant growth during the forecast period.
By application, the satellite communication segment is anticipated to exhibit significant growth in the near future.
By end user, the commercial segment is anticipated to exhibit significant growth in the near future
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the small satellite market include Airbus S.A.S., GomSpace, L3Harris Technologies, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Planet Labs Inc., Sierra Nevada Corporation, Thales Group, Aerospace Corporation, and The Boeing Company
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