Small Satellite Market Perspective by Comprehensive Analysis Growth Prediction to 2026

Small satellite reduces large economic cost of launch vehicles and cost associated with construction of satellites. For instance, according to University of Colorado at Boulder November 2018 report, a cubesat mission costs around US$ 2 million to build and operate, which is far less than full-sized satellite expanses.

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Companies covered as part of this study include, Airbus S.A.S, Boeing, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, SpaceX, Space Systems/Loral, LLC, Mitsubishi Electric Corporation, Ball Corporation, and Indian Space Research Organization (ISRO)

Market Dynamics:

Increasing adoption of small satellites in earth observatory for several aspects such as weather forecast and agricultural or waste land management is expected to boost the market growth. Small sat also plays a key role in disaster management. For instance, in November 2018, Indian Space Research Organization (ISRO) launched HySIS— the earth observation satellite from its Satish Dhawan Space Center. The satellite is tasked to offer data related to agriculture, forestry, soil survey, geology, coastal zone studies, inland water studies, environmental monitoring, and pollution detection from industries.

Earth observatory segment is expected to witness considerable growth in the market over the forecast period:

Earth observatory small satellites are used to monitoring civil engineering projects, especially in rural or remote areas. Therefore, increasing development of spectral imaging technologies is expected to boost demand for small satellites over the forecast period. For instance, in 2014, Boeing received its first commercial order for the 502 Phoenix small satellite from HySpecIQ — a high resolution hyperspectral imaging information provider based in Washington D.C. These satellites will carry the company’s first high-resolution hyperspectral payload that is capable of providing high-fidelity spectral imaging by earth observatory.

North America is expected to hold dominant position in the small satellite market over the forecast period:

Among Regions, North America held dominant position in the global small satellite market, accounting for 55% market share by value in 2017. The region is expected to retain its dominance in the market over the forecast period, owing to presence of major players such as National Aeronautics Space Association (NASA), Space Exploration Technologies Corp., and The Boeing Company.

The global small satellite market is expected to witness significant growth during the forecast period (2018–2026). The growth is majorly attributed to development of advanced small satellites such as small sat express of HawkEye 360 Inc, GTOSat-Cubesat mission and Asteria small satellite of NASA that are capable of performing a number of operations such as earth observatory and communication.

Detailed Segmentation:

By satellite size:
• Minisatellite
• Microsatellite
• Nanosatellite
• Picosatellite
• Femtosatellite

By application type:
• Earth Observation
• Telecommunication
• Scientific Research
• Technology Demonstration

By end user:
• Civil
• Defense
• Commercial
• Government

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This release was published on openPR.