Small Satellite Market Grow With CAGR Of 20.1% Report 2020-2026 Focuses On Top Companies, Region And Opportunities

The global small satellite market is expected to reach $15.68 billion by 2026. Collaboration and availing research grants are among major strategies adopted by market players to develop innovative technologies for utilizing small satellites.

The company plans to launch 12 missions a year from this newly launched site. The first launch is set to take place in spring 2020. It will be carried out to launch the Space Test Program 27RM (STP-27RM) mission of the U.S. Air Force. This program would launch the microsatellite known as Monolith into the orbit to determine if small satellites are able to carry large aperture payloads in space weather. Col. Robert Bongiovi, the Director of the Air Force Space and Missile Systems Center's Launch Enterprise, highlighted that the new site provides reliable and responsive access to space.

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Surge in demand for high-resolution imaging services and technological advancements drive the growth of the global small satellite market. However, lack of dedicated small satellite launch vehicles hinders the market growth. On the other hand, high demand from emerging economies and increase in government investments create new opportunities in the industry.

The microsatellite segment to contribute to the highest share during the forecast period

Based on product type, the microsatellite segment accounted for the major share, contributing to more than one-third of the global small satellite market. This is due to companies operating large satellites are looking for lighter and cost-effective platforms. However, the nanosatellite segment is expected to register the highest CAGR of 20.7% from 2018 to 2026.

The imaging and earth observation segment to dominate by 2026

Based on application, the imaging and earth observation segment held the highest share in terms of revenue in 2018, contributing to more than one-third of the total small satellite market. This is due to the significant increase in demand for small satellites in imaging application from the U.S., Russia, and China. However, the satellite communication segment would register the fastest growth rate, with a CAGR of 20.4% from 2018 to 2026.

The civil & commercial segment to retain its dominant position by 2026
Based on end-user, the civil & commercial segment held the highest share in terms of revenue in 2018, contributing to more than three-fifths of the total small satellite market. This is due to their low cost and lightweight. There has been an increased demand for these satellites in LAMEA, and Asia. Furthermore, this segment would register the fastest growth rate, with a CAGR of 20.2% from 2018 to 2026.

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North America to maintain its leadership status by 2026

Based on region, Asia-Pacific is estimated to grow at the highest CAGR of 20.5% from 2018 to 2026, owing to the presence of countries such as China, India, and Japan. On the other hand, North America accounted for more than half of the total small satellite market in 2018. This is attributed to the presence of key players, the presence of all the companies of the value chain so less dependency on imports, and high demand for imaging and earth observation application.

Players grabbing the largest pie
* Sierra Nevada Corporation
* Lockheed Martin Corporation
* Airbus S.A.S.
* Northrop Grumman Corporation
* L3Harris Technologies, Inc.
* The Aerospace Corporation
* Planet Labs Inc.
* Boeing
* Thales Group
* GomSpace
* Blue Canyon Technologies

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