Small Satellite Market Projected to reach $7.4 billion by 2026

The Global Small Satellite Market is Projected to reach USD 7.4 billion by 2026, it is expected to grow at a CAGR of 19.4 % during the forecast period. Small satellites are miniaturized and cost-effective; they are designed for commercial, communication, and space research purposes. According to NASA, small satellites are classified according to their mass in kilograms (kg). The mass of small satellites can be considered below 500 kg.

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These satellites are used for Earth observation & remote sensing, communication, mapping & navigation, surveillance & security, meteorology, scientific research & exploration, space observation, and various other applications by the military, commercial, and government verticals.

Based on platform, the commercial segment is estimated to lead the small satellite market from 2021 to 2026.

It is projected to grow further due to the increasing need for communications, earth observation, imaging, and agricultural monitoring. Companies such as Pumpkin Space (US) use small satellites for scientific experiments such as testing new technologies like batteries with sleep mode capability (BM-2). BUSEK Space Propulsion and Systems (US) is another company focused on developing new propulsion systems such as the pulsed plasma thruster, green monopropellant thrusters, and electrothermal thrusters. In 2019, OneWeb Satellites, a joint venture between OneWeb and Airbus SE, launched around 34 satellites for the OneWeb constellation from on Baikonur, Kazakhstan.

Based on satellite mass, the small satellite segment is expected to lead the small satellite market from 2021 to 2026.

A small satellite is a type of low mass and compact satellite primarily employed for remote sensing, Earth observation, and communication purposes. These satellites usually weigh less than 500 kg. Small satellites are used for in-orbit inspection purposes of larger satellites. These are also used as test carriers for newly developed components that are to be installed on a much critical satellite. However, small satellites are prone to operational challenges that include lack of power storage and propulsion system, owing to their small dimensions. In January 2022, satellite communications provider, Starlink launched a part of constellation of small satellites in low-Earth orbit.

Based on application, the communication segment is expected to lead the small satellite market from 2021 to 2026.

Small satellites are increasingly being adopted in modern communication technologies. The introduction of 5G and the development of miniature hardware systems are exploiting numerous opportunities in the field of satellite-enabled communication. A rise in R&D activities for communication-related missions is expected to offer enhanced quality communication systems with the help of highly sophisticated miniaturized on-board nano, micro, and mini subsystems, coupled with advanced mission-compatible ground-station technology.

Based on region, North America is expected to lead the small satellite market from 2021 to 2026.
The US is a lucrative market for small satellite systems in the North American region. The US government is increasingly investing in advanced small satellite technologies to enhance the quality and effectiveness of satellite communication.

Contracts were the main strategy adopted by leading players to sustain their position in the Small satellite market, followed by new product developments with advanced technologies. Many companies also collaborated to set up special centers for the research & development of advanced small satellite systems.

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The small satellite market is dominated by a few globally established players such as Thales Group (France), L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Airbus (Germany), among others.

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This release was published on openPR.