With 16.8% CAGR, Small Satellite Market Growth to Surpass USD 7.0 billion

The small satellite market is projected to grow from USD 3.2 Billion in 2023 to USD 7.0 Billion by 2028, at a CAGR of 16.8% during the forecast period. The increasing availability of launch services and the development of new technologies such as reusable launch vehicles and electric propulsion systems are making it easier and more cost-effective to launch small satellites into orbit.

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Based on Mass, the small satellite segment is projected to is to lead the market due to the increased use of communication satellites for fast and secure data transfer. Additionally The demand from the consumer, corporate, and enterprise sectors for high-speed satellite networks is further boosting the demand for minisatellites. Whereas the CubeSat to hold the highest growth rate during the forecast period.

Based on application, the earth observation segment is expected to lead due to technological advancements in the field of the small satellites. The segment growth is also propelled by the increased adoption of the CubeSat initiatives by the universities. Using small satellites improves the growing competence of environmental research at the expense of the relatively low cost of conducting experiments.

Based on end-use:- the commercial segment is expected to dominate the small satellite market from 2023 to 2028. This market has grown significantly in recent years, owing to rising demand for high-resolution Earth observation data, global communication services, and the need for cost-effective and agile space solutions.

Based on Region, North America is expected to lead the small satellite market in 2023, with the US being the largest market in the region. North America, in particular, has been a major player in the small satellite market, with a number of companies and organizations based in the United States and Canada involved in small satellite design, manufacturing, and operation.

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Major players operating in the small satellite market include Sierra Nevada Corporation (US), L3Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defence and Space (Germany). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

News also Covered: https://www.prnewswire.com/news-releases/small-satellite-market-worth-7-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301786896.html

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This release was published on openPR.