Small Satellite Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Terran Orbital Corporation, Raytheon Technologies Corporation, The Boeing Company

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Small Satellite Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $13.97 billion In 2028 At A CAGR Of 20.6% :

The small satellite market size has grown exponentially in recent years. It will grow from $5.4 billion in 2023 to $6.6 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to cost-efficiency in space missions, advancements in miniaturization, rapid development cycles, increased access to space, commercialization of space activities.

The small satellite market size is expected to see exponential growth in the next few years. It will grow to $13.97 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to growing demand for earth observation, rise in communication constellations, advancements in remote sensing technologies, space exploration and interplanetary missions. Major trends in the forecast period include increased utilization of CubeSats, rapid development of software-defined satellites, focus on sustainable and eco-friendly satellite designs, emergence of commercial small satellite data services, integration of artificial intelligence (AI) and machine learning.

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Small Satellite Market Major Segments
The small satellite market covered in this report is segmented -

1) By Type: Minisatellite, Microsatellite, Nanosatellite, Pico-Satellites, Femtosatellites
2) By Orbit: Low Earth Orbit (LEO), Middle Earth Orbit (MEO), Geostationary Earth Orbit (GEO)
3) By Component: Structures, Payload, Electric Power System, Solar Panel And Antenna Systems, Propulsion Systems, Other Components
4) By Application: Earth Observation And Remote Sensing, Satellite Communication, Science And Exploration, Mapping And Navigation, Space Observation, Other Applications
5) By End-User: Commercial, Academic, Government And Military, Other End-Users

Key Driver - Surge In Space Exploration Drives Growth In The Small Satellite Market

The increase in space exploration missions are significantly driving the growth of the small satellite market. Various government agencies across the world are increasing their space missions and small satellites help them to complete their space missions. According to economic times, an English daily newspaper, China's National Space Administration (CNSA) estimates that the government will launch around 100 satellites by 2025. Similarly, according to the US Air Force Research Laboratory, a scientific research organization operated by the United States Air Force Materiel Command, the US military intends to expand its space awareness capabilities beyond geostationary orbit and aims to start patrolling the Moon taking the mission to the other side of Moon about 1000 times higher. These advances are projected to have a favorable impact on the need and usage of small satellites across the world.

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Prominent Trend - Small Satellite Market Bolster Capabilities With Advanced Manufacturing Facilities

Major companies operating in the small satellite market are focusing on manufacturing facilities to meet the growing demand for space-based services and the continuous development of new technologies. Satellite manufacturing facilities refer to specialized facilities or centers where satellites are designed, constructed, and assembled. For instance, in August 2022, Blue Canyon Technologies Inc., a US-based aerospace company, launched a new small satellite manufacturing facility in Colorado to meet the growing demand for small satellites and cubesats. The expanded 31,000-square-foot facility consolidates manufacturing efforts with dedicated cubesat employees to build large spacecraft. Moreover, this new factory allows the company to produce at a larger scale, provide innovative solutions, and deliver top-performing satellites to meet customers' needs.

Small Satellite Market Players
Major companies operating in the small satellite market report are Terran Orbital Corporation, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., GomSpace Group AB, L3Harris Technologies Inc., Ball Corporation, Singapore Technologies Engineering Ltd., Israel Aerospace Industries Ltd., Space Exploration Technologies Corp, Thales Alenia Space, Orbital ATK Inc., Sierra Nevada Corporation, QinetiQ Group plc, OHB SE, The Aerospace Corporation, Dynetics Inc., Planet Labs Inc., Blue Canyon Technologies Inc., Surrey Satellite Technology Ltd., Spire Global Inc., Axelspace Corporation, Innovative Solutions In Space B.V., LeoStella LLC, Capella Space Corp, Astrocast SA, Adcole Maryland Aerospace LLC, Satlantis LLC, Kongsberg NanoAvionics

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Largest And Fastest Growing Region In The Market
North America was the largest region in the small satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the small satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Small Satellite Market Report Structure
3. Small Satellite Market Trends And Strategies
4. Small Satellite Market - Macro Economic Scenario
5. Small Satellite Market Size And Growth
…..
27. Small Satellite Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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