The small satellite market revenue totaled ~US$ 3.05 Bn in 2020, according to Future Market Insights (FMI), and is expected to reach ~US$ 12.9 Bn by 2031. The small satellite market is expected to grow at a CAGR of 18.5% during 2021-2031.
Future Market Insights (FMI) estimates that the demand for Small Satellite will grow at a robust CAGR of 18.5 percent between 2021 and 2031.
Small Satellite Market Base year (2020) Value | US$ 3.05 Bn |
Small Satellite Market Projected year (2031) Value | US$ 12.9 Bn |
CAGR% (2021-2031) | 18.5% |
By the end of 2021, the market is expected to be valued at more than US$ 3.2 billion, according to the analysis. According to FMI, the emergence of artificial intelligence, the internet of things, and 5G have created opportunities for the market for small satellites to increase. These technologies are now crucial for enhancing economic competitiveness, which fuels market expansion.
Key Takeaways: Small Satellite Market
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COVID-19 Impact Analysis on Small Satellite Market
Due to rapid spread of COVID-19 in many regions such as Europe, the US & Asia Pacific, there was a significant drop in demand for small satellites. Also there was corresponding reduction in revenues for various service providers, suppliers across small satellite market owing to manufacturing shutdown, late delivery, limited availability of equipment and limited staff at manufacturing facilities.
For an instance, the U.S. Space Force delayed the launch of Falcon 9, a GPS satellite, by 2 months due to COvid-19 impact. However, the global small satellite demand is anticipated to recover by 2022 fully.
Increasing Demand for High-Resolution Images
The demand for small satellites is growing substantially all around the world. As per records of nanosats.eu, there are more than 2800 nanosatellites launched into Earth’s orbit as of January 2021. Key players in the industry are launching constellations of nanosatellites or microsatellites into Earth’s orbit for applications including telecommunications and earth observation.
For an instance in January 2020, Sateliot, a nanosatellite and telecommunications operator, signed a Memorandum of Understanding (MoU) with the European Space Agency (ESA) to research, develop, and deploy novel space-capable technologies, goods, and services leveraging 5G. At the back of these factors, the market of small satellites is expected to grow at a significant rate during the forecast period.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Aug 26, 2022