The US market for small satellite holds the biggest market share and is likely to cross the anticipated values of US$ 7.2 Bn by 2033 with a CAGR of 14.8%.
The small satellite market is estimated to develop at a healthy 15.3% CAGR during the forecast period. The market is estimated to be worth US$ 55.9 billion by 2033, with revenue of US$ 13.5 billion in 2023. The world’s expanding space exploration missions have become an important part of the space race. As a result, the employment of small satellites is crucial.
The small satellite industry is fueled by factors such as new technology, R&D projects, and private enterprises and startups investing in space exploration. Countries and their defence programmes are also deploying a large number of tiny satellites while also constructing observation and surveillance constellations.
Different types of carriers and launch pads have also been built according to the reusable rockets and satellites. The latest addition to sustainable technology is the use of reusable and biodegradable materials while building satellites to minimize space waste.
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Emerging economies like India and China have started building and advancing their space exploration programs with the help of commercial rides, payload carriers, and satellite carriers. Small startups are also helping organizations like ISRO and DRDO to create sustainable solutions for space programs.
Key Points
Competitive Landscape
Major players in small satellite market focus on experimenting with the size by using lighter materials in the production of these small satellites. Brands make satellites with a weight of 500 kg to increase performance and save rocket fuel too. Key players in the market are Orbital ATK, Inc., Ball Corporation, Airbus, Boeing, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., QinetiQ, ISIS- Innovative Solutions In Space B.V., OHB SE, Surrey Satellite Technology Ltd., Planet Labs Inc.
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For instance:
Key Segments
By Satellite Type:
By End User:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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.
Apr 24, 2023