September 29, 2022 05:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global small satellite market size was valued at USD 4.90 billion in 2021 and reached USD 5.60 billion in 2022. The market is expected to be valued at USD 12.02 billion by 2029, exhibiting a CAGR of 11.53% during the forecast period. The rapid adoption of 3D printing parts for satellite manufacturing and rising applications of satellites from several sectors are expected to boost market progress. Fortune Business Insights™ presents this information in its report titled “Small Satellite Market, 2022-2029.”
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Economic Sanctions Imposed by the U.S. and its Allies on the Russian Federation Negatively Affected the Industry
The economic sanctions imposed by the U.S. and its allies on the Russian Federation are expected to affect this industry’s growth. Furthermore, the war negatively affected the global industries leading to import and export flow disruptions. The dominance of Russia and Roscosmos, a quasi-civilian space agency in commercial space, affected alternative launch service providers in Japan, India, Europe, and the U.S. These factors negatively affected the market during the war.
Mini Satellite Segment to Hold Dominant Market Share Owing to Rising Research & Development Activities
By type, the market is segmented into mini satellite, microsatellite, and nanosatellite.
The mini satellite segment is expected to dominate the market share due to rising research and development activities. Furthermore, developing a space laboratory for the upcoming moon, asteroid, and Mars missions is expected to foster segmental growth.
Structures Segment to Dominate Owing to Strong Demand for Satellites
As per component, the market is classified into structures, payload, solar panel and antenna system, propulsion system, electric power system, and others.
The structures segment is likely to dominate owing to the strong demand for satellites. Furthermore, the rising expansion of satellite services in remote areas is expected to boost segmental growth.
Communication Segment to Dominate Owing to Strong Adoption of Antennas from the Commercial Sector
Based on application, the market is categorized into navigation, communication, earth observation, technology development, and others.
The communication segment is expected to hold a dominant market share due to the strong adoption of communication antennas from the commercial sector. Furthermore, the rising adoption of communication antennas from governments may foster segmental growth.
Commercial Segment to Hold Largest Share Because of its Extensive Adoption in Military Applications
Based on end-user, the market is segregated into commercial, civil, government, and military.
The commercial segment is expected to dominate the market share due to its rising adoption in the military sector for surveillance purposes. Moreover, growing mobile users and rising internet services are expected to fuel segmental growth.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Robust Internet of Things Adoption in the Manufacturing Sector to Foster Market Progress
Small satellites are objects developed and designed for earth observation, communication, navigation, and other purposes. Satellites are launched into several orbits that comprise Geostationary Earth Orbit (GEO), Medium Earth Orbit (MEO), and Low Earth Orbit (LEO) with the help of rockets. The robust Internet of Things (IoT) adoption in the manufacturing sector is expected to enhance satellite adoption. Furthermore, the rising adoption of satellites for transport, consumers, oil & gas, and mining is likely to fuel industry growth. These factors may drive the small satellite market growth.
However, launch vehicle shortage is expected to hinder the market growth.
Rising Research & Development Investments in NASA to Fuel Growth in North America
North America is expected to dominate the small satellite market share due to rising research and development investments in NASA. The market size in North America stood at USD 2.53 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the adoption of tri-band antenna and SKYWAN technology is expected to foster the industry’s progress. For example, CubeSat announced a launch initiative from its international space station for the 109th CubeSat in July 2020.
In Europe, launching IoT services and the internet for numerous applications is expected to enhance the product adoption. Furthermore, the rising focus on executing and developing low-cost missions is expected to propel market growth.
In Asia Pacific, strong demand from India, Japan, and China is expected to foster industry growth. Furthermore, the development of plans by ISRO is expected to foster the industry’s progress.
Prominent Players Announce Novel Facilities to Expand Market Reach
Prominent companies operating in the market announce novel facilities to expand their market reach. For example, Boeing announced its novel high-throughput test facility, integration, and small satellite production in March 2022. This development was meant to enhance productivity and fasten delivery times. The production facility shall be powered by Millennium Space Systems, a Boeing subsidiary, and shall be housed in the largest satellite production facility globally. This strategy may expand the company’s market reach worldwide. Further, companies devise automated production techniques, research and development, mergers, acquisitions, and collaborations to enhance market growth.
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