During the initial years of the development of space technologies, the primary focus of companies had been on developing heavy and large-sized satellites. However, over recent times, the space industry has witnessed a number of technological advancements which have created substantial demand for small-size satellites as well as cost-effective launch solutions. More than 2,500 small satellites (wet mass less than 500 kg), including nano, micro, and pico, are expected to be launched over the course of the next five years. Globally, several nations are keen to launch their own small satellites and are collaborating with space-faring agencies for the same.
With the increase in the capabilities of small satellites, the space industry is increasing its strategic utility, thus motivating various stakeholders including government, space agencies, and private companies to develop dedicated and next-generation small satellite constellations. Presently, small satellites are being increasingly used for applications such as weather forecast, surveillance, earth observation, navigation, communication, meteorology, and other purposes. Of late, there has been an increased demand for efficient small satellite constellations for providing better connectivity for smart devices, Internet of Things (IoT), increased data analytics, and migration to streaming broadband.
The global small satellite market is affected by a number of key factors: Components miniaturization enabling the development of small satellites, escalating demand for satellite constellation, and increasing deployment of small satellites by commercial players are driving the growth of the market. In addition to this, developing safe, low-cost, and small payload to launch beyond low earth orbit and clean-up and removal of space debris act as major challenges to the market. Furthermore, increasing utilization of Commercial off-the-shelf (COTS) components and technological developments in the structure of small satellites are the major opportunities in the market. Each of these factors has a definite impact on the growth of the market.
According to the latest report titled ‘Global Small Satellite Market – Analysis and Forecast (2019-2030)’, the small satellite market to grow at a significant CAGR of 14.15% by value and 14.28% by volume, during the forecast period from 2019 to 2030.
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Source: ASDReports - Market Research
Date: Aug 13, 2019