The $2.31 billion small satellites market is slated to reach beyond US$ 8.9 billion in revenues by the end of 2028, this according to a report from Future Market Insights.
Attributed to surging government funding, increasing support from private entities, soaring satellite adoption for R&D purposes, and increasing demand for Low Earth Orbit (LEO) services, Future Market Insights expects the global market for small satellites to observe robust growth at an estimated CAGR of 13.5% over a 10-year period, 2018-2028.
During the assessment period, small satellites market is anticipated to encounter with a few challenges such as space debris problems, insufficiency of skilled resources, and multiple regulatory hurdles; however, advances in space technology and strong governmental support will collectively help the market overcome the restraints and thrive at a stellar pace, globally.
Technological Advent and Surging Applications to Boost Nano-satellites Segment
By satellite type, nano-satellites are presumed to remain the largest as well as fastest growing segment throughout the forecast period. With around 41% revenue share of the market attained in 2017, nano-satellites segment will continue to gain traction due to growing applications in cellular communication. Innovations in IoT technology has also been a significant factor impacting the demand for nano-satellites in a positive manner since the recent past. Up from $946.8 million achieved in 2017, this segment is expected to reach beyond $3,000 million by the end of 2028.
Within this 10-year period, nano-satellites segment will reportedly expand at a healthy CAGR of 14%. Other satellite type segments are also anticipated to see impressive growth, including mini-satellites, micro-satellites, and pico-satellites. While micro-satellites represent a substantial market value share of above 25%, mini-satellites segment will continue to hold a considerably large share of above 22% by value, over the forecast period. Future Market Insights records growing demand for mini-satellites for weather forecasting and R&D applications.
Market Taxonomy: Overview
Among end-users, defence sector is likely to represent the largest shareholding segment by 2028 end, whereas commercial sector is anticipated to witness higher growth. Defence area has been generating substantial demand for small satellites, covering over 42% market value share by 2017 end, whereas the consumption from commercial sector is slated to increase at a high rate and bring in above 31% share of the market value for commercial segment during the assessment period. As per the regional segmentation analysis, North America will remain the largest market share contributor through to 2028. Western Europe, and SEA and others of APAC will exhibit significant growth over the decade.
Key Market Players: Overview
Some of the leading players in the global market for small satellites include Orbital ATK, Inc., Ball Corporation, Airbus S.A.S., Boeing, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., QinetiQ, ISIS- Innovative Solutions In Space B.V., OHB SE, Surrey Satellite Technology Ltd., and Planet Labs Inc. While Airbus, Boeing, Lockheed Martin Corporation have been identified to be the predominant players, it has been found that the winning strategies of these three giants will provide a major thrust to the global small satellites market in near future.
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