Small satellites play an important role in earth observation applications such as monitoring agriculture production, detecting natural disasters, monitoring deforestation, and tracking greenhouse gas emissions. Small satellites are equipped to capture high-resolution images of the earth and help various industries and government agencies monitor crucial areas. The miniaturization of satellite components has made it possible to design and launch small satellites at a fraction of the cost of traditional large satellites.
The global Small Satellite Market is estimated to be valued at US$ 5,220.7 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for earth observation services is one of the major trends driving the growth of the small satellite market. Various government agencies and private players are increasingly depending on small satellites to gather real-time data and images related to agriculture, weather forecasting, urban development, and disaster management. For instance, Planet Labs, a leading private earth observation company, operates over 100 small satellites to provide daily imagery of the entire landmass of the earth. The availability of high-resolution satellite imagery has opened new opportunities for various industries and governments to accurately monitor climate change impacts, natural resource management, and infrastructure development from space.
Segment Analysis
The global small satellite market is dominated by nanosatellites. Nanosatellites are small in size, weighing less than 10 kilograms. They are cost-effective with lesser design and development expenditure compared to micro and minisatellites. Such smaller payloads help reduce launch costs and timelines for delivery to space. Key applications of nanosatellites include earth observation, technology demonstrations, and academic training. Hence, nanosatellites have emerged as the fastest growing segment in the small satellite industry.
Key Takeaways:
The global small satellite market is expected to witness high growth over the forecast period of 2024 to 2031. The global Small Satellite Market is estimated to be valued at US$ 5,220.7 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.
Regional analysis:
North America region currently dominates the small satellite market, primarily led by USA. This is due to robust government spending and presence of major players in the region. However, Asia Pacific region is witnessing the fastest growth on back of increasing government investments in developing indigenous small satellite technologies, especially in China and India.
Key players:
Key players operating in the small satellite market are Harris Corp, Lockheed Martin, L3 Technologies, OHB SE, Boeing, Thales Alenia Space, Airbus Defense and Space, Surrey Satellite Technology Ltd., Northrop Grumman, and Planet Labs. Harris Corp is a leading player provides mission-critical solutions that connect, inform, and protect the world. Lockheed Martin is a top defense contractor in aerospace, arms, defense, security and advanced technologies with extensive experience in satellite design and manufacturing.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
