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Small Satellite Market Trends

Report ID: GMI5727
Published Date: Jul 2024
Report Format: PDF

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Small Satellite Market Trends

The rapid expansion of small satellite constellations represents a major shift in the aerospace market. Comprising numerous small satellites, these constellations collaborate to ensure uninterrupted coverage and data acquisition. A prominent instance is the constellation operated by Planet, which encompasses over 150 Earth observation satellites, offering daily global imagery. Such comprehensive coverage proves crucial for various applications, including environmental surveillance, emergency management, and agricultural oversight. The impact of small satellite constellations extends beyond Earth observation. Companies like SpaceX and OneWeb are deploying large constellations of small satellites to provide global broadband internet coverage. These constellations aim to bridge the digital divide by offering high-speed internet access to remote and underserved regions. The success of these initiatives could transform global connectivity and drive economic development in previously isolated areas

Authors: Suraj Gujar, Saptadeep Das

Frequently Asked Questions (FAQ) :

The market size for small satellite was valued at over USD 4 billion in 2023 and is anticipated to record a CAGR of over 16% between 2024 and 2032, attributed to advancements in technology, reduced launch costs, and increased demand for satellite-based services.

The earth observation application segment will infer over 18% CAGR from 2024 in 2032, due to the demand for high-resolution imagery and data across various applications such as environmental monitoring, disaster management, and agricultural planning.

North America accounted for over 37% share of the global small satellite market in 2023, backe by the government initiatives such as NASAs small satellite programs and the U.S. Department of Defenses interest in leveraging small satellites for tactical advantages.

Airbus, Blue Canyon Technologies, Gomspace, L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Planet Labs Inc., Sierra Nevada Corporation, and Thales Group.