June 22, 2024
Small Satellite Market

Small Satellite Market Propelled By Increased Government Funding For Space Exploration Programs

Small satellites are miniature satellites which weigh between 1 to 1000 kilograms. They serve various functions including earth observation, scientific research, communication, and technology demonstration. The increasing adoption of small satellites is attributed to factors such as their lower development cost and shorter waiting time as they can tag along or piggyback with heavier satellites during launch. The global small satellite market size is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased government funding for space exploration programs is one of the primary drivers of growth in the small satellite market. Major space agencies across the globe have allocated higher budgets for small satellite launches to gather scientific data and research valuable information. For instance, in 2022, the US government announced a funding of over $1.5 billion for small satellite programs of NASA. Similarly, the European Space Agency’s ‘Space Rider’ program received €310 million for development of reusable orbital vehicles carrying small payloads. Such increased public investments in small satellite technology are expected to open up new growth avenues for market players during the forecast period.

SWOT Analysis

Strength: Small satellites have lower development and production costs compared to their large counterparts, making them affordable for companies and government organizations.
Small satellites are lighter in weight and compact in design, which allows them to be easily transported and integrated into different launch vehicle configurations.
Weakness: Small satellites have limited payload capacities and onboard power. Their lifetime is also generally shorter, as miniaturized components are more susceptible to failure and degradation in space.
Opportunity: The demand for Earth observation, network connectivity, and technology demonstration missions are driving opportunities for small satellite constellations and services in low Earth orbit. Demand from commercial customers like 5G network providers is opening new revenue opportunities.
Threats: Deployment of large numbers of satellites for broadband mega-constellations may increase orbital debris risks. Growing space situational awareness capabilities by governments and companies also pose regulatory compliance challenges.

Key Takeaways

The Global Small Satellite Market Size is expected to witness high growth.

North America dominates the global small satellite market currently due to increased government investments and satellite launches by private space companies in the US. However, markets in Asia Pacific are expected to grow the fastest during the forecast period due to increasing satellite launches by China and other emerging space programs.

Key players operating in the small satellite market are One10 LLC, 360 Destination Group, CWT Meetings & Events, ITA Group, ConferenceDirect, Experient, Inc., Eventbrite, Cvent Inc, Reed Exhibitions, Informa plc, Emerald Expositions, BCD Meetings and Events, ATPI Ltd., Interpublic Group, Ruckus Marketing, LLC, Hubb, Freeman, Maritz, BI Worldwide, Conference Care Ltd. Major players are focusing on initiatives like mergers, acquisitions, and new product launches to strengthen their market position and service offerings to customers in different industries.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it