The small satellite market was valued at approximately USD 3.53 billion in 2018 and is expected to grow at a healthy rate of over 20.83% during the forecast period 2019-2026. Small satellites are miniature versions of satellites that have a lower mass and size, typically under 500 kg, compared to traditional satellites. They are designed to reduce costs and save on launch vehicles and construction.
Small satellites are more useful than their larger counterparts in gathering scientific data and serving as radio relays. The rapid advancements in space technology have made small satellites more viable for use in commercial, civil, government, and military sectors. The increasing focus on reducing mission costs worldwide is also driving the demand for small satellites.
However, there are risks involved in the production of small satellites, such as programmatic and scientific problems that can lead to launch failure. Despite this, the trend of high data rate communication with small satellites provides an opportunity for market growth during the forecast period.
In terms of regional analysis, North America is the leading region in the small satellite market, thanks to the dominant participation of private players in small satellite developments and the rising demand for these satellites in earth observation and defense surveillance activities. Asia-Pacific is also expected to exhibit the highest growth rate, fueled by surplus investments in space technologies and the emergence of small satellite technology in countries like China, India, Japan, and South Korea.
Key players in the small satellite market include Orbital ATK, OHB AG, Airbus Defense and Space, Harris Corporation, Lockheed Martin Corporation, Thales Alenia Space, Sierra Nevada Corporation, The Aerospace Corporation, and Planet Labs Inc.
The objective of this research is to analyze and forecast the market size based on different segments, classify and forecast the market based on product, material, application, and region, identify drivers and challenges for market growth, examine competitive developments, and conduct pricing analysis.