Small Satellite Market is Estimated to Flourish at Strong CAGR of 15.3% and Reach a US$ 13.5 Bn in 2023 While Projecting a Revenue of US$ 55.9 Bn Between Forecast Period of 2023-33 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Cost-efficient, High Performance, and Faster Manufacturing Makes Small Satellites the first Choice for End-Users, FMI taps a CAGR of 15.3% for 2023-2033. Growing Investment in Development of Satellite Communication Infrastructure to Favor the Small Satellite Sales.
DUBAI, United Arab Emirates, Dec. 26, 2022 (GLOBE NEWSWIRE) -- The small satellite market is expected to thrive at a strong CAGR of 15.3% during the forecast period. The market is anticipated to cross a market size of US$ 55.9 billion by 2033, while it holds a revenue of US$ 13.5 billion in 2023.
The expanding space exploration programs around the world have become an important element in the space race. Thus, the applications of small satellites become important
Small satellite market thrives on factors such as new technology, research and development programs, and private companies and startups investing in outer space exploration.
Countries and their defence programs are also adopting a huge number of small satellites while also building constellations for observation and surveillance.
Different types of carriers and launch pads have also been built according to the reusable rockets and satellites. The latest addition to sustainable technology is the use of reusable and biodegradable materials while building satellites to minimize space waste.
Emerging economies like India and China have started building and advancing their space exploration programs with the help of commercial rides, payload carriers, and satellite carriers. Small startups are also helping organizations like ISRO and DRDO to create sustainable solutions for space programs.
Key Points
The US market for small satellite holds the biggest market share and is likely to cross the anticipated values of US$ 7.2 Bn by 2033 with a CAGR of 14.8%. The growth rate is rising for the US market as the market flourished from a lower CAGR of 11.0% between 2017 and 2022.
The Indian small satellite market thrives at the highest CAGR of 18.2% during the forecast period, while like revenue of US$ 701.1 million by 2033. The regional market was at a lower CAGR of 13.5% during the previous forecast period.
The small satellite market outlook states that the nanosatellites segment continues to lead the satellite type category with a CAGR of 15.9% between 2023 and 2033. The growth is owed to the easy implementation, effective use and cheaper cost.
Based on end-user type, the defence segment thrives at a CAGR of 15.3% between 2023 and 2033. This is due to the increased use of surveillance for enhanced security of the defense personnel.
Major players in small satellite market focus on experimenting with the size by using lighter materials in the production of these small satellites. Brands make satellites with a weight of 500 kg to increase performance and save rocket fuel too. Key players in the market are Orbital ATK, Inc., Ball Corporation, Airbus, Boeing, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., QinetiQ, ISIS- Innovative Solutions In Space B.V., OHB SE, Surrey Satellite Technology Ltd., Planet Labs Inc.
For instance:
Lockheed Martin Corporation launched its advanced satellite series which has LM 50, offering compact size, optimized design, and efficient packaging while its mission life lies between three months to five years.
Ball Corporation has introduced BCP 100, which is a small satellite and offers a rapid and frequent response to meet mission requirements. Another satellite is BCP 300 that is applied for the demonstration mission for tests and other technological experiments.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
