The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
The global small satellite market size is expected to experience significant growth by reaching USD 10.75 billion by 2028 while exhibiting a CAGR of 12.55% in 2021 and 2028. Fortune Business Insights, in its report titled “Small Satellite Market, 2021-2028.”, observes that the market stood at USD 4.08 billion in 2020. Factors such as the increasing adoption of modern technologies such as the internet of things (IoT) in the manufacturing sector will propel the demand for the product.
Increasing Adoption of IoT in Manufacturing Sector to Promote Growth
IoT ensures advanced connectivity options across industrial applications for the production and control of machines through satellites. They further aid in exchanging real-time data to improve the production and operations of the industries. In the manufacturing sector, IoT-enabled devices adopt satellite connectivity for data transmission between the systems and components. Owing to their several benefits, such as process automation, the surging adoption of IoT is likely to favor the global small satellite market growth during the forecast period.
North America – The region stood at USD 2.11 billion in 2020 and is expected to remain at the forefront during the forecast period. This is due to the increasing focus on deploying small satellites for military purposes in countries such as the U.S. For instance, in July 2020, the U.S. CubeSat initiative announced the deployment of the 109th CubeSat from the international space station.
Asia-Pacific – The market in the region is expected to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the growing demand for advanced small satellites for space observation programs in countries such as India, Japan, and China. For instance, by 2021, the Indian Space Research Organization (ISRO) plans to deploy several satellites, such as ten earth observation satellites, two navigational satellites, three communication satellites, and three space science satellites.
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop advanced small satellites to cater to the growing demand from several industrial applications. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for market growth.
- February 2020 – Astrocast announced the signing of a contract with Spaceflight to launch ten additional IoT nanosatellites. These satellites are designed to transmit and receive low bandwidth data from the IoT devices located anywhere globally.
Report Aim & Scope:
- An overview of the Small Satellites market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The Small Satellites report analyzes the growth rate, market size, and valuation of the market during the forecast period.
List of the Companies Operating in the Global Market:
- Sierra Nevada Corporation (The U.S.)
- ST Engineering (Singapore)
- Airbus S.A.S (The Netherlands)
- Northrop Grumman Corporation (The U.S.)
- Space Exploration Technologies Corp. (SpaceX) (The U.S.)
- The Boeing Company (The U.S.)
- Thales Group (France)
- Lockheed Martin Corporation (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
North America to Hold Commanding Position; Growing Product Adoption to Aid Growth
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Among these regions, the market will witness considerable growth in the coming years driven by the steadily increasing product adoption in several countries across this region. The strong presence of several large-scale companies, coupled with the emphasis on enhancing existing products will further aid the growth of the regional market. As of 2019, the market was worth USD and this value is likely to increase further in the coming years.
Key information from the Small Satellites Research Report:
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Small Satellites Industry?
- What Are Projections of Global Small Satellites Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption?
- What Is Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Small Satellites Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are the Market Dynamics of Small Satellites Market? What Are Challenges and Opportunities?
- What Is the Current Market Status of the Small Satellites Industry? What’s Market Competition in This Industry, Both Company, and Country Wise?
- Who Are the Global Key Players in This Market? What are Their Company Profile, Their Product Information, and Contact Information?
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