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(Transportation-News.com, July 18, 2023 ) The Small Satellite Market is on an upward trajectory, with a projected size of USD 7.0 billion by 2028, growing at an impressive compound annual growth rate (CAGR) of 16.8% during the forecast period. This growth can be attributed to the decreasing cost of launching small satellites into orbit, advancements in launch vehicle technology, and the emergence of dedicated small satellite launch providers. As the market expands, various segments and regions are poised to play pivotal roles in shaping its trajectory.
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Earth Observation Drives Market Growth:
Among the different applications of small satellites, the earth observation segment is expected to account for the largest market share. The increasing utilization of earth observation satellites across industry sectors, coupled with the integration of digital data analysis and geospatial data fusion, has contributed to the significant growth in this segment. Small satellites provide valuable data and imagery for applications such as weather forecasting, crop monitoring, and environmental surveillance, making them indispensable in the field of earth observation.
Commercial and Military Applications:
In terms of end-use, the commercial segment is anticipated to dominate the small satellite market. The expanding number of internet services and mobile users, particularly in 2022, will drive the demand for small satellites in commercial applications. Navigation, telecommunication, weather forecasting, and other commercial uses of small satellites will further fuel market growth. Simultaneously, the military segment is expected to witness dramatic expansion as satellites are increasingly employed in surveillance operations. The involvement of government space organizations in small satellite development initiatives will also contribute to the growth of the government segment.
CubeSat and Satellite Bus Segments:
Among the mass segments, CubeSat is projected to witness the highest CAGR during the forecast period. CubeSats are gaining popularity for research purposes in educational institutes and serve as a platform for testing new technologies, including propulsion systems, communication systems, and navigation technologies. In the subsystem segment, satellite buses hold the highest market share. Satellite buses play a vital role in enabling the development and operation of small satellites by providing standardized and cost-effective platforms that can be easily customized for various applications.
Frequency Bands and Orbit Segments:
The laser/optical band is projected to dominate the small satellite market in terms of frequency. With its high CAGR during the forecast period, the laser/optical band offers advantages such as high-speed data transfer, enhanced connectivity, and short-range and high-resolution imaging capability. Among orbit segments, the Low Earth Orbiting (LEO) segment holds the major market share. The demand for launching CubeSats and small satellites to achieve attitude and orbit control and orbital transfers drives the growth of the LEO segment. The increasing use of advanced payload components in the space sector further fuels this segment's expansion.
North America at the Forefront:
The North American region is projected to contribute the largest share to the small satellite market. With the United States leading the market in North America, increased demand for small satellite deployments and advancements in digital satellites by NASA, the US Department of Defense, and private players like SpaceX, Sierra Nevada Corporation, and Lucix Corporation are driving market growth. Successful launches of flexible satellites have propelled the region's space expeditions.
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