Covid-19 Impact on Small Satellites Market Pegged for Robust Expansion by 2026

The study on the Small Satellites Market published by Stratview Research is an all-inclusive analysis of the key factors that are likely to determine the growth of the market in the upcoming years. The study dives deep to analyse detailed parameters that are expected to influence the global scenario of the Small Satellites Market during the forecast period of (2021-2026).
Market Insights
The small satellites market grew from USD 763.7 million in 2017 to USD 4657.0 million in 2022, exhibiting a growth of 500%. Also, it estimates that in the coming 5 years, the market will reach USD 8,456.3 million, almost double what it is in the year 2022.
Market Highlights
Miniaturized satellites having a wet mass of under 500 KG are considered under the small satellites category. The weight of the small satellites varies as per the components and sensors installed in them. These satellites have a shorter development team and cycles; thus, can be developed and launched at a lower cost in comparison to traditional large satellites.
The number of small satellites launched in the past few years has surged substantially owing to their low cost, easier launch vehicle integration, and technological developments. SpaceX’s robust plan of launching about 12,000 satellites in the Starlink constellation, of which half of them are targeted to be launched by the end of 2024, is signaling a highly optimistic near-term outlook of the industry, especially for small satellite ones.
The small satellites market plunged in 2016 mainly due to launch failures. It further dropped slightly in 2018 when compared to 2017, owing to the decline in the number of small satellite launches. However, the market witnessed a robust pace in 2020 especially due to the launch of the Starlink internet satellite by SpaceX.
COVID-19 IMPACT
The COVID-19 outbreak had a negligible impact on the small satellites market due to the longer project timelines for launching and establishing services. However, the temporary halt of satellite production lines, postponement of launches, and limited availability of funding led to some turbulence amid the pandemic.
Key Players
• SpaceX
• OneWeb Satellites
• Planet Labs Inc.
• Chang Guang Satellite Technology Co., Ltd.
• Kepler Communications Inc.
• Satellogic
• Spire Global
• Surrey Satellite Technology Ltd. (SSTL)
• Swarm Technologies, Inc.
Small Satellites Market Segmentation
The report indicates the region and segment that is expected to witness the fastest growth in the coming years. The market experts have segmented the Small Satellites Market in certain ways -
Based on the type, the market is segmented as minisatellite, microsatellite, nanosatellite, and picosatellite. The minisatellite is expected to remain the largest and fastest-growing segment of the market during the forecast period. Minisatellites are satellites weighing between 201-500 kg. These satellites are simpler and use similar technologies as larger satellites. SpaceX is the leading player in the minisatellite sector and is primarily employing these satellites for communication and broadband internet services.
Based on the application type, the market is segmented as earth observation, technology development, communications, and scientific. Communications are expected to remain the largest segment of the market during the forecast period. Rising demand for high-speed internet services coupled with growing digitalization across various verticals is augmenting the demand for smallsats, especially for communication purposes.
In terms of regions, North America is projected to remain the largest market for small satellites in the foreseeable future. The USA is the pioneer in the smallsats market. In the year 2020, new small satellite launches in the USA grew six-fold from that of the 2019 level, mainly driven by SpaceX’s Starlink constellation. Leading players, such as Planet Labs and SpaceX, are vertically integrated, having a stronghold from raw material procurement to the provision of internet services.
Asia-Pacific is likely to recoup at an impressive rate during the forecast period. The strong growth of the region is mainly attributable to the growing emphasis on the production and launch of smallsats to cater to the need for broadband connectivity solutions, military support, and weather forecasting. China is the leading contributor in the region in the wake of strong expenditure in space exploration and defense activities.
Essential Takeaways from the Small Satellites Market Report
Stratview Research records all major product launches, emerging trends, and mergers& acquisitions over the last few years. It also analyzes existing market players to determine how well they are aligned with customer expectations. Below given pointers are some of the takeaways from the Small Satellites Market Report-
- Recent developments and key strategies adopted by market players.
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- Growth opportunities for emerging market players in various regional markets.
Important queries related to the Small Satellites Market are addressed in the report:
- What would be the growth of the market in the coming five years?
- Who are the key players in the market?
- Which Region is estimated to be dominant in the market in the coming years?
- What will be the size of Small Satellites Market in the foreseeable future?
- What is Small Satellites?
- What will be the CAGR of the Small Satellites Market?
- What is the prime factor driving the growth of Small Satellites Market?
Read More: https://www.stratviewresearch.com/1920/small-satellites-market.html
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