Increased demand for carrying out surveillance activities along conflict areas, the rising defence expenditure of emerging economies is expected to drive the market
The small satellite market is projected to grow from USD 3.2 Billion in 2022 to USD 7.0 Billion by 2028, at a CAGR of 16.8 % during the forecast period. The growth of this market can be attributed to the increasing need for secure satellite communications for military missions and commercial applications. Additionally technological advancements in small satellite systems, such as laser/optical band communications technologies are driving the market.
The CubeSat segment is projected to witness the highest CAGR during the forecast period.
Based on mass, the CubeSat segment of the small satellite market is projected to hold the highest growth rate during the forecast period. CubeSats are used for a variety of missions by governments, universities, and private businesses due to their low cost and fast turnaround time. The development of new technologies and improvements in launch systems also contributed to the growth of the CubeSat market.
The laser/optical band segment is projected to dominate the small satellite market by frequency
Based on Frequency, the laser/optical band segment is projected to dominate the market share during the forecast period. The laser/optical band enhance the communication capabilities. The most promising commercial applications can be found in the interconnection of satellites or high-altitude platforms to build high-performance optical backbone networks. Corporations like SpaceX, Facebook, Google, and a series of start-ups are currently working on various concepts based on laser communication technology.
North America is expected to account for the largest market share in 2023
The small satellite market industry has been studied in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest market share in 2022. The US leads the market in North America with a large number of companies and startups operating in the industry. The country is also home to some of the world’s leading small satellite manufacturers and operators, such as SpaceX, Blue Origin, and Planet Labs.
