According to the latest market research report the global Small Satellite Market size is projected to grow from $2.8 billion in 2020 to $7.1 billion by 2025, at a CAGR of 20.5% from 2020 to 2025. The market is driven by various factors, such as the growing demand for LEO-based services, demand for Earth observation imagery and analytics and increasing in number of space exploration missions are the major drivers of small satellite market.
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COVID-19 Impact on the Global Small Satellite Market
The small satellite market includes major players Sierra Nevada Corporation (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), and Airbus Defense and Space (Netherlands). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect small satellite production and services by 10% globally in 2020.
The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for Small Satellites globally, with a corresponding reduction in revenues for various suppliers, service providers across all markets owing to late delivery, manufacturing shutdown, the limited staff at manufacturing facilities, and limited availability of equipment. As per industry experts, the global Small Satellite demand is anticipated to recover by 2022 fully.
Payload segment is expected to witness the second largest market share during the forecast period
By Subsystem, payload is expected to have the second-largest market share during the forecasted period. contain specific technology for each mission. For example, weather monitoring small satellites have components that can measure wind speed and direction, changes in temperature, the amount of oxygen available, and the effect of UV rays. A different component is used for each application. Payloads cater to applications like communication, Earth observation & remote sensing, mapping & navigation, surveillance & security, meteorology, scientific research & exploration, and space observation.
Earth observation & remote sensing segment is expected to witness the largest market share during the forecast period
The Earth Observation & Remote Sensing is estimated to be the largest and fastest-growing segment in the small satellite market. The growth of this segment can be attributed to compact nature of small satellites led to efficient Earth observation and remote sensing. Small satellites, including nanosatellites, microsatellites, and minisatellites, play an important role in Earth observation and meteorology applications. These satellites are capable of monitoring situations such as the cyclones, storms, El Niño, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and power plant disasters
The Ku-band segment is projected to witness a higher CAGR during the forecast period
Based on frequency, the Ku-band segment of the small satellite market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed due to the increased need for wider range of data communication. This band is primarily used for mapping. It has a short range and a high-resolution imaging capability. The Ku band is mainly used for satellite communications, especially downlink, used by direct-transmission satellites for satellite television and specific applications, such as the NASA’s Tracking Data Relay Satellite, used for both the space shuttle and communications from the International Space Station (ISS).
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