European Small Satellite Market Report 2023
The European small satellite market is expected to grow from $746.74 million in 2022 to $2.24 billion by 2028 at an estimated CAGR of 20.1% through the period.
According to a new report from The Insight Partners, Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite. Space has become an ideal solution to improve the efficiency of current terrestrial communication networks. According to Alen Space, by 2025, more than 25.2 billion IoT connections are predicted to exist in the region, and the IoT market will reach US$ 1,072.08 billion (€ 950 billion). Also, small satellite constellations can play an important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data is received from all types of sensors and linked devices for IoT-based business models.
Thus, a small satellite helps receive, store, and transmit real-time information to any point. The small satellite can also be effective for remote management. Sensors can help to control all devices, receive real-time information, and send commands for configurations remotely across the Europe. Satellite communications support land-based communications in Amazon basin, Antarctica, offshore platforms, critical infrastructure like nuclear power plants, and other hard-to-reach areas.
Also, small satellites guarantee communication in any circumstances in virtually uncommunicated areas such as large rural areas, desert territories, frozen areas, jungle areas, and high seas. For high internet access, several projects are being launched in various developed and developing regions where small satellites play a major role. The growing internet access in Europe will propel the demand for small satellites during the forecast period. Thus, the rising demand for small satellites to provide internet access, M2M communication, and IoT will create a lucrative opportunity for market growth in the forecasted period.
European Small Satellite Market Breakdown
The European small satellite market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Over the years, satellite research & development programs and production facilities have increased in Europe. The region is also highly dependent on space services for applications such as earth observation, and communication and navigation.
The market is segmented based on type, payload, application, vertical, and country:
Based on type, the market is bifurcated into nanosatellite (1 to 10 Kg) and microsatellite (10 to 150 Kg). The microsatellite (10 to 150 Kg) segment held a larger market share in 2022.
Based on payload, the market is segmented into automatic identification system (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held the largest market share in 2022.
Earth observation, communication and navigation, and scientific research are the primary applications. The Earth observation segment held the largest market share in 2022.
Based on country, the European small satellite market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. France dominated the market share in 2022.
(Source: Research and Markets news release. Images provided and from file)