Small Satellite Market Expected to Reach Nearly $7.5 Billion by 2030
Small Satellite Market Expected to Reach Nearly $7.5 Billion by 2030
CAGR Projected to be 12.77 % from 2024 to 2030
The Small Satellite Market is projected to grow from $3.23 billion in 2023 to $7.49 Billion by 2030, at a CAGR of 12.77 % from 2024 to 2030 according to a new report by Maximize Market Research.
The space industry is advancing towards a future where expansive constellations of small satellites deliver a wide range of services across the globe. According to MMR study Report over 26,100 small satellites, each under 500 kg (≈1,100 pounds) will be launched between 2023 and 2032, resulting in a daily launch mass of 1.5 tons.
The company believes this boom is driven primarily by mega-constellations such as SpaceX's Starlink and China SatNet's GuoWang, which together will account for nearly two-thirds of the smallsat launches and over 80% of the launch mass.
Growth is also being boosted by the "New Space" era, lowering barriers to entry and driving significant interest from startups, companies, and governments.
According to Bryce Services, there were 2,860 smallsats launched in 2023. This surge marks a transformative shift in the space industry landscape.
The small satellite market is growing, due to significant advancements in microelectronics and battery technology. These innovations have enabled the creation of powerful yet compact satellites that are both cost-effective and capable of long-term missions, making space more accessible to diverse organizations, including universities and startups. For instance, City Labs is leading the charge with its recent U.S. Air Force contract to develop an innovative ion engine powered by radioactive isotopes. This breakthrough promises to advance small satellite technology, paving the way for new opportunities in space exploration and communication.
The global Small Satellite Market was segmented into Satellite Types including small satellites, Minisatellites, Micro satellites, Nano satellites, and others. Among these, small satellites dominated the Small Satellite Market in the year 2023 due to their flexibility, and rapid deployment capabilities. They offer advanced technologies at lower prices compared to traditional satellites, driving innovation and widespread adoption across various sectors such as communication, Earth observation, and scientific research. Their scalability and efficiency make them a preferred choice.
The United States remains a dominant force in the space industry, commanding approximately one-third of the operational spacecraft orbiting Earth. The U.S. has developed a substantial satellite fleet encompassing communications, electronic intelligence, missile detection, weather monitoring, technological advancements, navigation, and surveillance satellites. These technological innovations helped North America to stay at the forefront of the small satellite industry.