Small Satellite Market to Reach $13.71 Billion by 2030
The global small satellite market was estimated at $3.25 billion in 2020, and is anticipated to hit $13.71 billion by 2030, registering a CAGR of 16.4% from 2021 to 2030, according to a new report from Allied Market Research.
A rise in demand for compact satellites and high-resolution imaging services, and growing inclination toward adopting LEO-based services, will drive the growth of the small satellite market. On the other hand, limitations of small satellites regarding payload accommodation and lack of dedicated small satellite launch vehicles impede the growth to some extent. Still, a surge in demand for satellite services in the commercial sector is expected to create lucrative opportunities in the industry.
The minisatellite segment dominated with the largest share in 2020, holding nearly two-fifths of the global small satellite market. This is attributed to the surge in demand for direct-to-home satellite broadcasting services across the world. The nanosatellite segment, on the other hand, is expected to see the fastest CAGR of 17.0% throughout the forecast period. Rising demand for connectivity solutions for processing real-time data for observation applications such as meteorological, hydrological, and marine, among others propel the segment growth.
The commercial segment held the highest market share in terms of revenue, accounting for more than two-fifths of the market. The same segment is also estimated to exhibit the fastest CAGR of 17.1% during the forecast period, owing to a surge in the incorporation of space technology by the commercial organizations.
North America dominated the market with a major share in 2020, accounting for more than two-fifths of the global small satellite market, due to the rise in adoption of advanced satellite services among the civil, defense, and space industries in the North American region. However, the market across Asia-Pacific is expected to witness the fastest CAGR of 17.2% from 2021 to 2030, owing to increasing investment in deploying satellite technologies in countries such as China and India.
(Source: Allied Market Research news release)