Demand for Space Imagery Driving Small Satellite Market

Small satellites, also known as miniaturized satellites or smallsats, are characterized by their low mass and size, usually weighing under 500 kilograms. These economically viable satellites are adequate at gathering scientific data and radio relays, although technical challenges in terms of miniaturization and the lack of adequate power storage obstructs them from evolving as more useful.

According to a recent business intelligence study by TMR Research, owing to the sheer usefulness for many industries, the demand in the global small satellite market will increment at a notable CAGR during the forecast period of 2017 to 2025. The report is titled “Small Satellite Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” The report has gauged all factors and provided figurative estimations of the demand of various segments, provided insights in which regions and countries will produce maximum demand, and profiled a number of key players in its featured chapter on competitive landscape.

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Lowered cost for the data provided by satellite miniaturization, increased focus on the reduction of mission costs, and huge investments made by venture capitalists are some of the key factors driving the demand in the global small satellite market. On the other hand, design related limitations, programmatic and scientific risks, lack of dedicated launch vehicles and radio spectrum, scarce of intellectual assets, and regulatory challenges are expected to curtail the market’s progress in the near future.

That being said, the usage of small satellites to provide enhanced space imagery, development of satellite constellations to enhance communication, increased demand for hosted payloads, need for space debris removal, and technological advancements in Earth observation services are expected to open new opportunities in the near future.

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Planet Labs, Sierra Nevada Corporation, and Surrey Satellite Technology are some of the most prominent players operating in this market.

Small Satellite Market highly established powering applications 2025

Global Small Satellite Market: Overview

Small satellites are miniaturized satellites with mass usually ranging from 1 to 500 kg characterized by low budgets required for making them and with a lifespan of two to five years. The advent of these satellites has opened up an exciting paradigm in application areas that increasingly rely on space information and intelligence. Small satellites are poised to transform applications such as weather prediction, military surveillance, telecommunication, and monitoring of air and sea traffic, and forecasting of crop yields. The rapid pace of development has enabled scientists and students to make small satellites equipped with functional capabilities comparable to that of large satellites. Moreover, these can be launched without worrying about the exorbitant cost factor.

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Global Small Satellite Market: Key Trends

The continued reduction of cost of building satellites is underpinning the rapid evolution of the market world over. The sustained drive for reducing the cost of mission of space exploration is a key factor propelling the growth of the small satellite market. Over the past few years, there is staggering rise in investment made by startups and venture capital firms. These companies offer services for private customers and commercial users to enable them to launch small satellites. The burgeoning demand for such satellite launch in various parts of the world will help the market expand rapidly over the years. As a result, satellite operators are augmenting their launch capacity. The constantly rising demand for low-cost operational services is a notable factor boosting the small satellite market.

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Global Small Satellite Market: Market Potential

In recent years, the launch of small satellites by universities, research groups, and technology companies has proliferated in number in several developed nations. Of special significance is designing of small satellites by university students and then putting them into the orbit for educational and research purposes After seven years of relentless research, students at Brown Space Engineering Club of Brown University have designed a small satellite called EQUISat. The satellite is of 4 inch cube and was launched from NASA’s Wallop Flight Facility on May 20, 2018 and is included in the supply capsule of a NASA space station. According to a student of the University, the small satellite will be used to test new battery technology based on lithium ion phosphates. The batteries can be used for powering applications which includes powering a NASA’s newly planned rover.

The cost of making EQUISat was a modest US$3,776 and the wiring and circuitry was done by students without using machines. The small satellite will remain in the orbit for up to a period of two years, after which it will get burnt while falling toward the earth. This is a great way of promoting education, according to one of the team members. Such developments contribute in steady evolution of the market.

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Global Small Satellite Market: Regional Outlook

The report offers in-depth insights into prominent regional markets, assesses factors driving their growth, and highlights lucrative prospects in key regions. North America and Europe are expected to be potentially rewarding regions as companies are increasingly developing dedicated launch vehicles for small satellite operators. The substantial rise in venture capital funding in these regions in recent years will also catalyze the growth of these regional markets. Meanwhile, developing regions such as Asia Pacific are expected to present promising avenues for satellite operators after a number of players are focusing to tap into latent opportunities found in these markets.

Global Small Satellite Market: Competitive Outlook

A growing number of players are engaged in providing dedicated end-to-end management services to offer launch flexibility to various small-satellite operators. Some of the prominent players operating in the small satellite market are the Aerospace Corporation, Airbus Defense and Space, Orbital ATK, Spire Global Inc., Boeing, Thales Alenia Space, Space Exploration Technologies Corp., Northrop Grumman Corporation, Planet Labs Inc., and Sierra Nevada Corporation.