Small Satellite Market to Reach $7.0 Billion by 2028

1
Small Satellite Industry to Reach 7.0 Billion by
2028, Fueled by Technological Integration and
Reduced Launch Costs
In a recent market research report titled "Small
Satellite Market by Mass (Small Satellite,
CubeSat), Application, Subsystems (Satellite Bus,
Payload, Solar Panel,
Antenna), End-use
Satellite Frequency, (Commercial,
Government Defence, Dual-use), Orbit and
Region - Global Forecast to 2028," the small
satellite industry is on a
trajectory substantial market,
to witness
growth. The currently
USD 3.2 2023, is
estimated at billion in projected to
reach a USD 7.0
noteworthy billion by 2028,
showcasing a robust Compound Annual Growth Rate
(CAGR) of 16.8 from 2023 to 2028. Key Market
Players Major players in the small satellite
market include Sierra Nevada Corporation,
L3Harris Technologies, Lockheed Martin
Corporation, Northrop Grumman Corporation, and
Airbus Defence and Space. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id150947396 The increasing capabilities of
small satellites, driven by the integration of
cutting- edge technology and commercial-off-the-s
helf electronic circuits, are expected to be a
key factor propelling the demand for small
satellites. The market report provides
comprehensive insights into various segments,
trends, and regional dynamics shaping the future
of the small satellite industry. Key Findings and
Drivers Commercial Segment Dominates The
commercial segment is anticipated to account for
the largest share in 2023, driven by the
significant reduction in launch costs.
Innovations by companies like SpaceX and Rocket
Lab have substantially lowered satellite
deployment expenses, fostering the development
of small satellite constellations.
2
Earth Observation Leads Applications Within
applications, Earth observation emerges as the
frontrunner in 2023. Small satellites, offering
cost-efficient and frequent data collection,
particularly in high- resolution imagery, are
witnessing strong growth. Industries such as
agriculture, environmental monitoring, and
disaster management benefit from enhanced
decision-making, resource optimization, and risk
reduction. Satellite Bus Takes the Lead The
satellite bus segment holds the largest market
share within subsystems. The adoption of small
satellites for diverse applications like earth
observation, communication, and research
influences the demand for satellite bus
components. The market is expected to expand as
new technologies and applications are
introduced. Ku-band Frequency Dominance The
Ku-band segment is projected to dominate the
small satellite market based on frequency. Known
for high data transmission capabilities in a
compact form, Ku- band is ideal for broadband
internet, remote sensing, and Earth observation
services. Its efficiency in meeting the
increasing demand for connectivity and data
positions it as a prime choice in the thriving
small satellite sector. LEO Orbit Leads
Growth The Low Earth Orbiting (LEO) segment
dominates the market by orbit, holding the major
market share. Growing demand for high-speed and
low-latency communication, coupled with
increased launches in LEO, drives this segment.
The Geostationary Earth Orbit (GEO) segment is
expected to witness the highest growth rate over
the forecast period. North America's
Dominance North America is poised to account for
the largest share in 2023, driven by increasing
NASA Research and Development initiatives and
rising military spending on surveillance
missions. Inquiry before buying
_at_ https//www.marketsandmarkets.com/Enquiry_Before
_BuyingNew.asp?id150947 396 About
MarketsandMarkets MarketsandMarkets has been
recognized as one of Americas best management
consulting firms by Forbes, as per their recent
report. MarketsandMarkets is a blue ocean
alternative in growth consulting and program
management, leveraging a man-machine offering to
drive supernormal growth for progressive
organizations in the B2B space. We have the
widest lens on emerging technologies, making us
proficient in co-creating supernormal growth for
clients.
3
Earlier this year, we made a formal
transformation into one of America's best
management consulting firms as per a survey
conducted by Forbes. The B2B economy is
witnessing the emergence of 25 trillion of new
revenue streams that are substituting existing
revenue streams in this decade alone. We work
with clients on growth programs, helping them
monetize this 25 trillion opportunity through
our service lines - TAM Expansion, Go-to-Market
(GTM) Strategy to Execution, Market Share Gain,
Account Enablement, and Thought Leadership
Marketing. Built on the 'GIVE Growth' principle,
we work with several Forbes Global 2000 B2B
companies - helping them stay relevant in a
disruptive ecosystem. Our insights and
strategies are molded by our industry experts,
cutting-edge AI-powered Market Intelligence
Cloud, and years of research. The KnowledgeStore
(our Market Intelligence Cloud) integrates our
research, facilitates an analysis of
interconnections through a set of applications,
helping clients look at the entire ecosystem and
understand the revenue shifts happening in their
industry. To find out more, visit
www.MarketsandMarkets.com or follow us on
Twitter, LinkedIn and Facebook. Contact Mr.
Aashish Mehra MarketsandMarkets INC. 630
Dundee Road Suite 430 Northbrook, IL 60062 USA
1-888-600-6441 Email sales_at_marketsandmarkets.com