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Small Satellite Market to Touch USD 12.02 Billion in 2029; Rapid Adoption of 3D Printed Parts for Satellite Manufacturing to Foster Market Progress

September 26, 2022 | Aerospace & Defense

The global small satellite market size is expected to exhibit strong growth by reaching USD 12.02 billion by 2029. Fortune Business Insights™ in its report titled “Small Satellite Market Size, Share, Growth & COVID-19 Impact Analysis, By Type (Mini Satellite, Micro Satellite, Nano Satellite), By Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), By Application (Communication, Navigation, Earth Observation, Technology Development, Others), By End-user (Commercial, Civil, Military, Government), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 4.90 billion and reached USD 5.60 billion in 2022. The market is expected to exhibit a CAGR of 11.53% during the forecast period. The rising adoption of 3D printing parts for satellite manufacturing and increasing satellite adoption from several industries may boost the market growth.


ARABSAT and Thales Alenia Space Entered into a Joint Venture to Attract Market Growth


ARABSAT and Thales Alenia Space engaged in a joint venture in May 2022 to construct ARABSAT-7A. This strategy may allow the company to build a fully flexible Software-Defined Satellite (SDS) powered by Thales Alenia Space's Space Inspire technology.


Postponed Satellite Launches and Delays in Manufacturing Hindered Industry Progress


This industry was negatively affected during the COVID-19 pandemic due to postponed satellite launch and manufacturing delays. Rapidly inclining COVID-19 led to stringent lockdown norms, thereby restricting satellite production. For example, the International Astronautical Federation (IAF) delayed the International Astronautical Congress space conference in April 2020. Airbus S.A.S halted its manufacturing activities in Spain. Further, lack of manufacturing led to raw material shortages, thereby delaying production. These factors affected the market during the pandemic.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/small-satellite-market-101917


Russia-Ukraine War Impact


Funding Restrictions by the U.S. and its Allies on the Russian Federation Negatively Affected the Industry


Financial restrictions imposed by the U.S. and its allies on the Russian Federation are expected to affect this industry’s growth. Further, the war negatively affects the global industries due to import and export flow disruptions. The dominance of Roscosmos and Russia, a quasi-civilian space agency in the commercial space, affected alternative launch service providers in Japan, India, Europe, and the U.S. These factors negatively affected the market during the war.


Strong Adoption of the Internet of Things in the Manufacturing Industry May Foster Industry Growth


Small satellites are utilized and designed for navigation, communication, earth observation, and other purposes. These satellites are launched into Geostationary Earth Orbit (GEO), Medium Earth Orbit (MEO), and Low Earth Orbit (LEO) using rockets. Rising Internet of Things (IoT) adoption in manufacturing may boost small satellite sales. Moreover, the increasing demand for satellites from transportation, oil & gas, and mining industries may drive the market growth.


Major Players Announce New Manufacturing Plants to Expand Market Reach


Prominent companies operating in the market set up new manufacturing facilities to expand their market reach. For example, in March 2022, Boeing announced its novel high-throughput integration, test facility, and small satellite production facility. This development was undertaken to improve productivity and fasten delivery times. The production facility shall be powered by Millennium Space Systems, a Boeing subsidiary, and shall be situated in the largest satellite production facility globally. This development may help the company expand its market reach worldwide. Moreover, companies devise automated production techniques, research and development, mergers, acquisitions, and collaborations to enhance market growth.


Notable Industry Development



  • May 2022: Thales Alenia Space signed up for a joint venture with Leonardo and Thales to complete tasks associated with Orion’s European Service Module 4 essential systems’ final integration.


List of Key Players Profiled in the Report



  • Airbus S.A.S (Netherlands)

  • The Boeing Company (U.S.)

  • Lockheed Martin Corporation (U.S.)

  • Northrop Grumman Corporation (U.S.)

  • Sierra Nevada Corporation (U.S.)

  • ST Engineering (Singapore)

  • Thales Group (France)

  • SPACEX (U.S.)

  • L3Harris Technologies, Inc. (U.S.)


Further Report Findings



  • The market size in North America stood at USD 2.53 billion in 2021 and is expected to gain a huge portion of the global small satellite market share in the coming years. Also, rising research and development activities are likely to foster the satellite’s adoption.

  • Furthermore, adopting tri-band antenna and SKYWAN technologies may foster the industry’s growth. For example, in July 2020, CubeSat declared a launch initiative from its international space station for the 109th CubeSat.

  • In Europe, launching IoT services and the internet for numerous applications may elevate the product demand.


Table of Segmentation























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Type, Component, Application, End-user, and Geography



By Type



  • Mini Satellite

  • Micro Satellite

  • Nano Satellite



By Component



  • Structures

  • Payload

  • Solar Panel and Antenna System

  • Propulsion System

  • Electric Power System

  • Others



By Application



  • Navigation

  • Communication

  • Earth Observation

  • Technology Development

  • Others



 



By End-user



  • Commercial

  • Government

  • Military

  • Civil



 



By Geography



  • North America (By Type, Component, Application, End-user, and Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, Component, Application, End-user, and Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Russia (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Component, Application, End-user, and Country)

    • China (By Type)

    • India (By Type)

    • South Korea (By Type)

    • Japan (By Type)

    • Rest of Asia Pacific (By Type)



  • Rest of the World (By Type, Component, Application, End-user, and Sub-Region)

    • South America (By Type)

    • Middle East & Africa (By Type)




Small Satellite Market
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  • 2018-2020
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