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The global small satellite market size is expected to gain momentum by reaching USD 10.75 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Small Satellite Market Size, Share & COVID-19 Impact Analysis, By Type (Mini, Micro, Nano), By Component (Structure, Payload, Electric Power System, Solar Panel & Antenna Systems, Propulsion Systems, and others), By Application (Communication, Earth Observation, Navigation, Technology Development, and Others), By End User (Commercial, Military, Civil, and Government), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 4.08 billion in 2020 and is projected to exhibit a CAGR of 12.55% between 2021 and 2028.
Lockheed Martin Secures USD 5.8 Million Contract from DARPA to Deploy Satellites
In April 2020, Lockheed Martin secured a USD 5.8 million worth contract from the Defense Advanced Research Projects Agency (DARPA). Under the contract, the company will be providing satellites under the Blackjack program that aims to leverage the commercial advances of the Low-Earth Orbit (LEO). It further aims to develop a high-speed network in LEO that will prove beneficial for the U.S. Department of Defense (DoD). Besides, Lockheed will manage and define interfaces between Blackjack’s payload, bus, and Pit Boss, an autonomous, space-based data processor. Sarah Reeves, Vice President of Lockheed, said, “Lockheed Martin has a great track record in building and integrating several types and sizes of payload to suit every mission, and this experience is expected to favor the Blackjack program.”
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Increasing Adoption of 5G Network to Aid Growth
The significant evolution in technology has led to the adoption of 5G technology. This technology has enabled enhanced user experience owing to its high-speed network. Additionally, 5G helps to reduce the latency compared to 4G networks. The integration of advanced technologies such as artificial intelligence and IoT propels the adoption of 5G networks across several industrial applications. The sectors include power, healthcare, smart grids, energy, and others. Therefore, the surging significance of 5G and its implementation is expected to bode well for the global small satellite market growth during the forecast period.
Contract Signing by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The market comprises small, medium, and large companies striving to maintain their presence by signing strategic contracts with government agencies and private companies. Moreover, other key players are adopting strategies such as merger and acquisition, partnership, and facility expansion that will favor the growth of the market during the foreseeable future.
List of the Companies Operating in the Global Market
Further Report Findings:
Table of Segmentation
Value (USD Billion)