Small satellites are tiny satellites having a mass ranging from 1 to 300 kg. These satellites are more cost-effective as compared to conventional large satellites. Small satellites find applications in areas such as earth observation, communication services, space research, weather forecasting, and defense. The advantages of small satellites are low manufacturing and launch costs, reduced development schedule, and ability to launch more frequent missions.

The global small satellite market is estimated to be valued at US$ 5220.74 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the small satellite market are Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, OneWeb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space.

key players such as Harris Corporation, Boeing, Lockheed Martin Corporation and Space X dominating the small satellite market with innovative constellation plans and satellite manufacturing capabilities.

The key opportunities in the small satellite market include increased demand for earth observation services, connectivity services, and technology miniaturization. Rising investment in space technologies by private companies and governments is fueling the growth of small satellites globally.

The global expansion of the small satellite market is driven by increasing satellite launches from new spaceports across the world. Countries such as Japan, India, and China are increasingly investing in small satellite constellations for commercial and defense applications.

Market drivers

The Global Small Satellite Market Demand is driven by the rising demand for earth observation services from sectors such as agriculture, energy, and climate monitoring. Small satellites equipped with high-resolution cameras and sensors are increasingly being used for monitoring crops, spotting oil spills, disaster management, and tracking climate change patterns globally. This is a major factor fueling the adoption of small satellites.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)