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Satellites weighing below 500 Kg, known as small satellites, play a growing role in imaging and earth observations, satellite communications, science and explorations, technology development, and space situational awareness. Small satellites are used by the civil and commercial sectors as well as government and defense sectors.
The global small satellite market accounted for some $3.6 billion in 2018 and is anticipated to reach $15.7 billion by 2026, registering a CAGR of 20.1% from 2019 to 2026, according to a Trends Market Research report.
The market is anticipated to grow owing to an increase in demand for the small satellite in LEO (Low Earth Orbit) based services. LEO based services include space-based communication, imagery-based intelligence, and situational awareness (SA).
North America has the highest market share as compared to other regions. This is attributed to the presence of key players in North America and a large number of projects operating in the US and Canada.
Some countries in Asia-Pacific and LAMEA are economically unstable owing to which they are unable to conduct space research programs. This factor is anticipated to hinder the market growth during the forecast period, according to aerospacejournal.com.
Trends influencing the market growth include rapid developments in space technology miniaturization have made nanosatellites economically and theoretically more feasible for their widespread use in industrial, civilian, governmental, and military applications. It is expected that a decrease in the cost of such satellites, an increase in demand and an increase in the number of application areas of small satellites, a rise in investments, and more, would boost demand for small satellites.
In addition, the increased use of 3D printing and high data rate communication would enable manufacturers to provide market players with new growth opportunities. The factors that are responsible for the growth of the global small satellite market are a rise in commercial applications and a strong focus on reducing production costs and start-up costs.
Furthermore, the increasing adoption of mobile phones, communication modules, GPS systems, and data-based services due to next-generation 4G / LTE networks is another factor expected to fuel the target market’s further growth over the forecast period, prnewswire.com cites the report.