Global Small Satellite Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Small Satellite Market Size

The global small satellite market attained a value of USD 4.91 billion in 2023. The market is further expected to grow at a CAGR of 15.80% between 2024 and 2032 to reach a value of USD 18.40 billion by 2032.

Key Trends in the Market

A small satellite, also known as a smallsat, is defined as a type of satellite which weighs less than 1,000 kilograms. The size of this satellite is compact and lightweight, which makes it relatively easy to manufacture. Small satellites are high speed with increased efficiency which makes it ideal for human exploration and small-scale scientific missions in space.  

• The global small satellite market growth is being propelled by the rising technological innovations including the integration of small satellite technology with artificial intelligence, giving rise to superior quality of data and imagery. This superior quality data is catering to the demands of various end use industries.

• The increasing application of small satellites in the commercial sector, to provide data and real-time location access to industries such as agriculture, forestry, disaster management, and wildlife, among others, are expected to push the small satellite market growth in the forecast period.

• Small satellites are crucial in the military sector as they provide battlefield information which improves the decision making of the commanders. In this regard, the increasing military expenditure to encourage the technological innovations and satellite technology, is further fuelling the market growth.

Small Satellite Market Analysis

Based on type, the market can be segmented into minisatellite, microsatellite, and nanosatellite, among others. On the basis of application, the market can be classified into earth observation and remote sensing, satellite communication, science and exploration, mapping and navigation, and space observation, among others.  Based on end use, the market can be categorised into commercial, and military and government, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global small satellite market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• GomSpace A/S

• Thales Group

• L3Harris Technologies, Inc.

• Lockheed Martin Corporation

• Northrop Grumman Systems Corporation

• Planet Labs PBC

• Others

Market Share by Type

The nanosatellite segment, based on type, holds a decent share in the small satellite market. These satellites are small but are as capable as regular satellites. Nanosatellites are witnessing a heightened demand in earth observational studies to cater to the data demands from various industries including agriculture and disaster management. 

The cost of launching a nanosatellite is extremely low as compared to other satellites and these satellites can be developed in short periods of time. Moreover, nanosatellites last for not more than two years outside earth’s atmosphere before re-entering. This reduces the risk of disaster during the trial and building phases. Meanwhile, the microsatellite segment is also expected to gain traction in the market for small satellites, because of its low cost and high efficiency which allows multiple launches. 

Market Share by End Use

The military and government segment, based on end use, accounts for a significant share in the market. Satellite communication technology is becoming more and more crucial in the military and government sector to achieve ubiquitous updates about location or potential threats. Small satellites can improve the decision making of battlefield commanders by providing real-time locations as well as data about enemy territory. 

Over the forecast period, the anticipated increase in military expenditure by various countries due to rising geopolitical tensions, coupled with the low manufacturing cost of this type of satellite, is expected to bolster the small satellite market. Furthermore, the rapid rise in technical innovations, supported by the emerging artificial intelligence (AI) technology, is accelerating the market growth. 

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Competitive Landscape of Small Satellite Industry

GomSpace A/S is a prominent manufacturer of cubesat and small satellites and caters to the demands from various end use industries including government, commercial, and academic, among others. This company was founded in the year 2007 and is currently headquartered in Aalborg, Denmark. Its specialisations include cubesat platforms, miniaturised radio technology, and systems integration.

Thales Group: is a leading aerospace company which manufactures, designs, and markets electrical appliances and systems which cater to the demands of various end use industries including aerospace, transportation, and defence, among others. The company was founded in the year 2000 and is currently headquartered in Paris, France. 

L3Harris Technologies, Inc. is a leading aerospace and defence company based and headquartered in Florida, United States. The company was founded in the year 2019 and currently innovates in the field of space technology. L3Harris Technologies, Inc. focuses on providing its customers with end-to-end solutions for mission-critical needs spanning all types of sectors. 

Other market players include Lockheed Martin Corporation, Northrop Grumman Systems Corporation, and Planet Labs PBC, among others.

Key Highlights of the Report

Small Satellite Market Report Snapshots

Small Satellite Market Size

Small Satellite Market Analysis

Small Satellite Market Share

Small Satellite Companies