The Small Satellite Global Market Report 2023 by The Business Research Company, provides small satellite market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Small Satellite Global Market Report 2023, the market size is expected to grow from$4.36 billion in 2022 to $5.34 billion in 2023 at a compound annual growth rate (CAGR) of 22.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global small satellite is expected to grow to $11.32 billion in 2027 at a CAGR of 20.6%.
The increase in space exploration missions are significantly driving the growth of the small satellite market. Various government agencies across the world are increasing their space missions and small satellites help them to complete their space missions.
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The small satellite market is segmented:
1) By Type: Minisatellite, Microsatellite, Nanosatellite, Pico-Satellites, Femtosatellites
2) By Orbit: Low Earth Orbit (LEO), Middle Earth Orbit (MEO), Geostationary Earth Orbit (GEO)
3) By Component: Structures, Payload, Electric Power System, Solar Panel And Antenna Systems, Propulsion Systems, Other Components
4) By Application: Earth Observation And Remote Sensing, Satellite Communication, Science And Exploration, Mapping And Navigation, Space Observation, Other Applications
5) By End-User: Commercial, Academic, Government And Military, Other End-Users
Technological advancements are shaping the small satellite market. Major companies operating in the small satellite market are focused on bringing advancements in technologies that offer to strengthen their position. For instance, in July 2020, Airbus, a European multinational aerospace corporation, created the Prometheus 1 next-generation software-defined radio payload with innovative technology to provide the tremendous capability to clients. Prometheus 1 is a software-defined radio with a 400 MHz UHF antenna that can be reconfigured while in space using disruptive technology. It will be able to assess radio spectrum utilization around the planet from space, detect Faraday-1 satellite radar monitoring, and identify and locate search and rescue beacons. Because it possesses features that are superior, disruptive technology washes away the systems or behaviors it replaces
The small satellite market report table of contents includes:
1. Executive Summary
2. Small Satellite Market Characteristics
3. Small Satellite Market Trends And Strategies
4. Small Satellite Forwarding Market – Macro Economic Scenario
5. Small Satellite Market Size And Growth
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26. Africa Small Satellite Market
27. Small Satellite Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Small Satellite Market
29. Small Satellite Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Sierra Nevada Corporation
- Lockheed Martin Corporation
- Airbus
- L3 Harris Technologies
- The Aerospace Corporation
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