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Small Satellite Market Report
The elevating demand for LEO-based small satellites to provide low-cost broadband in developing countries is further propelling the market growth.
SHERIDAN, WYOMING, USA, August 9, 2023/EINPresswire.com/ — How Big is The Small Satellite Market?
IMARC Group, a leading market research company, has recently releases report titled “Small Satellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global small satellite market size reached US$ 4.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.05% during 2023-2028.
What is Small Satellite?
A small satellite, also known as a minisatellite or nanosatellite, is a class of spacecraft characterized by its compact size and reduced mass compared to traditional satellites. It is cost-effective and comes in different form factors, including CubeSats, microsatellites, and picosatellites. It is equipped with sophisticated technologies, such as miniature sensors, cameras, communication systems, and propulsion capabilities, enabling them to perform an array of tasks like Earth observation, communications, scientific research, and even interplanetary missions.
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Small Satellite Market Trends and Drivers:
At present, the increasing need for cost-effective satellite solutions represents one of the key factors supporting the growth of the market. Traditional large-scale satellites involve substantial investment, making them less accessible to small companies and startups. In contrast, small satellites offer a more budget-friendly option, allowing businesses to enter the space market with reduced financial barriers.
Furthermore, rapid advancements in miniaturization and electronics are leading to enhanced capabilities of small satellites, enabling them to perform complex tasks once reserved for larger counterparts. Moreover, the growing demand for Earth observation and remote sensing applications is offering a favorable market outlook.
Besides this, small satellites equipped with high-resolution imaging sensors are widely used for monitoring environmental changes, agricultural activities, disaster response, and urban planning, which is bolstering the growth of the market.
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Who are the key players operating in the industry?
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AAC Clyde Space, Airbus SE, Ball Corporation, Blue Canyon Technologies (Raytheon Technologies Corporation), Exolaunch Gmbh, GomSpace, L3Harris Technologies Inc., Lockheed Martin Corporation, Millennium Space Systems Inc. (The Boeing Company), Northrop Grumman Corporation, Spire Global Inc. and The Aerospace Corporation.
The report has segmented the market on the basis of type and end use.
Breakup by Component:
• Payloads and Structures
• Electric Power System
• Solar Panels and Antenna System
• Propulsion System
• Others
Breakup by Type:
• Mini Satellite
• Micro Satellite
• Nano Satellite
• Others
Breakup by Frequency:
• L-Band
• S-Band
• C-Band
• X-Band
• Ku-Band
• Ka-Band
• Q/V-Band
• HF/VHF/UHF-Band
• Others
Breakup by Application:
• Communication
• Earth Observation and Remote Sensing
• Science and Exploration
• Mapping and Navigation
• Space Observation
• Others
Breakup by End User:
• Commercial
• Academic
• Government and Military
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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