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(IT-NEWSWIRE.COM, March 05, 2024 ) In a recent market research report titled "Small Satellite Market by Mass (Small Satellite, CubeSat), Application, Subsystems (Satellite Bus, Payload, Solar Panel, Satellite Antenna), Frequency, End-use (Commercial, Government & Defence, Dual-use), Orbit and Region - Global Forecast to 2028," the small satellite industry is on a trajectory to witness substantial growth. The market, currently estimated at USD 3.2 billion in 2023, is projected to reach a noteworthy USD 7.0 billion by 2028, showcasing a robust Compound Annual Growth Rate (CAGR) of 16.8% from 2023 to 2028.
Key Market Players:
Major players in the small satellite market include Sierra Nevada Corporation, L3Harris Technologies, Lockheed Martin Corporation, Northrop Grumman Corporation, and Airbus Defence and Space.
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The increasing capabilities of small satellites, driven by the integration of cutting-edge technology and commercial-off-the-shelf electronic circuits, are expected to be a key factor propelling the demand for small satellites. The market report provides comprehensive insights into various segments, trends, and regional dynamics shaping the future of the small satellite industry.
Key Findings and Drivers:
Commercial Segment Dominates:
The commercial segment is anticipated to account for the largest share in 2023, driven by the significant reduction in launch costs. Innovations by companies like SpaceX and Rocket Lab have substantially lowered satellite deployment expenses, fostering the development of small satellite constellations.
Earth Observation Leads Applications:
Within applications, Earth observation emerges as the frontrunner in 2023. Small satellites, offering cost-efficient and frequent data collection, particularly in high-resolution imagery, are witnessing strong growth. Industries such as agriculture, environmental monitoring, and disaster management benefit from enhanced decision-making, resource optimization, and risk reduction.
Satellite Bus Takes the Lead:
The satellite bus segment holds the largest market share within subsystems. The adoption of small satellites for diverse applications like earth observation, communication, and research influences the demand for satellite bus components. The market is expected to expand as new technologies and applications are introduced.
Ku-band Frequency Dominance:
The Ku-band segment is projected to dominate the small satellite market based on frequency. Known for high data transmission capabilities in a compact form, Ku-band is ideal for broadband internet, remote sensing, and Earth observation services. Its efficiency in meeting the increasing demand for connectivity and data positions it as a prime choice in the thriving small satellite sector.
LEO Orbit Leads Growth:
The Low Earth Orbiting (LEO) segment dominates the market by orbit, holding the major market share. Growing demand for high-speed and low-latency communication, coupled with increased launches in LEO, drives this segment. The Geostationary Earth Orbit (GEO) segment is expected to witness the highest growth rate over the forecast period.
North America's Dominance:
North America is poised to account for the largest share in 2023, driven by increasing NASA Research and Development initiatives and rising military spending on surveillance missions.
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