Global Small Satellite Market - Insights
Small satellites are satellites of low mass and size that are usually under 500 kg. All such satellites can be referred to as ‘small’. However, different classifications are used to categorize these satellites based on mass. Small satellites reduce the huge economic cost of launch vehicle and cost associated with its construction. This has led to increasing participation of emerging economies and startups towards satellite launch for various purposes such as communication and security. For instance, in January 2018, Indian Space Research Organization (ISRO) launched new small satellite called Microsat.
The global small satellite market is expected to witness significant growth during the forecast period (2018–2026). The growth is majorly attributed to development of advanced small satellites such as small sat express of HawkEye 360 Inc, GTOSat-Cubesat mission and Asteria small satellite of NASA that are capable of performing a number of operations such as earth observatory and communication.
Increasing use of mobile phones, communication modules, data-based services, and GPS systems, owing to next-generation 4G/LTE networks is driving growth of the small satellite market. These services are used by various sectors such as automotive, electronics, military, IT, communication, and others. For instance, according to a report published by Pew Research Center, in June 2017, 77% of the people in the U.S owned a smartphone in 2017, which accounted for a 35% compared to 2011.
Majority of trade worldwide is carried by sea, which increases demand for small satellites for tracking ships with GPS. Moreover, several companies in the oil and gas transport, educational institutes, and private companies use GPS in official vehicles and tankers to locate their vehicles and maintain transparency. Therefore, these applications rely on small satellites for communication as a viable and cost-effective solution, which is expected to boost the market growth.
Figure 1. Global Small Satellite Market Share, By Application Type (2017, %)
Source: Coherent Market Insights, 2017-18
Earth observatory segment is expected to witness considerable growth in the market over the forecast period:
Earth observatory small satellites are used to monitoring civil engineering projects, especially in rural or remote areas. Therefore, increasing development of spectral imaging technologies is expected to boost demand for small satellites over the forecast period. For instance, in 2014, Boeing received its first commercial order for the 502 Phoenix small satellite from HySpecIQ — a high resolution hyperspectral imaging information provider based in Washington D.C. These satellites will carry the company’s first high-resolution hyperspectral payload that is capable of providing high-fidelity spectral imaging by earth observatory.
Similarly, in 2016, the National Oceanic and Atmospheric Administration (NOAA) signed a contract with Spire Global to collect and evaluate weather data across various regions. Spire Global and GeoOptics have developed GPS radio-based small satellites that can infer temperature, pressure, and humidity at various altitudes.
Figure 2. Global Small Satellite Market Share, by Region (2017, %)
Source: Coherent Market Insights, 2017-18
North America is expected to hold dominant position in the small satellite market over the forecast period:
Among Regions, North America held dominant position in the global small satellite market, accounting for 55% market share by value in 2017. The region is expected to retain its dominance in the market over the forecast period, owing to presence of major players such as National Aeronautics Space Association (NASA), Space Exploration Technologies Corp., and The Boeing Company.
Increasing demand for weather forecast software such as AccuWeather, The Weather Channel, Yahoo Weather, and Google Weather is also expected to boost the market growth. The increase in demand is mainly attributed to growing air and sea transport services and weather monitoring services for disaster management. For instance, in December 2018 HawkEye 360, Inc. announced a successful launch of Pathfinder Mission cluster of three formation- flying small satellites. The satellites are tasked to collectively locate and sense radio emissions beamed from the ground, especially from the vehicles that are to be tracked.
Key players operating in the global small satellite market include, Harris Corporation Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, Oneweb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space.
Small satellite is also referred as miniaturized satellite or small sat, usually under 500kg mass. Small satellites are designed for a specific missions such as geological monitoring or communications and are often laced with a single instrument. According to Coherent Market Insights’ analysis, around 6,200 new small satellite are expected to be launched during 2018 – 2028.
Increasing adoption of small satellites in earth observatory for several aspects such as weather forecast and agricultural or waste land management is expected to boost the market growth. Small sat also plays a key role in disaster management. For instance, in November 2018, Indian Space Research Organization (ISRO) launched HySIS— the earth observation satellite from its Satish Dhawan Space Center. The satellite is tasked to offer data related to agriculture, forestry, soil survey, geology, coastal zone studies, inland water studies, environmental monitoring, and pollution detection from industries.
Small satellite reduces large economic cost of launch vehicles and cost associated with construction of satellites. For instance, according to University of Colorado at Boulder November 2018 report, a cubesat mission costs around US$ 2 million to build and operate, which is far less than full-sized satellite expanses.
Technical challenges associated with small satellites are lack of sufficient power storage or room for propulsion system, which may hinder the market growth.
Key features of the study:
By satellite size:
By application type:
By end user:
Global Small Satellite Market, By Geography:
Table of Contents
*Browse all the market data tables and figures on "Global Small Satellite Market- Global forecast to 2026”.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.