Small Satellite Market worth $7.4 billion by 2026 at a CAGR of 19.4 %

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Small Satellite Market worth 7.4 billion by 2026
at a CAGR of 19.4 According to a research
report "Small Satellite Market by Satellite Mass
(Small satellite, CubeSat), Application
(Communication, Earth Observation Remote
Sensing, Scientific, Technology), Subsystem,
Orbit, End User, Frequency and Region - Forecast
to 2026" published by MarketsandMarkets, the
small satellite market is projected to grow
from USD 3.1 billion in 2021 to USD
7.4 billion by 2026, at a CAGR of 19.4 . Small
satellite systems hold a huge potential for small
satellite data
service smallsat providers, sensing
providers, service remote service
providers, technical service providers, and
investors. The market is one of the most
lucrative verticals of the space industry.
Factors such as versatility, low cost, advanced
mechanics, ease of assembly and launch, mass
production, and short lifecycles have driven
investments in the small satellite market. The
amount of satellite data and the range of
applications for that data will continue to grow
in the future as new technologies develop and
more satellites come online. Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id150947396 Growing investments by
several governments particularly in developed and
developing economies such as the US, India, and
China, among others. COVID-19 has affected the
Small satellite market growth to some extent, and
this varies from country to country. Industry
experts believe that the pandemic has not
affected the demand for small satellite
equipment. Based on platform, the commercial
segment is estimated to lead the small satellite
market from 2021 to 2026. It is projected to grow
further due to the increasing need for
communications, earth observation, imaging, and
agricultural monitoring. Companies such as
Pumpkin Space (US) use small satellites for
scientific experiments such as testing new
technologies like batteries with sleep mode
capability (BM-2). BUSEK Space
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Propulsion and Systems (US) is another
company focused on developing new propulsion
systems such as the pulsed plasma thruster, green
monopropellant thrusters, and electrothermal
thrusters. In 2019, OneWeb Satellites, a joint
venture between OneWeb and Airbus SE, launched
around 34 satellites for the OneWeb constellation
from on Baikonur, Kazakhstan. Based on satellite
mass, the small satellite segment is expected to
lead the small satellite market from 2021 to
2026. A small satellite is a type of low mass and
compact satellite primarily employed for remote
sensing, Earth observation, and communication
purposes. These satellites usually weigh less
than 500 kg. Small satellites are used for
in-orbit inspection purposes of larger
satellites. These are also used as test carriers
for newly developed components that are to be
installed on a much critical satellite. However,
small satellites are prone to operational
challenges that include lack of power storage and
propulsion system, owing to their small
dimensions. In January 2022, satellite
communications provider, Starlink launched a part
of constellation of small satellites in low-Earth
orbit. Based on region, North America is expected
to lead the small satellite market from 2021 to
2026. The US is a lucrative market for small
satellite systems in the North American region.
The US government is increasingly investing in
advanced small satellite technologies to enhance
the quality and effectiveness of satellite
communication. The increasing investment on
small satellite equipment to enhance defense
and surveillance capabilities of the armed
forces, modernization of existing communication
in military platforms, critical infrastructure
and law enforcement agencies using small
satellite systems, are key factors expected to
drive the small satellite market in North
America. In 2021, Swarm Technologies launched 28,
0.25U CubeSat SpaceBEE. The CubeSat is the
worlds smallest two-way communications
satellites for IoT. Contracts were the main
strategy adopted by leading players to sustain
their position in the Small satellite market,
followed by new product developments with
advanced technologies. Many companies also
collaborated to set up special centers for the
research development of advanced small
satellite systems. Key Market Players The small
satellite market is dominated by a few globally
established players such as Thales Group
(France), L3Harris Technologies (US), Honeywell
International Inc. (US), Lockheed Martin (US),
Airbus (Germany), among others. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
sampleNew.asp?id150947396
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