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Small Satellite Market will Surpass US$ 12.9 Bn by 2031: FMI Report
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The small satellite market is projected to surpass $12.9 billion by 2031, driven by technological advancements and increased demand for high-resolution imaging.
According to the small satellite market analysis by Future Market Insights (FMI), the demand registered between 2021 and 2031 will increase at a healthy CAGR of 18.5%.
The report also forecasts that the market will surpass a valuation of ~US$ 3.2 Bn by the end of 2021. As per FMI, rapid technological advancements and introduction of artificial intelligence, internet of things, and 5G have created prospects for small satellites market growth. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.
The global small satellite market is driven by various factors. One among them is the satellite miniaturization. Apart from that, the fact that space mission cost and expenditure have reduced with the introduction of small satellites is also among the major factors boosting the overall demand for small satellites.
The proposed development of all satellite networks to work on internet where broadband connectivity does not reach is seen as a lucrative opportunity for the growth of the market. Besides this, the high rate communication of data and the huge amount of capitals invested in small satellite market will propel the growth of the market in future years.
Key Takeaways: Small Satellite Market
“Small satellites are comparatively more useful than their larger counterparts. More number of small satellites can prove to be multifunctional helping to gather information or for scientific data collection or even for radio relay.” says a FMI analyst.
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COVID-19 Impact Analysis on Small Satellite Market
Due to rapid spread of COVID-19 in many regions such as Europe, the US & Asia Pacific, there was a significant drop in demand for small satellites. Also there was corresponding reduction in revenues for various service providers, suppliers across small satellite market owing to manufacturing shutdown, late delivery, limited availability of equipment and limited staff at manufacturing facilities.
For an instance, the U.S. Space Force delayed the launch of Falcon 9, a GPS satellite, by 2 months due to COvid-19 impact. However, the global small satellite demand is anticipated to recover by 2022 fully.
Increasing Demand for High-Resolution Images
The demand for small satellites is growing substantially all around the world. As per records of nanosats.eu, there are more than 2800 nanosatellites launched into Earth’s orbit as of January 2021. Key players in the industry are launching constellations of nanosatellites or microsatellites into Earth’s orbit for applications including telecommunications and earth observation.
For an instance in January 2020, Sateliot, a nanosatellite and telecommunications operator, signed a Memorandum of Understanding (MoU) with the European Space Agency (ESA) to research, develop, and deploy novel space-capable technologies, goods, and services leveraging 5G. At the back of these factors, the market of small satellites is expected to grow at a significant rate during the forecast period.
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About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Us
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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The main topic is the growth and future prospects of the small satellite market.
The market is expected to grow at a CAGR of 18.5% from 2021 to 2031, reaching over $12.9 billion.
Technological advancements, satellite miniaturization, and increased demand for high-resolution imaging are key drivers.
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