Small Satellite Market Report, published by Allied Market Research, forecasts that the global small satellite market is expected to reach $7,179 million by 2022, registering a CAGR of 19.8% from 2016 to 2022. In 2015, the Earth observation application dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The global small satellite market is driven by the increase in the need to reduce costs related to space missions. Organizations around the world are investing in small satellite market for imaging and communication services. However, lack of dedicated launchers for small satellites and privacy of data related to Earth observation limit the small satellite industry growth. Application of small satellites across diverse sectors such as defense, civil, commercial, and the government is expected to present numerous opportunities for market growth.
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Among the various types of small satellites, minisatellites accounted for a major market share in 2015, owing to their widespread application, ease of use, and ability to perform similar functions as medium and large satellites. The minisatellite market is expected to generate $3,012 million by 2022, registering a CAGR of 17.4%. The nanosatellite market is expected to register a high growth rate due to their low cost, lightweight nature, ease of building and development, and high capability of performing complex computational tasks. CubeSats, which are increasingly being used by academia and research, have supplemented the growth of the small satellite industry.
Earth observation accounts for the largest share in the small satellite market, and is expected to generate $4,045 million in 2022, growing at the highest CAGR of 21.3%. High demand for satellite imagery in the government sector, including federal agencies, local, and state governments for urban planning, border mapping, infrastructure security, and homeland security, has increased the adoption of small satellites in the market.
Various end users, including defense, government, commercial, and civil sectors, use small satellites to improve infrastructure and offer enhanced services to users. In 2015, the commercial sector accounted for the largest share in the global small satellite market size, and is estimated to $3,601 million by 2022, registering a CAGR of 21.3% during the forecast period. This is attributable to the reduced cost and weight associated with small satellites, in addition to investments by small and medium enterprises, and startups in the market.
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North America generated the highest revenue in the market in 2015, accounting for $819 million, and is projected to reach $2,643 million by 2022, registering a CAGR of 18.3%. This is due to rise in applications of small satellites in agriculture, real estate, defense, and government sectors in the North American region. Increasing investment in the defense sector, along with technological advancement in telecommunication industry have boosted the small satellite market growth during the forecast period in the region.
The well-known companies profiled in the report include Sierra Nevada Corporation, Lockheed Martin Corporation, Airbus Defense and Space, Northrop Grumman Corporation, Harris Corporation, Aerospace Corporation, Planet Labs Inc., The Boeing Company, Thales Alenia Space, and Surrey Satellite Technology Ltd. These companies consistently launch products and explore novel technologies to meet the customers increasing needs and requirements. Rise in investments for R&D by private and public organizations involving product innovation and development of customized solutions has been also observed.