The US$ 2.31 Bn small satellites market is expected to reach beyond US$ 8.9 Bn in revenues by the end of 2028.
During the assessment period, the small satellites market is anticipated to encounter a few challenges such as space debris problems, insufficiency of skilled resources, and multiple regulatory hurdles. However, advances in space technology and strong governmental support will collectively mitigate such restraints.
By satellite type, nano-satellites are presumed to remain the largest as well as fastest growing segment throughout the forecast period. With around 41 percent revenue share of the market attained in 2017, nano-satellites segment will continue to gain traction due to growing applications in cellular communication. Innovations in IoT technology has also been a significant factor positively impacting the demand for nano-satellites. Up from US$ 946.8 Mn achieved in 2017, this segment is expected to reach beyond US$ 3,000 Mn by the end of 2028.
Within this 10-year period, nano-satellites segment will reportedly expand at a healthy CAGR of 14 percent. Other satellite type segments are also anticipated to see impressive growth, including mini-satellites, micro-satellites, and pico-satellites. While micro-satellites represent a substantial market value share of above 25 percent, the mini-satellites segment will continue to hold a considerably large share of above 22 percent by value, over the forecast period. Future Market Insights sees growing demand for mini-satellites for weather forecasting and R&D applications.