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Market Overview:
The Small and Medium Satellite Market size is estimated to reach $20.0 billion by 2030, growing at a CAGR of 15.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Small and Medium Satellite Market – By Weight (Small Satellites (Upto 500 kg), Medium Satellites (500-1000 kg)), By Range (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Sun-Synchronous Orbit (SSO), Geostationary Orbit (GEO)), By Industry Vertical (Government, Commercial, Defense, Energy & Infrastructure, Maritime & Transportation, Institutional and Academic, Others), By Application (Communication, Earth Observation and Remote Sensing, Scientific Research, Biological Experiment, Technology Demonstration and Verification, Academic Training, Mapping and Navigation, Reconnaissance, Others), By Solution (Hardware, Software, Services), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Governments investing in space programs boost the small and medium satellite market and Increased need for earth observation data fuels satellite launches are the main drivers of market expansion and are fueling the growth of the Small and Medium Satellite industry during the forecast period.
North America Dominated the Market in 2023:
North America accounted for the largest share of 51% of the Small and Medium Satellite Market in 2023 followed by North America and Europe. The small and medium satellite market is driven by significant technological advancements and substantial government investments in space exploration. Increased demand for global communication networks and earth observation data further propels market growth. Additionally, cost-effective manufacturing and launch solutions, coupled with rising private sector participation, enhance the region's satellite capabilities and deployment efficiency.
Small and Medium Satellite Market: Key Takeaways
Growing Need for Global Internet Coverage Supports Satellite Market Expansion:
The growing need for global internet coverage is a significant driver of expansion in the Small and Medium Satellite Market. The National Telecommunications and Information Administration (NTIA) reports an increase of 13 million internet users in the U.S. from 2021 to 2023. This growth underscores the expanding digital engagement and connectivity in the country. As demand for ubiquitous connectivity increases, particularly in remote and underserved areas, small and medium satellites offer a viable solution for providing high-speed internet access across diverse regions. These satellites facilitate global broadband services by deploying networks that extend beyond traditional terrestrial infrastructure. This trend is driven by the increasing reliance on internet connectivity for both personal and commercial purposes, highlighting the critical role of satellite technology in bridging digital divides and ensuring comprehensive, reliable internet coverage worldwide.
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Expanding Commercial Space Exploration Initiatives Drive Satellite Market Growth:
Expanding commercial space exploration initiatives are significantly driving the growth of the small and medium satellite market. As private companies increasingly invest in space missions, there is a surge in demand for affordable, high-performance satellites. These initiatives are fostering innovation and competition, leading to advancements in satellite technology and deployment strategies. The growing involvement of private enterprises is also accelerating the development of new applications, from Earth observation to communications, further propelling market expansion. This dynamic environment is transforming the space industry by making satellite technology more accessible and cost-effective, thereby broadening its potential applications and reach.
Scope of the Report:
Recent Developments:
• In April 2023, SpaceX successfully launched the Transporter-7 mission, deploying 51 small satellites into orbit from Vandenberg Space Force Base. The Falcon 9 rocket's first stage landed back on Earth, marking its 10th successful landing, while the upper stage deployed the payloads over a 95-minute period.
• Rocket Lab has secured a contract to launch NASA’s Starling mission in May 2023, which will deploy four small satellites to test autonomous swarm technologies and space traffic management. The satellites will be launched aboard an Electron rocket from New Zealand in Q3 this year, continuing Rocket Lab's track record of supporting NASA missions.
Small and Medium Satellite Market: Competitive Landscape
Key companies profiled in the Small and Medium Satellite Market are The Boeing Company, RTX, Lockheed Martin Corporation, L3Harris Technologies Inc., Airbus, Rocket Lab USA, Inc., Terran Orbital Corporation, Inc., AAC Clyde Space Inc., Thales Alenia Space, SpaceX, Sierra Nevada Corporation, Northrop Grumman Corporation, Airbus SAS, Mitsubishi Heavy Industries Ltd, Innovative Solutions In Space B.V. and Others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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