Small Satellite Market Size Share Growth & Forecast 2028

Small Satellite Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Nanosatellite (1 to 10 Kg) and Microsatellite (10 to 150 Kg)], Application [Automatic Identification System (AIS), Transmitter, Imaging Devices, and Others], Payload (Earth Observation, Communication and Navigation, and Scientific Research), and Vertical (Government, Military, and Commercial)

Publication Month : Nov 2022

  • Report Code : TIPAD00002266
  • Category : Aerospace and Defense
  • Status : Published
  • No. of Pages : 211
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The small satellite market is expected to reach US$ 11,778.83 million by 2028; it is expected to grow at a compound annual growth rate of 24.7% from 2022 to 2028.

The use of small satellites helps government authorities monitor suspicious ships and serve other purposes such as communication & navigation, earth observation, and scientific research operations, as well as maintain national security and capture data regarding areas damaged by earthquakes or floods. In July 2021, Japan government announced to support the development of a small satellite constellation. Under the satellite constellation project, the government announced that they would support the companies for quick construction and domestic production of small satellites and thereby driving the small satellite market size in the region. In November 2021, Fleet Space Technologies raised US$ 26 million in funds to expand the nanosatellite IoT connectivity fleet. Also, in April 2022, the German parliament announced that it would invest US$ 10.51 million in the small satellite initiatives. Such investments and initiatives from governments for the development of small satellites are likely to fuel the small satellite market size.

The growing need for small satellites encourages market players to make strategic partnerships, collaborations, and contracts. A few strategies by the players are mentioned below:

  • In July 2022, Vaya Space, Inc. announced the signing of an agreement with All2Space to launch its satellite constellation. All2Space is a developer of CubeSat and is also a launch aggregator with Brazilian Space Agency.
  • In September 2021, the Indian Space Research Organisation (ISRO) announced the signing of a contract with Bhutan's telecom department to develop a small satellite.

Several companies are making contracts and partnerships to provide small satellites for applications such as communication, navigation, and earth observation. Therefore, the rising number of such initiatives bolsters the growth of the small satellite market.

Small Satellite Market -

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Small Satellite Market: Strategic Insights

Market Size Value inUS$ 3,131.09 Million in 2022
Market Size Value byUS$ 11,778.83 Million by 2028
Growth rateCAGR of 24.7% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite. Space has become an ideal solution to improve the efficiency of current terrestrial communication networks. According to Alén Space, by 2025, more than 25.2 billion IoT connections are predicted to exist worldwide, and the IoT market will reach US$ 1,072.08 billion (€ 950 billion). Also, small satellite constellations can play an important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data is received from all types of sensors and linked devices for IoT-based business models. Thus, a small satellite helps receive, store, and transmit real-time information to any point.

The small satellite can also be effective for remote management. Sensors can help to control all devices, receive real-time information, and send commands for configurations remotely across the world. Satellite communications support land-based communications in Amazon basin, Antarctica, offshore platforms, critical infrastructure like nuclear power plants, and other hard-to-reach areas. Also, small satellites guarantee communication in any circumstances in virtually uncommunicated areas such as large rural areas, desert territories, frozen areas, jungle areas, and high seas.

For high internet access, several projects are being launched in various developed and developing regions where small satellites play a major role. According to Oberlo, in 2022, there are ~62.6% active internet users across the world. The growing internet access worldwide will propel the demand for small satellites during the forecast period. Thus, the rising demand for small satellites to provide internet access, M2M communication, and IoT will create a lucrative opportunity for market growth in the forecasted period.

Impact of COVID-19 Pandemic on Small Satellite Market Growth


With the onset of COVID-19 pandemic, manufacturing plants were forced to temporarily shut down their production facilities or slow down the production volume. The entire space or satellite manufacturing industry was hampered with the severe supply chain disruption. However, satellite manufacturers managed to produce handful of satellites despite supply chain disruption. Thus, the small satellite market witnessed marginal decline in terms of revenues.

Lucrative Regions of Small Satellite Market

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Market Insights – Small Satellite Market

Based on region, the small satellite market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is expected to dominate the market in 2022 in terms of small satellite market share and is expected to retain its dominance during the forecast period, followed by Asia Pacific and Europe. Further, the small satellite market growth in Asia Pacific is attributed to the rising investments in the deployment of satellites across the commercial sectors of different countries, including China and India.

Vertical Insights – Small Satellite Market

Based on vertical, the small satellite market is segmented into government, military, and commercial. The commercial segment is expected to dominate the market in 2022 in terms of small satellite market share. Also, the segment is expected to retain its dominance during the forecast period. The small satellite market growth for the commercial segment is mainly attributed to rising investments in commercial satellite constellation programs and launch of new satellite constellation projects for commercial purposes.

Swarm Technologies, Thales SA, Airbus SAS, L3Harris Technologies Inc, and Sierra Nevada Corporation are among the prominent small satellite market players operating across the world. The market is moderately consolidated, as well-established small satellite market players and leaders in the market account for a larger share.

Players operating in the small satellite market are mainly focused on providing efficient small satellite products to customers. The small satellite market players are also witnessing a rise in demand for the procurement of small satellite across several commercial applications. Therefore, many companies are focusing to expand their product offerings to commercial, government, and military end users. For this, the vendors are also taking initiatives to partner with different companies to develop a sustainable solution for the commercial sector.

  • In December 2020, Raytheon Technologies Corporation acquired a small satellite manufacturer and mission services provider, Blue Canyon Technologies. The acquisition allows Raytheon to strengthen its product line, including small satellite solutions such as microsatellites, nanosatellites, EELV Secondary Payload Adapter (ESPA)-class satellites, and associated technology.
  • In March 2022, Spire Global signed a space service deal with Sierra Nevada Corporation (SNC) for the manufacturing of four 6U Lemur satellites for SNC to conduct radio frequency (R.F.) collection analysis.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Payload, Application, and Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the estimated global market size for the small satellite market in 2022?

The estimated global market size for the small satellite market in 2022 is expected to be around US$ 3,131.09 million

What are the driving factors impacting the small satellite market?

Growing support for development of small satellite
Increasing number of partnerships and contracts

What is the future trend in the small satellite market?

Rising adoption of small satellites for military applications

Which are the key players holding the major market share of small satellite market?

Swarm Technologies, Thales SA, Airbus SAS, L3Harris Technologies Inc, and Surrey Satellite Technology Ltd are the key market players expected to hold a major market share of small satellite market in 2022

Which is the fastest growing regional market?

Asia Pacific is expected to register highest CAGR in the small satellite market during the forecast period (2022-2028)

Which countries are registering a high growth rate during the forecast period?

India, China, and Japan are expected to register high growth rate during the forecast period

Which country is holding the major market share of small satellite market?

The US is expected to hold a major market share of small satellite market in 2022

Which is the leading small satellite type segment in the small satellite market?

Microsatellite segment is expected to hold a major market share of small satellite market in 2022

What will be the global market size of small satellite market by 2028?

The global market size of small satellite market by 2028 will be around US$ 11,778.83 million

What is the incremental growth of the small satellite market during the forecast period?

The small satellite market is expected to register an incremental growth value of US$ 8,467.75 million during the forecast period

The List of Companies - Small Satellite Market

  1. Dauria Aerospace
  2. GomSpace Group AB
  3. Lockheed Martin Corporation
  4. Northrop Grumman Corporation
  5. Raytheon Technologies Corporation
  6. Sierra Nevada Corportation
  7. Surrey Satellite Technology Ltd
  8. Swarm Technologies Inc
  9. Thales SA
  10. Tyvak International SRL

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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