𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐒𝐦𝐚𝐥𝐥 𝐒𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 – 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐏𝐃𝐅 𝐆𝐮𝐢𝐝𝐞:
𝐆𝐞𝐭 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.theinsightpartners.com/sample/TIPAD00002266/
The Small Satellite Market size is projected to reach US$ 25.94 billion by 2031 from US$ 3.81 billion in 2023. The market is expected to register a CAGR of 27.1% in 2023–2031.
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. The rising adoption of small satellites for military applications is likely to remain a key small satellite market trend.
Many start-ups in the small satellite market have witnessed a decline in their business growth and operations due to several challenges due to the onset of the pandemic, including delays in satellite launch projects and product deliveries owing to supply chain challenges and minimal investments in the small satellite sector.