The global satellite industry has been experiencing significant growth over the past few years, with the increasing demand for satellite-based communication and internet services. In recent years, the smallsat segment of the industry has been gaining traction due to its lower cost and greater flexibility compared to traditional large satellites.
According to a recent report by Allied Market Research, the global small satellite market size was valued at $3.63 billion in 2020 and is projected to reach $15.69 billion by 2028, growing at a CAGR of 20.1% from 2021 to 2028. The report notes that the growing demand for low-cost and miniature satellites for applications such as earth observation, communication, and navigation is driving the market's growth.
The report also highlights that North America dominates the global small satellite market, with the US being a significant contributor to the region's growth. Europe and the Asia Pacific region are also expected to witness significant growth during the forecast period.
In terms of market players, there are several established and emerging players in the smallsat industry. Some of the significant players include Planet Labs, Spire Global, Surrey Satellite Technology, and Blue Canyon Technologies, among others. These companies offer a range of smallsat products and services, including satellite manufacturing, launch services, and data analytics.
Overall, the smallsat segment of the global satellite industry is expected to continue growing in the coming years, driven by the increasing demand for low-cost and flexible satellite solutions. However, the market is also expected to become increasingly competitive, with new players entering the market and established players expanding their offerings.