Global small satellite market to reach $7 billion by 2028: reportNews
April 14, 2023
DUBLIN, Ireland. The global small satellite market will more than double between 2022 and 2028, increasing from $3.2 billion to $7 billion over that period for a compound annual growth rate of 16.8%, a new report predicts.
The report, from Research and Markets, attributes the explosive growth in this market to "increasing need for secure satellite communications for military missions and commercial applications."
"Additionally technological advancements in small satellite systems, such as laser/optical band communications technologies are driving the market," the report adds.
The cubesat segment of the market is expected to see the most significant growth during the forecast period, the report states, noting that cubesats have grown in popularity due to their low cast and fast turnaround time.