Small satellite market to grow by $3.7 billion in next 5 years: report
NewsMarch 11, 2024
NEW YORK, New York. The global small satellite market will grow by $3.73 billion from 2023 to 2027 at a compound annual growth rate of 16.78%, a new report predicts.
The report, from Technavio, states that the market is "experiencing significant growth due to advancements in launch vehicle technology and the emergence of small satellite launch providers."
The report describes the market as fragmented, although there are major vendors with a well-established presence. Some of the biggest players in the defense industry include Lockheed Martin, Northrop Grumman, Thales Group, Boeing, L3Harris Technologies, and Raytheon.
"LEO-based small satellites provide communications services, internet connectivity, and enterprise data for various sectors, including defense and military applications, energy, and governments," the report states.
