Small satellite market to more than double by 2027: reportNews
November 09, 2022
DUBLIN, Ireland. The global small satellite market is poised for an explosion in growth over the next five years, more than doubling from $3.68 billion in 2021 to $8.84 billion in 2027 for a compound annual growth rate (CAGR) of 15.73%, a new report predicts.
The report, from Research and Markets, states that a rising need for remote sensing and Earth observation services across many sectors -- including defense -- is driving the demand. Also, the acceleration of 5G deployment worldwide improves the outlook for the market.
The report indicates that the market covered in the report includes any satellite below 1,200 kg including minisatellites, microsatellites, nanosatellites, picosatellites, and femtosatellites.
"Small satellites are affordable alternatives that enable commercial enterprises, non-profit groups, and educational institutions to conduct missions in the lower Earth orbit," the report states. "They make it possible to perform several scientific investigations and technology demonstrations in orbit at a low cost, with relative ease, and within a stipulated time. As a result, small satellites are extensively utilized for specific applications such as communication and navigation by civil, commercial, military, and government bodies."