Pune, Oct. 28, 2020 (GLOBE NEWSWIRE) -- The global small satellite market size is projected to reach USD 9.75 billion by the end of 2027. The increasing number of space programs across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled Small Satellite Market Size, Share & COVID-19 Impact Analysis, By Type (Mini, Micro, Nano), Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), Application (Communication, Navigation, Earth Observation, Technology Development, Others), End-User (Commercial, Civil, Military, Government), and Regional Forecast, 2020-2027, the market was worth USD 3.07 billion and will exhibit a CAGR of 18.99% during the forecast period, 2020-2027.

Small satellites are widely used in several space applications including observational and functional purposes. These satellites have a lower massas well as the size and require lesserpropellant fuel than conventional satellites. The increasing demand for small satellites is consequential to the rising awareness as well as debates surrounding high fuel consumption in larger satellites. The huge investments in the research and development of small satellites will bode well for the growth of the market in the coming years. An increasing number of observational space programs by globally renowned organizations such as ISRO and NASA will give the platform for growth for the companies operating in the small satellite market.

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Covid-19 Pandemic to Halt Production of Proposed Satellites

The recent coronavirus outbreak has had a drastic impact on several businesses across the world. Due to the rapid spread of the disease governments across the world have been compelled to implement strict measures with the aim to curb the spread of the disease. As a result, people have been advised to stay indoors which has ultimately led to a shortage of labor and workforce across the world. Thus several space programs that were lined up during the pandemic have been delayed. Moreover, the coronavirus outbreak has also brought a halt in the production of proposed satellites. These factors have had a direct negative impact on the small satellite market in the past few months. Having said that the efforts taken to recover these economic losses will bring relief to manufacturers in the small satellite sector.

Increasing Number of Company Mergers and Acquisitions will Emerge in Favor of Market Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for small satellites across the world, larger organizations and businesses are looking to collaborate as well as acquire companies in the mid-level brackets. As a result, there has been an increase in the number of company collaborations and mergers across the world in the past two decades. In February 2020, rocket labs announced that it has signed a contract with NASA,through which it will work onNASAsplans to launch small satellitesto the moon in 2021. The contract is said to be worth an estimated USD 15.5 million. This contract will not just benefit the company but will also encourage other companies of the similar stature as well as small scale businesses. The increasing number of such company collaborations will bode well for the growth of the market in the coming years.

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North America to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth

The report analyzes the ongoing market trends across five major regions. Among all regions, the market in North America is expected to hold the largest market share in the coming years. The presence of several large scale space organizations in the US will have a positive impact on the growth of the market in the coming years. As of 2019, the market in North America was worth USD 1.91 billion, and this value is projected to rise at a considerable pace in the coming years. Besides North America, the market in Asia Pacific will rise at a considerable pace driven by rapid urbanization across the region.

List of the Leading Companies Profiled in the Global Small Satellite Marketare:

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Industry Developments:

April 2020: VOX Space announced that it has signed a contract with the U.S. Space Force (USSF). Through this contract, the company will work towards USSFs plans for the launch of three small satellite missions delivering multiple spacecraft to orbit for the Department of Defense (DoD) Space Test Program- S28 (STP-28).

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US Reusable Launch Vehicle Market Size, Share & Industry Analysis, By Type (Partially Reusable and Fully Reusable), By Stage (Single Stage and Multi-Stage), By Orbit Type (Low Earth Orbit and Geosynchronous Transfer Orbit), and Regional Forecast, 2019-2026

Satellite Payload Market Size, Share & COVID-19 Impact Analysis, By Payload Type (Communication, Imaging, Navigation, and Others), By Vehicle Type (Small, Medium-to-heavy), By Orbit (GEO, LEO, and MEO), By Application (Weather Monitoring, Telecommunication, Scientific Research, Surveillance, Others), By End-Use (Commercial and Military) and Regional Forecasts, 2020-2027

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Small Satellite Market Size to Hit USD 9.75 Billion by 2027; Presence of Several Large Scale Companies will have a Positive Impact on Market Growth,...