Low-Cost Satellite Market Applications, Technology, Types, Recent Trends, Future Growth Analysis, Industry Analysis and Forecasts 2028
Satellites are relay stations in space that are useful for transmitting data, video and voice communications, navigation, and remote sensing services. These satellites are built using sturdy electronic and mechanical components, capable of withstanding vibrations of a rocket launch to operate in the space for many years without maintenance, and are ideally suited to meet requirements of global communications of commercial organizations, government, and military forces.
The global low-cost satellite market size is expected to reach USD 4,395.8 Million at a steady CAGR of 6.0% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth of low-cost satellites can be attributed to growing demand for low-cost satellites in earth observation imagery. Low-cost satellites, such as nanosatellites provide a cost-efficient means for earth observation via remote sensing and deliver frequent imageries with high temporal and spatial resolution, which is essential for monitoring and studying dynamic processes, such as land cover, vegetation, oceanography, and inland water. Imaging application of low-cost satellites is steadily garnering traction in various scientific fields and, thus numerous initiatives by space agencies, universities, and private firm to launch low-cost satellite missions is spurring market growth. For instance, in July 2019, SatRevolution, which is a Polish firm, announced the deployment of its first two nanosatellites, KRAKsat and Swiatowid. This deployment is the first step by the company in its initiative to launch 1,024 nanosatellites under its Real-time Earth-observation Constellation (REC) project.
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In June 2019, Thales Alenia Space entered into a partnership with HEMERIA for the co-development of a cutting-edge nanosatellite platform and to deliver dedicated antennas, payload, and ground segment.
Nanosatellites offer capabilities similar to large satellites and cost considerably less. According to a report, cost of manufacturing a large satellite can be serval million dollars, whereas the cost of producing a nanosatellite, such as CubeSat, can be around USD 0.1 Million and it can be launched for several of the similar kinds of missions that the larger satellites can. Also, nanosatellites have a relatively shorter span of life, which is around a year or two in Low Earth Orbit (LEO) before the satellite enters Earth’s atmosphere and burns up, thereby reducing risk-management at production and launch phases.
In militarily applications, low-cost satellites, particularly microsatellites and nanosatellites, are of immense significance. These satellites are appropriate for launch-on-demand purpose that may be beneficial for military space operations in the coming years. Also, low-cost satellites can be deployed in anti-satellite applications by maneuvering the satellites (with soft or hard-kill payloads) near the target satellite and activating them at the intended time.
Low-cost satellites market in North America accounted for largest revenue share in 2020, attributed to rising adoption of advanced technologies, increasing research and development activities for low-cost satellites, and high defense budget allocation, particularly in the US. In addition, presence of leading companies providing low-cost satellites is causative of steady market growth in the region.
Key players in the market include Dauria Aerospace, Planet Labs, Axelspace Corporation, Sierra Nevada Corporation, L3Harris Technologies Inc., SpaceX, Thales Alenia Space, Spire Global Inc., Bradford Space, and GeoOptics Inc.
Emergen Research has segmented the global low-cost satellite market on the basis of satellite type, application, end-use, and region:
- Satellite Type Outlook (Revenue, USD Million; 2018–2028)
- Application Outlook (Revenue, USD Million; 2018–2028)
- End-Use Outlook (Revenue, USD Million; 2018–2028)
Detailed Regional Analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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