According to the latest research by OrbisResearch.com the Global Small Satellite market is expected to grow from $ 2.28 billion in 2016 to reach $ 7.66 billion by 2023 with a CAGR of 18.8%. 

The satellite industry is an integral part of any economy for the development of infrastructure for government agencies and commercial companies. The growth of this segment is contributed to the increasing demand for high-resolution imaging services which is accompanied by high-speed communication services. North America accounted for largest market share followed by Asia pacific. 

The key trends of the market include increasing HD and UHD channel counts, adoption of new technologies, emerging regional operators, increased global broadband penetration, rising commercial GEO satellite orders and rising launches of Nano satellites. 

According to the Satellite Industries Association, Significant expansion in terms of capabilities and demand is underway in the small satellites market. Over 6,200 small satellites are expected to be launched over the next ten years, a substantial augmentation over that of the previous decade. The small satellites market from 2017-2026 will be driven by the roll-out of multiple constellations accounting for more than 70% of this total, mainly for commercial operators. 

The total market value of these small satellites could reach $30.1 billion in the next ten years, up from $8.9 billion over the previous decade.  

The small satellite market has quickly expanded over the last five years and will experience a sustained expansion in the future. Constellations’ demand is more cyclical with strong variations driven by deployment in batches whereas demand for single satellite missions is more stable. Improvements in performance also change the shape of the satellite; miniaturization is a continuous process which gives customers the choice between lighter satellites with the same capabilities or heavier, more powerful satellites. In the heaviest mass category, small satellites are now able to perform missions that in the past were only achievable by satellites heavier than 500kg. 

Satellites used for earth imagery accounted for just $2 billion of the total industry but accounted for 11 percent of the sectors growth.  

Of the total $16.5 billion manufacturing market value from 2017 to 2026, $3.7 billion is absorbed internally by in-house manufacturing; the remaining $12.8 billion is considered part of the open market. Over the period of the study (from 2007 to 2026), there is a clear divide in the typology of manufacturers of small satellites: In-house company and academia manufacturing rests in the realm of less than 50kg, while dedicated integrating companies comprise the realm of 50kg and higher. Considering the number of satellites that are being manufactured in-house or are captive to domestic manufacturers where tenders are not open to foreign bidders, the market potential for third-party industry does not comprise the entire market value. 

By end-user, commercial sector has acquired the largest market share. The growth of this segment is contributed to the increasing demand for high-resolution imaging services which is accompanied by high-speed communication services. North America accounted for largest market share followed by Asia pacific. 

According to another report, the market is classified into different segments based on orbit type, payload type, payload weight, vehicle type, frequency band, and application.  

The key factors driving the growth in the global satellite market includes growing mobile data traffic, increasing government space budgets, in-flight broadband services, rising Direct-to-home (DTH) channels, and rising middle class households. However, there are certain factors which are hindering the growth of the satellite market like launch failures, increasing financial challenges, and crowding of satellite spectrum, these include High production cost and Dearth of skilled workforce.  

Geographically, the Satellite Payloads market has been segmented into regions such as North America, Europe, Asia Pacific and Rest of the World. The report covers North, America, US, Canada, Mexico, Europe, Germany, France, Italy, UK, Spain, Rest of Europe, Asia Pacific, Japan, China, India, Australia, New Zealand, Rest of Asia Pacific, Rest of the World, Middle East, Brazil, Argentina, South Africa and Egypt.  

The ecosystem of the satellite payloads market comprises manufacturers, suppliers, and technology support providers. Airbus Defense and Space (France), Boeing (U.S.), Thales Group (France), Lockheed Martin Corporation (U.S.), and Mitsubishi Electric Corporation (Japan) are some of the established market players. These leading players offer advanced technology systems, products, and services. They also provide a broad range of management, engineering, technical, communications, and information service capabilities. 

According to the research analysis, in space-based platform segments, there are only a few major vendors that dominate the market. Thus, a strong and sturdy competition resides among vendors for securing key major military contracts. 

Satellite operators and military forces are rapidly adopting integrated communication and information sharing architecture. Companies with greater technical capabilities and financial resources are anticipated to develop and offer products and services that can make their competitors’ products non-competitive and obsolete, even before they are launched. Therefore, to survive and succeed in such an intensely competitive market, vendors are required to make their respective products and service offerings distinguishable through clear and unique value proposition.