Low-Cost Satellite Market Exploring Revenue Growth Opportunities in the Industry by 2032

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The Low-Cost Satellite market is projected to grow from USD 0.23 Billion in 2023 to USD 0.49 billion by 2032

Low-Cost Satellite Market

 

The usage of small and low-cost satellites market is paving the way for a successful and cost-effective makeover of the domain of satellite systems. Several companies such as Lockheed Martin Corporation, Planet Labs, One Web, and SpaceX are primarily focusing on the launch of small and lightweight satellite systems, to reduce the costs associated with the satellite launch. As a result, in the recent years, many small and low-cost satellites placed in the lower and higher orbits in the space. Many of the developing nations have also shown a keen interest in the utilization of satellites such as CubeSats (U-class spacecraft). These satellites use enhanced electro-optical/infrared (EO/IR) sensor systems to obtain images of Earth.

Low-Cost Satellite Market Size was valued at USD 0.21 billion in 2022.  The Low-Cost Satellite market is projected to grow from USD 0.23 Billion in 2023 to USD 0.49 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.00% during the forecast period (2023 - 2032).

 

Key Players
The key players in the global low-cost satellite market are Lockheed Martin Corporation (US), SpaceX (US), Planet Labs Inc. (US), OneWeb (US), Sierra Nevada Corporation (US), OHB AG (Germany), Spire Global Inc. (US), Geooptics Inc. (US), Axelspace Corporation (Japan), and Dauria Aerospace (Russia).

In the recent years, there have been some major developments of small and low-cost satellite systems, which drive the market growth. Some of them have been mentioned below:

  • In November 2016, Scotland-based Clyde Space signed a contract with Canada-based Kepler Communications, to manufacture two nanosatellites. These satellites would provide enhanced telecommunications network across Canada.
  • In September 2016, San Francisco-based Planet Labs, signed a contract worth $20 million with the National Geospatial-Intelligence Agency (NGA), to provide small satellites for earth observation (EO) missions in the LEO.

On the basis of function, the low-cost satellite market is divided into communication, imaging, and others. In 2017, the communication segment dominated the global market and is also expected to witness the fastest growth, during the forecast period. This is primarily due to the rapid advancements in high-speed communication technologies along with the introduction of the 5G technology. On the basis of end-user, the low-cost satellite market is divided into commercial and military. In 2017, the commercial segment dominated the global market, and it is expected that the military segment would witness the fastest growth, during the forecast period. This is primarily due to the increasing commercial applications through the satellite services in the recent years such as earth observation, meteorology, scientific research & exploration, and mapping & navigation, among others.

 

The global Low-Cost Satellite Market has been segmented by satellite type, function, end-user, and region. On the basis of satellite type, the low-cost satellite market is divided into nano-, micro-, and others. In 2017, the micro satellite segment dominated the global market, and it is expected that the nano satellite segment would witness the fastest market growth, during the forecast period. This is primarily because of the large number of micro satellites being launched in the recent years, by a number of countries. Similarly, in an attempt to reduce the satellite launch costs, extensive investments are being done on the nano satellite systems.

 

Table Of Contents

1. Executive Summary

2. Market Introduction

3. Research Methodology

4. Market Insights

5. Market Dynamics

6. Market Factor Analysis

7. Global Low-Cost Satellite Market, By Satellite Type

8. Global Low-Cost Satellite Market, By End User

9. Global Low-Cost Satellite Market, By Function

10. Global Low-Cost Satellite Market, By Region

 

Related Link:

·         Military Navigation Market Research Report: Information by Component (Hardware and Service), Application (Command, Control, Intelligence, Surveillance, Reconnaissance (ISR), Combat Security, Targeting & Guidance and Search Rescue (SAR)), Platform (Aviation, Marine, Ground and Space), Grade (Navigation Grade, Tactical Grade, Space Grade and Marine Grade) and Region (North America, Europe, Asia-Pacific, and Rest of the World) Forecast till 2032

·         Space Technology Market Information by Subsystem (Orbit, Launch Platform, Launch Vehicle, and Payload), By End-Use (Civil, Commercial, and Military), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2032

 

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