Market Trends of small satellite Industry
The trend of for better fuel and operational efficiency is expected to positively impact the market
- Satellites continue to be small-sized nowadays. They are capable of almost every task a conventional satellite does at a fraction of the cost of the conventional satellite, thereby making the building, launching, and operation of small satellite constellations increasingly viable. Correspondingly, our reliance on them continues to grow exponentially. Small satellites typically have shorter development cycles, smaller development teams, and cost much less for launch. Revolutionary technological advancements facilitated the miniaturization of electronics, leading to a push for the invention of smart materials and reducing satellite bus size and mass over time for manufacturers.
- Satellites are classified according to mass. Those with a mass of less than 500 kg are considered small satellites. Globally, around 3800+ small satellites were launched. There has been a growing trend for small satellites worldwide owing to their shorter development time, which could reduce overall mission costs. They significantly reduce the time required to obtain scientific and technological results. Small spacecraft missions tend to be flexible and can, therefore, be more responsive to new technological opportunities or needs. The small satellite industry in the United States is supported by the presence of a robust framework for the design and manufacture of small satellites tailored to serve specific application profiles. Owing to the growing demand in the commercial and military space sector, a rise in the number of small satellites is expected during 2023-2030.
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Increasing space expenditures of different space agencies are expected to positively impact the small satellites industry
- According to the Canadian government, the space sector adds USD 2.3 billion to the Canadian GDP. The government reports that 90% of Canadian space firms are small- and medium-sized businesses. The Canadian Space Agency budget is modest, and the estimated budgetary spending for 2022-2023 is USD 329 million. In November 2022, as per the announcement that was made by ESA, a 25% boost was proposed in space funding over the next three years, which was designed to maintain Europe's lead in Earth observation, expand navigation services, and remain a partner in exploration with the United States
- For instance, in December 2020, IABG and BMWi signed a EUR 230 million contract to create satellites with high-resolution cameras, image sensors, and image converters. The new technology began mass production in Munich by the end of 2022 and will be used to install satellites needed for mapping and navigation around the world. Germany is also gradually developing its satellite observation capabilities. New observation satellite technologies were launched into orbit in a significant effort to reduce the environmental impact across the nation.
- In terms of research and investment grants, governments globally governments and the private sector have dedicated funds for research and innovation in the space sector. For instance, till February 2023, the National Aeronautics and Space Administration (NASA) distributed USD 333 million as research grants. Small satellites are increasingly being preferred for scientific research, military, and defense sectors, compared to commercial applications. The demand for small satellites reached a new high owing to the increasing requirements of data-intense applications like Earth and celestial observation, space research, and communication,
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