Report : Asia Pacific Small Satellite Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type [Nanosatellite (1 to 10 Kg) and Microsatellite (10 to 150 Kg)], Payload [Automatic Identification System (AIS), Transmitter, Imaging Devices, and Others], Application (Earth Observation, Communication and Navigation, and Scientific Research), and Vertical (Government, Military, and Commercial)
At 29.6% CAGR, the Asia Pacific Small Satellite Market is speculated to be worth US$ 4,201.11 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific small satellite market was valued at US$ 888.57 million in 2022 and is expected to reach US$ 4,201.11 million by 2028, registering a CAGR of 29.6% from 2022 to 2028. Rising support for development of small satellite and cumulative number of partnerships and contracts are the critical factors attributed to the Asia Pacific small satellite market expansion.
Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite. Space has become an ideal solution to improve the efficiency of current terrestrial communication networks. Also, small satellite constellations can play an important role in various environmental conditions, especially in remote or hard-to-reach places, where real-time data is received from all types of sensors and linked devices for IoT-based business models. Thus, a small satellite helps receive, store, and transmit real-time information to any point. The small satellite can also be effective for remote management. Sensors can help to control all devices, receive real-time information, and send commands for configurations remotely across the APAC. Satellite communications support land-based communications in Amazon basin, Antarctica, offshore platforms, critical infrastructure like nuclear power plants, and other hard-to-reach areas. Also, small satellites guarantee communication in any circumstances in virtually uncommunicated areas such as large rural areas, desert territories, frozen areas, jungle areas, and high seas. For high internet access, several projects are being launched in various developed and developing regions where small satellites play a major role. According to Oberlo, in 2022, there are ~62.6% active internet users across the APAC. The growing internet access worldwide will propel the demand for small satellites during the forecast period. Thus, the rising demand for small satellites to provide internet access, M2M communication, and IoT will create a lucrative opportunity for market growth in the forecasted period. This is expected to drive the Asia Pacific small satellite market during the forecast period.
On the contrary, want of small satellite manufacturers across emerging countries hurdles the growth of Asia Pacific small satellite market.
Based on type, the Asia Pacific small satellite market is bifurcated into nanosatellite (1 to 10 Kg) and microsatellite (10 to 150 Kg). The microsatellite (10 to 150 Kg) segment held 74.3% market share in 2022, amassing US$ 660.06 million. It is projected to garner US$ 3000.51 million by 2028 to expand at 28.7% CAGR during 2022–2028.
Based on payload, the Asia Pacific small satellite market is categorized into automatic identification system (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held 41.3% market share in 2022, amassing US$ 366.93 million. It is projected to garner US$ 1664.34 million by 2028 to expand at 28.7% CAGR during 2022–2028.
Based on application, the Asia Pacific small satellite market is categorized into earth observation, communication and navigation, and scientific research. The earth observation segment held 86.8% market share in 2022, amassing US$ 571.31 million. It is projected to garner US$ 2595.44 million by 2028 to expand at 28.7% CAGR during 2022–2028.
Based on vertical, the Asia Pacific small satellite market is categorized into government, military, and commercial. The commercial segment held 73.6% market share in 2022, amassing US$ 653.70 million. It is projected to garner US$ 3177.90 million by 2028 to expand at 30.2% CAGR during 2022–2028.
Based on country, the Asia Pacific small satellite market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 35.9% market share in 2022. It was assessed at US$ 318.84 million in 2022 and is likely to hit US$ 1,575.41 million by 2028, exhibiting a CAGR of 30.5% during the forecast period.
Key players dominating the Asia Pacific small satellite market are Lockheed Martin Corp; Northrop Grumman Corp; Raytheon Technologies Corp; and Thales SA among others.
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