Report : North America 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 24.7% CAGR, the North America Small Satellite Market is speculated to be worth US$ 4,976.36 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America small satellite market was valued at US$ 1,325.42 million in 2022 and is expected to reach US$ 4,976.36 million by 2028, registering a CAGR of 24.7% from 2022 to 2028. Growing support for development of small satellite and increasing number of partnerships and contracts are the critical factors attributed to the North America small satellite market expansion.
The growing need for small satellites encourages market players to make strategic partnerships, collaborations, and contracts. In April 2022, NASA awarded a contract of US$ 280 million to SATCOM companies to develop near-Earth space communication services. Under this contract, Elon Musk's Space Exploration Technologies is awarded the largest amount of US$ 69.95 million, followed by Kuiper Government Solutions (US$ 67 million), Viasat Incorporated (US$ 53.3 million), Inmarsat Government (US$ 28.6 million), SES Government Solutions (US$ 28.96 million), and Telesat U.S. Services (US$ 30.65 million). Several companies are making contracts and partnerships to provide small satellites for various applications such as communication, navigation, and earth observation. Therefore, the rising number of such initiatives bolsters the growth of the North America small satellite market. This is expected to drive the North America small satellite market during the forecast period.
On the contrary, lack of small satellite manufacturers across emerging regions hurdles the growth of North America small satellite market.
Based on type, the North America 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 76.3% market share in 2022, amassing US$ 1,011.42 million. It is projected to garner US$ 3,731.99 million by 2028 to expand at 24.3% CAGR during 2022–2028.
Based on payload, the North America small satellite market is categorized into automatic identification system (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held 40.5% market share in 2022, amassing US$ 536.16 million. It is projected to garner US$ 1949.36 million by 2028 to expand at 24.0% CAGR during 2022–2028.
Based on application, the North America small satellite market is categorized into earth observation, communication and navigation, and scientific research. The earth observation segment held 63.5% market share in 2022, amassing US$ 840.99 million. It is projected to garner US$ 3,002.68 million by 2028 to expand at 23.6% CAGR during 2022–2028.
Based on vertical, the North America small satellite market is categorized into government, military, and commercial. The commercial segment held 73.4% market share in 2022, amassing US$ 973.43 million. It is projected to garner US$ 3,738.66 million by 2028 to expand at 25.1% CAGR during 2022–2028.
Based on country, the North America small satellite market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.3% market share in 2022. It was assessed at US$ 1,143.37 million in 2022 and is likely to hit US$ 4,339.39 million by 2028, exhibiting a CAGR of 24.9% during the forecast period.
Key players dominating the North America small satellite market are GomSpace Group AB; Lockheed Martin Corp; Northrop Grumman Corp; Raytheon Technologies Corp; Sierra Nevada Corp; Swarm Technology Inc; and Thales SA among others.
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