Report : South 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 11.5% CAGR, the South America Small Satellite Market is speculated to be worth US$ 101.47 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America small satellite market was valued at US$ 52.83 million in 2022 and is expected to reach US$ 101.47 million by 2028, registering a CAGR of 11.5% 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 South America small satellite market expansion.
Small satellites can be highly useful in military applications due to their short development time, low cost, and assembly line manufacturing processes. Many small satellite applications envision systems comprising the constellations of hundreds of satellites offer several advantages such as an increase in temporal resolution, revisit rate, and formation flying. Military officers can use small satellites to acquire real-time information, which can help them in decision making. Therefore, various countries are investing in small satellites. The project includes small satellites, satellite communications, space deterrence and reduction of on-orbit space debris, and launch. Similarly, in November 2021, Air Force Research Laboratory Space Vehicles Directorate announced that they had signed a contract with Tyvak Nano-Satellite Systems for experimenting in very low Earth orbit. Tyvak was awarded US$ 8.4 million for the satellite launch project and is projected to launch in 2024. Thus, the growing use of small satellites for military applications will further boost the South America small satellite market growth during the forecast period.
On the contrary, lack of small satellite manufacturers across emerging countries hurdles the growth of South America small satellite market.
Based on type, the South 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 74.4% market share in 2022, amassing US$ 39.31 million. It is projected to garner US$ 73.47 million by 2028 to expand at 11.0% CAGR during 2022–2028.
Based on payload, the South America small satellite market is categorized into automatic identification system (AIS), transmitter, imaging devices, and others. The automatic identification system (AIS) segment held 42.0% market share in 2022, amassing US$ 22.18 million. It is projected to garner US$ 40.24 million by 2028 to expand at 10.4% CAGR during 2022–2028.
Based on application, the South America small satellite market is categorized into earth observation, communication and navigation, and scientific research. The earth observation segment held 68.4% market share in 2022, amassing US$ 36.12 million. It is projected to garner US$ 66.43 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on vertical, the South America small satellite market is categorized into government, military, and commercial. The commercial segment held 63.1% market share in 2022, amassing US$ 33.35 million. It is projected to garner US$ 65.48 million by 2028 to expand at 11.9% CAGR during 2022–2028.
Based on country, the South America small satellite market has been bifurcated into Brazil and the Rest of South America. Our regional analysis states that Brazil captured 80.8% market share in 2022. It was assessed at US$ 42.66 million in 2022 and is likely to hit US$ 83.11 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.
Key players dominating the South America small satellite market are Lockheed Martin Corp; Northrop Grumman Corp; Raytheon Technologies Corp; and Thales SA among others.
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