Market Size of North America Small Satellite Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | > 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Small Satellite Market Analysis
The North American small satellite market is anticipated to register a CAGR of over 3% during the forecast period.
- With the advent of technology, the nature of battles has changed drastically. For various military requirements, including communication, defense agencies around the world require space capability to meet the demand for more operationally responsive forces. Nano and microsatellites can provide high visibility against tactical enemy operations. Rapid access to near-real-time information and imagery can be helpful for the aerial reconnaissance augmentation process. The nano and microsatellites can also be readily deployed in times of crisis to fill the missing gap for military operations.
- The demand for satellite networks and services for commercial applications has increased. The entry of companies, such as Google and Facebook, with commercial services demanding satellite bandwidth and networks, has also aided the market. To meet the growing demand for commercial applications, hundreds of new satellites need to be launched. Also, the regulatory relaxation on the sale of high-resolution satellite images for commercial purposes is one of such measures that has provided a new opportunity for the growth of the market.
- However, in the recent wake of COVID-19, the current outlook for the satellite industry in North America remains uncertain at this point as the outbreak has caused unforeseen disruptions in the region for both satellite manufacturers and launch service providers.
