Small Satellite Global Market Report 2024

The small satellite market size has grown exponentially in recent years. It will grow from $5.4 billion in 2023 to $6.6 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The expansion during the historical period can be attributed to cost-efficiency in space missions, advancements in miniaturization, rapid development cycles, increased access to space, and the commercialization of space activities.

The small satellite market size is expected to see exponential growth in the next few years. It will grow to $13.97 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The anticipated growth in the forecast period can be attributed to the growing demand for earth observation, the rise in communication constellations, advancements in remote sensing technologies, and the pursuit of space exploration and interplanetary missions. Key trends expected in the forecast period involve increased utilization of cubesats, rapid development of software-defined satellites, a focus on sustainable and eco-friendly satellite designs, the emergence of commercial small satellite data services, and the integration of artificial intelligence (AI) and machine learning.

The growth of the small satellite market is significantly fueled by the increase in space exploration missions. Various government agencies worldwide are expanding their space missions, and small satellites play a crucial role in their successful completion. According to the English daily newspaper Economic Times, China's National Space Administration (CNSA) anticipates launching approximately 100 satellites by 2025. Similarly, the US Air Force Research Laboratory reveals the US military's intention to enhance space awareness capabilities beyond geostationary orbit, with plans to patrol the Moon at a mission altitude about 1000 times higher. These advancements are expected to positively impact the global demand and utilization of small satellites.

The anticipated growth of the small satellite market is driven by the increasing investments in the space industry. These investments encompass financial commitments from individuals, companies, or governments to support activities related to space exploration, satellite deployment, and space tourism. Private market equity investment in space reached $20.1 billion in 2022, compared to $47.4 billion in 2021, as reported by Via Satellite. This surge in investments is a key factor propelling the growth of the small satellite market.

Major players in the small satellite market are strategically investing in manufacturing facilities to meet the increasing demand for space-based services and drive technological advancements. These facilities serve as specialized centers where satellites are designed, constructed, and assembled. Blue Canyon Technologies Inc., a US-based aerospace company, exemplified this trend by launching a new small satellite manufacturing facility in Colorado in August 2022. Covering 31,000 square feet, this expanded facility enables the company to produce at a larger scale, providing innovative solutions and delivering high-performance satellites to meet customer needs.

Major companies are embracing a strategic partnership approach. This involves leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2023, SpinLaunch, a US-based spaceflight technology development company, formed a partnership with Sumitomo Corporation Group, a Japan-based electric services company. The aim is to expand the global commercialization of sustainable, low-cost space solutions, including small satellites. This collaboration addresses the rising demand for affordable and rapid launch capacity, which has become a bottleneck for the increasing number of satellites being launched into Low Earth Orbit (LEO).

In August 2021, Space X, a prominent US-based aerospace manufacturer, acquired Swarm for an undisclosed sum. This acquisition is expected to facilitate SpaceX's business expansion through ownership of a constellation comprising 120 sandwich-sized satellites and a ground station network. Swarm, a U.S.-based startup, is recognized for developing compact satellites and producing cost-effective components for satellites, along with providing data connectivity services.

Major companies operating in the small satellite market report are Terran Orbital Corporation, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., GomSpace Group AB, L3Harris Technologies Inc., Ball Corporation, Singapore Technologies Engineering Ltd., Israel Aerospace Industries Ltd., Space Exploration Technologies Corp., Thales Alenia Space, Orbital ATK Inc., Sierra Nevada Corporation, QinetiQ Group PLC, OHB SE, The Aerospace Corporation, Dynetics Inc., Planet Labs Inc., Blue Canyon Technologies Inc., Surrey Satellite Technology Ltd., Spire Global Inc., Axelspace Corporation, Innovative Solutions In Space B.V., LeoStella LLC, Capella Space Corp., Astrocast SA, Adcole Maryland Aerospace LLC, Satlantis LLC, Kongsberg NanoAvionics.

North America was the largest region in the small satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the small satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the small satellite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of small satellites include minisatellite, microsatellite, nanosatellite, pico-satellites, and femto satellites. Minisatellites, smaller in size, usually weigh 100-500 kgs, and can orbit in Low Earth Orbit (LEO), Middle Earth Orbit (MEO), and Geostationary Earth Orbit (GEO). Components such as structures, payload, electric power system, solar panel and antenna systems, propulsion systems, and others are applied in earth observation and remote sensing, satellite communication, science and exploration, mapping and navigation, space observation, catering to various end-users such as commercial, academic, government and military, and other end-users.

The small satellite market research report is one of a series of new reports that provides small satellite market statistics, including small satellite industry global market size, regional shares, competitors with a small satellite market share, detailed small satellite market segments, market trends and opportunities, and any further data you may need to thrive in the small satellite industry. This small satellite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.


The small satellite market consists of sales of spacecraft bus, launcher, ground system. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.