Small Satellite Market to Witness Massive Growth by 2030

 The global small satellite market size was valued at USD 4.90 billion in 2021 and reached USD 5.60 billion in 2022. The market is expected to be valued at USD 12.02 billion by 2029, exhibiting a CAGR of 11.53% during the forecast period. The rapid adoption of 3D printing parts for satellite manufacturing and rising applications of satellites from several sectors are expected to boost market progress. Fortune Business Insights™ presents this information in its report titled “Small Satellite Market, 2022-2029.”

List of Key Players Profiled in the Report:

  • Airbus S.A.S (Netherlands)
  • The Boeing Company (U.S.)
  • Lockheed Martin Corporation (U.S.)
  • Northrop Grumman Corporation (U.S.)
  • Sierra Nevada Corporation (U.S.)
  • ST Engineering (Singapore)
  • Thales Group (France)
  • SPACEX (U.S.)
  • L3Harris Technologies, Inc. (U.S.)

Get Sample PDF Brochure:

https://www.fortunebusinessinsights.com/enquiry/sample/small-satellite-market-101917

COVID-19 Impact:

Production Delays and Postponed Satellite Launch Hindered Market Growth

The market was negatively affected during the COVID-19 pandemic due to production delays and postponed satellite launches. The rapid spike in COVID-19 cases led to the adoption of stringent lockdown norms, thereby restricting satellite manufacturing. For example, the International Astronautical Federation (IAF) delayed the International Astronautical Congress space conference in April 2020. Airbus S.A.S stopped its production in Spain. Furthermore, the lack of manufacturing led to raw material shortages, resulting in production delays. These factors affected the market during the pandemic.

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