Euroconsult’s latest research report, "Prospects for the Small Satellite Market," is forecasting that the 2020s will be the decade of small satellites, with an annual average of 1,000 launches.
By comparison, 2019 had the highest number of smallsat launches to date with 385.
These craft generated $2.8 billion in market value last year — 70% of which was realized on the manufacturing side.
The report projects that from 2020 to 2029, this market will reach $51 billion in total — with more than 65% of that coming to manufacturers and suppliers.
According to the report, COVID-19’s impact will vary from company to company, with newcomers seeing some funding struggles.
However, the two market leaders, SpaceX and Amazon (via the newly founded Kuiper network), will be strengthened by the economic impact of the pandemic.
In the coming decade, the smallsat market growth will be dominated by communication satellites with nearly 5,700 units forecasted for launch.
In contrast, Earth Observation satellites will decrease in market share but triple in terms of units, with 1,520 anticipated.