Small satellite demand to surge in military sector in coming years: report
NewsJanuary 03, 2023
DUBLIN, Ireland. The small satellite market will be worth $11.8 billion by 2028 for a compound annual growth rate (CAGR) of 24.7% due to growing demand in the military sector, a new report predicts.
"Internet access, machine-to-machine communication (M2M), and the Internet of Things (IoT) are among the most important applications of a small satellite," the report states. "Space has become an ideal solution to improve the efficiency of current terrestrial communication networks."
These satellites have a number of uses, such as receiving and transmitting real-time information to any point, and using sensors to remotely manage devices across the world, the report adds.
"[S]mall satellites guarantee communication in any circumstances in virtually uncommunicated areas such as large rural areas, desert territories, frozen areas, jungle areas, and high seas," it states.
