Market Trends of europe remote sensing satellites Industry
Global rising demand for satellite miniaturization is driving the market
- Miniature satellites leverage advances in computation, miniaturized electronics, and packaging to produce sophisticated mission capabilities. As microsatellites can share the ride to space with other missions, they offer a considerable reduction in launch costs. The demand in Europe is primarily driven by Germany, France, Russia, and the United Kingdom, which manufacture the largest number of small satellites each year. The ongoing investments in start-ups and nano and microsatellite development projects are also expected to boost the revenue growth of the region. On this note, during 2017-2022, more than 50 nano and microsatellites were placed into orbit by various players in the region.
- Companies are focusing on cost-effective approaches to produce these satellites on a large scale to meet the growing demand. The approach involves the use of low-cost industrial-rated passives at the development and design validation stages. The miniaturization and commercialization of electronic components and systems have driven market participation, resulting in the emergence of new market players who aim to capitalize on and enhance the current market scenario. For instance, a UK-based start-up, Open Cosmos, partnered with ESA to provide commercial nanosatellite launch services to end users while ensuring competitive cost-savings of around 90%. Similarly, in August 2021, France launched the BRO satellite into LEO orbit. This nanosatellite is able to locate and identify ships around the world, providing tracking services for maritime operators and helping security forces. The company plans to build a fleet of 20 to 25 nanosatellites by 2025.
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Investment opportunities in the market
- European countries are recognizing the importance of various investments in the space domain and are increasing their spending in areas such as Earth observation, satellite navigation, connectivity, space research, and innovation to stay competitive and innovative in the global space industry. For instance, in November 2022, ESA announced that it had proposed a 25% boost in space funding over the following three years, designed to maintain Europe’s lead in Earth observation, expand navigation services and remain a partner in exploration with the United States. The ESA asked its 22 nations to back a budget of around EUR 18.5 billion for 2023-2025. Similarly, in September 2022, the French government announced that it was planning to allocate more than USD 9 billion to space activities, an increase of about 25% over the previous three years. Additionally, in November 2022, Germany announced that about EUR 2.37 billion was allocated for ESA programs, including about EUR 669 million for Earth observation, about EUR 365 million for telecommunications, EUR 50 million for technology programs, EUR 155 million for space situational awareness and space security, and EUR 368 million for space transport and operations.
- The UK Space Agency announced that it would be funding EUR 6.5 million to support 18 projects to boost the UK space industry. The funding will stimulate growth in the UK space sector by supporting high-impact and locally-led schemes and space cluster development managers. These 18 projects are expected to pioneer a range of innovative space technologies to combat local issues, such as utilizing Earth observation data, to enhance public services. In April 2023, the UK government announced that it expects to allocate USD 3.1 billion for space-related activities.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Small satellites are poised to create demand in the market
