A new Frost & Sullivan analysis predicts the space industry to see the launch of at least 13,000 satellites and entry of over 60 new companies into the upstream market by 2030.
The market research firm said Tuesday it expects the space market to experience growth by 2030 driven by small form factor sensors and payloads, less expensive hardware and innovation as well as the entry of more than 130 businesses in the downstream space market.
“With over 8,500 small satellites due for launch by 2030, it is clear that space traffic management services will be an essential utility by 2020, with integrator platforms delivering insights via web-based services,” said Arun Kumar Sampathkumar, aerospace team leader at Frost & Sullivan.
The report also outlined several trends that would impact the future of the space sector.
Those include the use of small satellites in new products and services; adoption of spaceport-based business models in the launch services sector; utilization of internet of things-based applications; the rise of internet users in remote areas; consolidation among space companies; autonomy; and increased government participation.
The adoption of sensing and transmission capabilities will drive the demand for connectivity support services, according to the analysis.
“The space industry will play a key role by providing seamless connectivity and remote sensing capabilities which will be a critical ingredient in the realization of smaller IoT systems which over time will evolve into an Internet of Everything trend, bringing together technologies that otherwise were never considered worthy of integration in the past,“ Sampathkumar added.