Over the years the global space economy has been growing at a robust pace owing to the rise in demand for satellite-based connectivity for applications such as remote sensing, navigation, earth observation, and communication, among others. As per Federal Aviation Administration (FAA), 76% revenue of the global space economy constituted of services, such as broadband communications, ground equipment manufacturing & sales, remote sensing, and television and launch services. The remaining 24% is associated with government space program and commercial human spaceflight.
Small satellites have become a phenomenon across the global aerospace industry with every country launching multiple satellites at a time. The last few years have witnessed a sudden rise in the number of companies entering the satellite industry due to the revolutionary invention of small satellites which has reduced the manufacturing cost significantly. These small satellites are much less heavy and as efficient as the heavier satellites that serve governmental agencies or public sector industries. This invention has opened up a plethora of opportunities for transformative science, pushing the limits of space exploration through innovative technologies.