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.
The space industry has gained significant traction with the technological advancement and is currently being dominated by defense application, owing to various space technologies that have both military and civil applications like weather forecast, surveillance, earth observation, navigation, and many more. The space industry, consisting of satellite services, ground equipment, government space budgets, and global navigation satellite services (GNSS) equipment, is witnessing disruptive technologies such as small satellites (micro, nano, pico, and femto), which have helped in the growth of commercial space sector and account for an increasing number of satellite start-ups. Different nations across the globe are developing their own navigation system, instead of depending upon the Global Positioning System (GPS) by the U.S., and hence, the government is the biggest end-user of the space industry accounting for 24% of the market share in 2015.