Nanosatellite & Microsatellite Market Share, Size, Trends, Growth, Analysis, Research Report and Forecast Period of 2024-2030
Nanosatellite and Microsatellite Market
It is believed that the North American market is the most dominant and will be the largest over the next few years. The increasing demand for Earth-ibservation satellites and high resolution imaging technology and communications services for home security and military intelligence and telecommunications will drive expansion of this market.
Key service and solution vendors Include RUAG Group (Switzerland), GomSpace, Clyde Space Inc., GS Sweden AB, Lockheed Martin Corporation, Planet Labs Inc. and Tyvak.
Nanosatellite & Microsatellite Market is expected to grow rapidly at a 19.4% CAGR consequently, it will grow from its existing size of from $3.4 billion in 2023 to $8.3 billion by 2030.
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Trends and Segments Analysis
The global nanosatellite and microsatellite markets are growing because of the rapid advancement of technology and cost-effective designs. It is predicted to grow because of continuous technological advances in satellite payloads technologies, space technology and the increasing number of satellite launches across the world.
Furthermore that, the world nanosatellite and microsatellite markets are also seeing expansion because of the availability of modern equipment that can be used for smaller satellites.
The hardware comprises all of the professional nanosatellite and microsatellite elements, including the structure and payload, as well as telecommunications, onboard computer power system, the attitude control system, and propulsion system.
These components make up the total size of a satellite, and determine whether it is microsatellite, nanosatellite, or nanosatellite.
Nanosatellites enable companies to gather real-time global data and distribute it over the globe for a minimal cost. This is particularly beneficial in the field of disaster management, allowing organizations to quickly identify and track assets and offer assistance to communities that are affected.
This is in contrast to large satellites that typically take longer than 15 years before identifying the need for upgrading and to then make changes.
The global nanosatellite and microsatellite market is classified according to mass, solution application, and the end-user. Based on the type of solution the market is split by hardware, and services.
In terms of mass, it's further divided into 1 kilogram to 10 kilograms nanosatellite and 11 kg up to 100kg of microsatellite. The market is broadened by applications in communication, scientific research biological experiments earth observation, remote sensing demonstration and verification of technology as well as education and training for mapping, the navigation and reconnaissance. The market is classified into civil, government and commercial.
Segments Covered in the Nanosatellite & Microsatellite Market
Nanosatellite & Microsatellite Market by Solution
- Hardware
- Software
- Data Processing
- Launch Service
Nanosatellite & Microsatellite Market by Application
- Navigation & Mapping
- Scientific Research
- Power
- Communication
- Reconnaissance
- Others (Biological Experiments, Earth Observation, and Remote Sensing)
Growth Factor
With a significant increase in the demand for nanosatellites the market is predicted to grow at an explosive rate. With regards to applications communication, Earth observation and communications are the main areas of this area. The commercial space is expected to provide significant growth opportunities to market players in the coming time.
But, due to small payload space and the strict regulations by the government, the development of this market hampered to a certain extent. Additionally, the large cost of capital for the creation as well as the deployment of satellites with small size is an important constraint.
In order to create and test nanosatellites launch options are available to businesses. This includes the launch of rockets from government agencies and private company launches, and even a logistical link to an International Space Station (ISS). Additionally, the creation of micro-launchers across the globe dedicated to putting small satellites in orbit has led to lower prices for launches.
Competitive Landscape of the Nanosatellite & Microsatellite Market
- Axelspace Corporation (Japan)
- Astrocast (Switzerland)
- BlackSky Global (U.S.)
- Capella Space (U.S.)
- GomSpace (Denmark)
- ICEYE (Finland)
- Kepler Communication (Canada)
- Lockheed Martin (U.S.)
- Nano Avionics (U.S.)
- OneWeb (UK)
- Planet Labs (U.S.)
- Planet IQ (U.S.)
- Satellogic (Argentina)
- Spire Global (U.S.)
- Tyvak Nano Satellite (U.S.).
Recent Developments
In recent years the nanosatellites and microsatellites have been growing in popularity in the space industry worldwide because of their capacity to accomplish several tasks in shorter time. These satellites provide quicker development times, lighter properties, and are more capable of handling complex computer tasks.
Furthermore they are efficient in comparison to conventional satellites. They are also capable of delivering high-resolution Earth images and videos. There is a demand for spacecrafts has increased across various areas and sectors due to the explosion of digitalization in various industries, and the growing demand for satellites that observe Earth.
Research and commercial institutions are making use of these miniature satellites for different operational tasks.
CubeSats are satellites that have the standard unit size in the range of 10 cubic centimeters are employed by commercial firms to provide global image and communications as well as research and government agencies continue to utilize these satellites to carry out R&D actions.
Additionally, they can be launched easily as they are smaller in terms of mass and weight which allows them to be loaded on small rockets or by logistical links to and the International Space Station (ISS).
Regional Overview
North America is expected to have the highest market share of the microsatellite and nanosatellite markets by 2022, due to significant R&D initiatives among major players and the adoption of cutting-edge technologies to develop durable and effective nanosatellites and microsatellites. However, Asia Pacific is expected to be the fastest growing market.
Asia Pacific is anticipated to show the highest growth during the forecast period due to the increase in manufacturing and launches of nanosatellites and microsatellites in a variety of Asian countries.
The global nanosatellite and microsatellite market is extremely active. The growth of microsatellites is helping governments and companies rapidly respond to the changing demands. In contrast, traditional satellites tend to be designed with specific uses in mind. They can be operational for a period of 15 years or more regardless of whether or not their needs originally envisioned change.
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