The global nanosatellite and microsatellite market is expected to grow considerably from 2019 to 2025 owing to the rising demand for miniaturizes satellites through several industries.
The nanosatellite and microsatellite Market is expected to reach USD 3.83 Billion during the forecast period at a 12 % CAGR.
The introduction of small satellites through heavy vehicles has substantiated to be quite perplexing in recent years, leading to the growing demand for small launch vehicles development. Usually, small satellites were introduced as an auxiliary payload with large satellites, thus, giving rise to the cost and launch limitations.
In 2014, about two-thirds of the overall satellites introduced weighed less than 50kg. National Aeronautics & Space Administration (NASA) introduced inexpensive versions of microsatellite and nanosatellites ancillary payloads services through its CubeSat Launch Initiative (CSLI). Presently, microsatellite and nanosatellite can be launched at an expense of USD 100,000 under SCSI. Moreover, CubeSat launch initiative is not limited to lower earth orbital.
Rising Demand for Leo-based services is anticipated to drive the market over the forecast period.
SSLVs possess the capability to introduce a distinction in the cost of launching microsatellites and nanosatellites. Earlier, micro-launchers were been used to conduct experiments. However, fewer entry barriers, backed with institutional and private funding are enabling manufacturers to extensively develop SSLVs and hold a significant share within the industry. Small satellites are experiencing constant technological developments due to their faster and simple design and construction necessities.
The low cost of these satellites has paved the way for adopting them across several domains that are presently unserved. Additionally, simplified development and designing enable incorporation of the latest technologies, including robotics and artificial intelligence within the small satellites so as to improve their competences and mitigate few of the compromises made to lessen system weight. Moreover, these satellites use Ultra High Frequency (UHF), visible transmission technologies, and Very High Frequency (VHF) to enhance the signal frequency and thus enhance transfer speeds. These frequencies facilitate gathering a large amount of information, which in turn decreases constant observing from the ground. This reduces and simplifies the expense of ground systems.
The commercial sector is one of the emerging applications for nanosatellites and microsatellites Market
Based on application, the nanosatellite and microsatellite industry is classified into, communication, scientific research, earth observation & remote sensing, technology demonstration and verification, biological experiments, academic training, mapping & navigation, reconnaissance. Constant technological innovations and advances including miniaturization of electronics are likely to augment the commercial sector considerably, influencing the number of nanosatellites launches over the next few years.
North America holds the largest market share for nanosatellites and microsatellites
North America dominated the nanosatellites and microsatellites market and delivers remarkable opportunities for industry growth over the next few years. The existence of large private companies and space organizations focusing on advanced satellite technologies presents an enormous demand from businesses that use satellite image-based applications. Being an early adopter of new software or technology, North America nanosatellite, and microsatellite to grow at a quick pace in the beginning compared to other regions. Additionally, an increasing number of microsatellite and nanosatellite missions have been undertaken through NASA and various other private space organizations. Canada and the U.S> are advancing cutting-edge technology and new knowledge to bring new innovations within the microsatellite and nanosatellite industry.
Key Market Players
• Dauria Aerospace
• Innovative Solutions in Space (ISIS)
• Sierra Nevada Corporation (SNC).
• SpaceQuest Ltd.
• Spire Global, Inc.
• Surrey Satellite Technology Limited (SSTL)
• The Boeing Company
• Tyvak Inc
nanosatellite and microsatellite market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||USD 3.83 Billion|
|Growth Rate||CAGR of 12 % during 2021-2027|
|Segment Covered||By Type, By Application, By End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Lockheed Martin Corporation, Planet Labs, Inc., Sierra Nevada Corporation, Raytheon Company, Clyde Space, Inc., SpaceQuest Ltd., Surrey Satellite Technology Limited, Vector Space Systems, Tyvak Inc., The Boeing Company, GomSpace Group AB, Harris Corporation, and Thales Group among others.|
Key Segment Of The nanosatellite and microsatellite Market
by Type, 2020-2027 (USD Million)
By Application, 2020-2027 (USD Million)
• Earth Observation And Remote Sensing
• Scientific Research
• Biological Experiments
• Technology Demonstration And Verification
• Academic Training
• Mapping And Navigation
Regional Overview, 2020-2027 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa