Nano and MicroSatellite Market Overview
Nano And Microsatellite Market Size Is Anticipated To Reach USD 8.69 Billion In 2030, at a CAGR Of 14.9% by 2023-2030 The global market was valued at a final figure worth USD 2.3 billion before the beginning of the current forecast period of 2021. During the current period, the market is expected to attain a final sum of USD 5.7 billion by 2028. The market is likely to grow at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. The space industry is propelling and moving towards a future with the availability of large constellations of nanosatellites and microsatellites. These are capable of providing all types of services in both small and large geographical areas or across the globe. These satellites have applications in departments like biological experiments, communication, agriculture, followed by navigation and mapping, education, scientific research, exploration, and others like earth observation.
COVID 19 Analysis
The outbreak of the COVID-19 pandemic has been brutal for the market functioning and has, thus, taught all kinds of markets and organizations a lot about being prepared for such uncertain and unprecedented times. The lockdown has created ruckus and a distress in the global market premises. The global governments and the large-scale businesses are involved with the launches and working in space are reacting differently to the new yet common situation. Some satellite launches are extending and moving forward, while some are not. There is a lot of uncertainty. Some of the tests and checks are likely to continue, and some are delayed. Some of the prominent companies are still operating, and others have shuttered and given up owing to the hopelessness of the situation. However, the rising government support and investment are impacting the global Nano and MicroSatellite Market functions and its growing size positively. Most of the global governments of various domestic and international locations are coming forward and lending their support to the established firms by increasing their investment for research and development in the market operations undertaken by prominent Nano and MicroSatellite Market players.
Market Dynamics Drivers
The nano and microsatellite market trends predict that billions of dollars are being invested and funding is being arranged in a new generation of satellites that orbit the Earth planet at a low altitude. These
LEO satellites
are known to better connect remote and inaccessible regions. The rising demand for LEO-based services, followed by the availability of funding, and high-speed broadband, alongside the growth of governments in industrialized countries is proving to be very helpful. The demand for low-cost broadband among individual consumers is, however, less in the developed countries and is thus, driving the market of nanosatellites and microsatellites. These market drivers are further, inspiring investments in smallsat-based LEO constellations.
Restraints
One of the major restraints for the market on the way of its growth during the ongoing forecast period that will be ending in 2028 is that the current options for small satellite launches are limited. Also, the small satellites are most often rideshare either in the form of secondary payloads on rockets for launching the large satellites or for carrying cargo to the locations like the International Space Station (ISS). These options impose various kinds of restrictions in terms of the Nano and Micro Satellite Market integration and launch schedules, followed by orbit destinations, and loss of flexibility for the subsystems in small satellites. The nano satellite magnetic control needs to care for these things while aiming for growth.
Technology Analysis
There has been substantial growth in the demand for satellite imagery that is expected to come majorly from non-governmental actors. This is because they could use both the images and the image-based analytics for industries and processes like agriculture, economic forecasting, urban planning, and others like resource management, disaster monitoring, retail, maritime, and other applications. According to a report that has been circulated by the Science and Technology Policy Institute in 2019, it was expected that the small satellite services market will rise and hence, attain a global CAGR of 49%, which could lead the market towards a splendid growth from USD 15 million in 2015 to USD 8.8 billion by 2030. SpaceWorks 2020 report includes statistics that estimate the growth in the Nano and Micro Satellite Market share of commercial operators owing to the wide use of satellites to increase from 55% in the pandemic year of 2020 to 70% by 2024.
Market Segmentation
The nano and microsatellite market analysis shows that the global has been divided all across the globe based on the application, end-user, type, and regions.
Based on Component:
The component segment of the Nano and MicroSatellite Market includes Hardware, Software and Data Processing, Space Services, and others like Launch Services.
Based on the Type:
The nano and microsatellite market has been segmented based on the type and includes
Nanosatellite
and Microsatellite.
Based on Vertical:
The market includes verticals like Government, Civil, Commercial, and others like Defense, Energy and Infrastructure, and Maritime and Transportation.
Based on Application:
The application segment of the Nano and MicroSatellite Market includes Communication, Earth Observation, and
Remote Sensing
, Scientific Research, and other like Biological experiments, Technology Demonstration and Verification, Academic Training, Mapping and Navigation, and Reconnaissance.
Based on the Orbit:
The orbit segment includes Non-Polar Inclined, Sun-Synchronous Orbit, and Polar Orbit.
Based on the Region
The global Nano and Micro Satellite Market has been divided during the forecast period based on the region into the North American region, European countries, the Asian-Pacific region, Latin American region, and the Middle East and African region.
Regional Analysis
The nano and microsatellite market by technology discusses the emergence of the market in various global locations to meet the rising needs of the target audience that is spread in these locations during the forecast period that will be ending in 2028. The Europe Nano and Microsatellite Market is estimated to have a stronghold followed by the global market growth in the future, as a part of the forecast period. Europe is one of the fastest-developing regions in the world owing to the provisions of the small satellite services market. With the constant rise in technologies and availability of proper investment and funding, there is a steady growth in the number of launched services, followed by the software and data processing available in the region which is driving the region towards domination by the end of the period in 2028.
Competitive Landscape
The prominent major key players in the nano and microsatellite market that are increasing competition across the globe are mentioned below:
- Sierra Nevada Corporation(US)
- Millennium Space Systems(US)
These major key players, as a part of the Nano and Micro Satellite Market, use various strategies to sustain their market position in the nano and microsatellite market during the forecast period.
Recent Developments
- In July 2021, one of the prominent companies Surrey Satellite Technology Limited took to the international scale and launched its first geostationary satellite platform - Eutelsat Quantum.
- In June 2021, another prominent company Lockheed Martin launched GPS III Space vehicle 05 that is inclusive of the latest next-generation GPS III satellite.
- In May 2021, other market companies L3Harris and Air Tractor partnered for the creation of an affordable, and production-ready ISR strike system that is likely to combine Air Tractor’s rugged platform along with L3Harris’ mature mission solutions.
- In May 2021, a prominent market leader - Gomspace and SIGCOM collaborated for the progress of the FNR-funded MegaLEO project. MegaLEO is likely to advance the state-of-the-art of large satellite constellations. These are known to operate semi-autonomously by both deciding and executing satellite and network operation configurations in outer space.
- Lockheed Martin and Thales Australia are known to have finalized an agreement in April 2020, advancing the delivery of Australian guided weapons followed by their manufacturing capability in support of a sovereign national guided weapons enterprise.
Report Overview
This global nano and microsatellite market research report discusses the growth and potential of the market on the following market aspects:
This market research report discusses the small satellite market forecast and the factors that will drive the growth of the nano and microsatellite market followed by the possible restrictions which the market is likely to face. The technical analysis during the forecasted period is discussed by the experts. The market discusses the impact of the outbreak of the COVID 19 pandemic on the nano and microsatellite market. The future growth rate and potential amount of revenue in the nano and microsatellite market during the forecast period ending in 2028 is estimated and mentioned.
| Attribute/Metric |
Details |
| 2030 Market Size |
USD 8.69 Billion |
| CAGR |
14.9% (2020-2030) |
| Base Year |
2019 |
| Market Forecast Period |
2020-2030 |
| Historical Data |
2018 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
 By Component, Mass, Application, End User, And Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
L3Harris (U.S.),Axelspace (Japan),Alen Space (Spain),Dauria Aerospace (Russia),Swarm (U.S.),RUAG Space (Switzerland),Millennium Space Systems (U.S.),Raytheon (U.S.),Astrocast (Switzerland),Sierra Nevada Corporation(US),AAC Clyde Space (Scotland),GAUSS (Italy),Excolaunch (Germany),Spire Global (U.S.),SpaceQuest (U.S.),EnduroSat (Bulgaria) |
Nano Micro Satellite Market Highlights:
Frequently Asked Questions (FAQ) :
The Nano and Microsatellite market at a CAGR Of 14.9% by 2020-2030
The largest market share in the nano and microsatellite market is likely to be held by the European region.
The most prominent key players that are functional in the global market premises are:Planet Labs(US), Surrey Satellite Technology(England), Northrop Grumman (US), Pumpkin(US), OHB SE(Germany), NanoAvionics (US), TYVAK (US)
