Nanosatellite and Microsatellite Market Outlook 2031
The global nanosatellite and microsatellite market size was valued at USD 2.80 Billion in 2022 and is projected to reach USD 13.71 Billion by 2031, expanding at a CAGR of 19.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing demand for miniaturized satellites for various scientific research and defense applications.
Nanosatellite and microsatellite are artificial satellites that primarily have less mass and small surface areas. According to NASA’s definition, these satellite are normally weighted between one and 10 kg.The satellites are used for various applications including earth observation and remote sensing, biological experiment, communication, scientific research, academic training.
Owing to its wide applications and various excellent functions, these satellite systems are extensively used for defense and intelligence activities from government agencies. Moreover, these small machines are also widely adopted for commercial purposes to provide a proper communication channel. As per a report of Alen Space, up to 75% of all nanosatellites are expected to launch into the earth’s orbit for commercial purposes by the year 2022.
In general, the launch of normal satellites requires heavy vehicles to load and lift it into the space, which prove to be a challenging factor for several government and commercial organizations. Moreover, these smaller satellite are equally effective and useful for collecting or sharing information for various activities as normal satellite do. Rising adoption helps to minimize the cost for launching a satellite and reduce other additional capacity for payload in the carriers.
The expansion in the introduction of the cost-efficient carriers such as small satellite launch vehicles (SSLVs) that helps to expand the potential growth in the nanosatellite market. Owing to the low cost of small satellites, several space missions are made possible and governments across the globe are focusing to develop new technology for space missions.
Additionally, the upgrade and incorporation of latest technology including robotics and AI in small satellites help to improve their functional capabilities. Some of the commonly used technology in these satellites include very high frequency (VHF), ultra-high frequency (UHF), and visible transmission technology.
Moreover, the adoption of machine learning (ML) intelligence on different space advancement platforms is offering effective communications, enhancing spacecraft reliability, improving coordination in the overall advancement of a mission, and providing more effective computing capabilities.
Nanosatellite and Microsatellite Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for low-cost satellite for various communication purposes and other geo-scientific study of Earth are projected to propel the nanosatellite and microsatellite market growth.
- Rising research activities and investments for space technology developments is expected to boost the nanosatellite and microsatellite market expansion.
- Increasing tendency for space mission from several leading economies is estimated to drive the nanosatellite and microsatellite market growth.
- Expanding upgrade of satellite carriers, launching infrastructure, and developments in satellites, are some of the factors contributing to the expansion of market.
- Lack of sufficient availability of miniature satellites launch vehicles as well as the strict rules and regulations by the International Telecom Union related to radio frequencies are projected to hinder the market growth during the analysis period.
- Growing use of satellites to reach the increasing demand for internet access in areas without broadband service is expected to present numerous opportunities for the expansion of market.
Scope of Nanosatellite and Microsatellite Market Report
The report on the global nanosatellite and microsatellite market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Nanosatellite and Microsatellite Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Masses (Nanosatellites and Microsatellites), Applications (Technology & Academic Training, Scientific Research, Earth Observation/Remote Sensing, and Communication & Navigation), and End-users (Civil, Commercial, Defense & Security, and Government)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dauria Aerospace, GomSpace Group AB, Innovative Solutions in Space, Sierra Nevada Corporation, and SpaceQuest Ltd.
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Nanosatellite and Microsatellite Market Segment Insights
Masses Segment Analysis
Based on masses, the nanosatellite and microsatellite market share is bifurcated into nanosatellites and microsatellites. The nanosatellites segment is expected to register a major revenue share during the forecast years owing to their increasing implementation for earth observation missions.
The information related to Earth observation satellites are substantially proven valuable for different applications including tracing of population density or congestion, enhancing water management, national defense, and carrying out relief operations.
Moreover, the nanosatellites are equipped with advanced navigation as well as transportation capabilities, which in turn, offering certain advantages such as efficient routes, safety records, and lower operating costs.
Applications Segment Analysis
On the basis of applications, the global nanosatellite and microsatellite market share is divided into technology and academic training, scientific research, earth observation/remote sensing, and communication & navigation. The earth observation/remote sensing segment is projected to hold a high revenue share during the analysis period owing to the continuous investments by various governments for Earth observation and meteorology projects.
For instance, as per the U.S. Group on Earth Observations, the US government spends more than USD 3 billion every year for space-related missions as well as civil earth observations. The rise in awareness about the importance of large amounts of data from Earth observation satellites that provides crucial information about various fields including agriculture, water resources, forestry, mineral prospecting, ocean resources, disaster management, and urban planning.
On the other hand, the communication & navigation segment is anticipated to expand at a significant CAGR during the forecast period owing to the enlarged adoption of innovative technologies including Internet Protocol Television (IPTV) and Over-The-Top (OTT) in communication and navigation.
Some of these miniaturized communication satellites are strictly designed to deliver high performance regarding global navigation system. These payloads are equipped to provide mobile, fixed, and broadcast services to the regional coverage areas.
End-users Segment Analysis
Based on end-users, the market is classified as civil, commercial, defense & security, and government. The commercial segment is expected to dominate the market during the analysis period owing to the increasing requirement for communication, navigation, and broadcasting activities from the commercial sector.
However, the defense & security segment is projected to constitute a high revenue share in the coming years owing to increasing defense budget across governments and growing defense space architecture to improve operational support to military forces. The requirement for improving the military operations and missions result in wide use of these satellites. This is a key aspect for propelling the demand for nano-and microsatellites in the military sector.
Regional Outlook
In terms of regions, the global nanosatellite and microsatellite market share is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a large share of the market during the forecast period owing to the growing investments in space related activities and early adoption of advanced satellite technology as well as program.
For instance, NASA assigns a specific budget every year for the space-related activities such as exploration, aeronautics, space technology, science, and other space operations.
On the other hand, the market in Asia Pacific is expected to expand at a significant growth rate in the coming years due to the increasing focus on the developing of small satellites from emerging economies including India and Japan, for the purpose of communication and navigation. Moreover, small economies including Singapore and South Korea have entered the miniature production market, aiming to launch their own satellites into the orbits irrespective of scale of implementation.
Segments
The global nanosatellite and microsatellite market has been segmented based on
Masses
- Nanosatellites
- Microsatellites
Applications
- Technology & Academic Training
- Scientific Research
- Earth Observation/Remote Sensing
- Communication & Navigation
End-Users
- Civil
- Commercial
- Defense & Security
- Government
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some major players competing in the global nanosatellite and microsatellite market include Dauria Aerospace, GomSpace Group AB, Innovative Solutions in Space, Sierra Nevada Corporation, and SpaceQuest Ltd. These leading market players are using strategies including mergers, acquisition, partnerships, new launches, collaborations, and product development to build their strong position in the market.
For instance, in October 2020, SpaceQuest Ltd., one of the major competitors in small satellite technology, announced launching of new 20 spacecraft and satellite components that could help many commercial aerospace companies and space agencies including the US Department of Defense and NASA.
Moreover, in October 2020, GomSpace Group and the European Space Agency (ESA) entered into a contract for the development of new nanosatellite capabilities that could help in the advancement of the GOMX-5 mission.
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