According to the latest report by IMARC Group, titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global nanosatellite and microsatellite market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.
Nanosatellite and microsatellite (NAM) are miniature artificial satellites that are used in space for various applications. They consist of an onboard computer, remote control unit, telemetry unit, and asynchronous communication channel connections. They have a short lifespan and integrate highly reliable electronic components. In addition, they retain similar capabilities and are more convenient to build, and cost-effective as compared to traditional satellites. They are widely employed in communication, earth observation and remote sensing, biological experiments, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance. Nanosatellite and microsatellite are used in space observation programs, interplanetary missions, system testing in orbit, and biomedical research. They assist in the development of space programs and are widely employed in rapid responses to disasters, environmental management, asset tracking, and gathering timely information related to telemedicine. They provide a platform for training and research to countries wherein heavy investment in the space industry facilitates health and welfare needs. As a result, they find extensive applications in government, civil, energy and infrastructure, commercial, and defense sectors worldwide.
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Nanosatellite and Microsatellite Market Trends and Drivers:
At present, advancements in microelectronics and a significant rise in satellite launches across the globe represent one of the primary factors positively influencing the market. Moreover, increasing investments in space technology startups by private companies are catalyzing the demand for nanosatellites and microsatellites. Apart from this, the expansion of the communication industry, along with the precise adoption of the internet of things (IoT), is facilitating the market growth. Besides this, increasing applications of NAMs in communications, scientific research, earth observation, remote sensing, climate, survey, and map-reading are bolstering the market growth. Apart from this, they are increasingly being utilized in civil, commercial, and defense sectors to conduct low-cost space missions, including geolocation, communication, and signal monitoring, which is creating a positive market outlook. Furthermore, the integration of satellites with advanced technologies, such as artificial intelligence (AI), advanced payload system, and in-orbit services, is bolstering the market growth. In addition, the growing funding and investments in research and development (R&D) activities to improve the operations of satellite swarms and support better communication with earth are driving the market growth. Besides this, significant growth in the aeronautic and satellite industry and advancement in miniaturization technologies are strengthening the market growth. Other factors, such as the deployment of star trackers and solar panels on satellites, are expected to create a favorable market outlook in the coming years.
Nanosatellite and Microsatellite Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- AAC Clyde Space.
- Axelspace Corporation
- Berlin Space Technologies
- ISISPACE Group
- L3harris Technologies Inc.
- Lockheed Martin Corporation.
- Planet Labs Tb Inc.
- Spacequest Ltd.
- Spire Inc.
- Surrey Satellite Technology
- Tyvak Nano-Satellite Systems, Inc.
The report has segmented the market based on satellite mass, component, application and end-use sector.
Breakup by Satellite Mass:
- Nanosatellite (1kg to 10kg)
- Microsatellite (10kg to 100kg)
Breakup by Component:
- Software and Data Processing
- Space Services
- Launch Services
- Earth Observation and Remote Sensing
- Scientific Research
- Biological Experiments
- Technology Demonstration and Verification
- Academic Training
- Mapping and Navigation
Breakup by End-Use Sector:
- Energy and Infrastructure
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Updated Mar 21
Global Nanosatellite and Microsatellite Market 2023 | Industry Trends, Size, Share and Forecast 2028
According to the latest report by IMARC Group, titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global nanosatellite and microsatellite market size reached US$ 2.5...
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