Global Nanosatellite and Microsatellite Market to Grow at 16.9% During 2024-2032, Bolstered by Technological Advancements

March 08, 2021 | Aerospace and Defense

IMARC Group’s latest report, titled “Nanosatellite and Microsatellite Market Report by Satellite Mass (Nanosatellite (1kg to 10kg), Microsatellite (10kg to 100kg)), Component (Hardware, Software and Data Processing, Space Services, Launch Services), Application (Communication, Earth Observation and Remote Sensing, Scientific Research, Biological Experiments, Technology Demonstration and Verification, Academic Training, Mapping and Navigation, Reconnaissance, and Others), End-Use Sector (Government, Civil, Commercial, Defense, Energy and Infrastructure, and Others), and Region 2024-2032" finds that the global nanosatellite and microsatellite market reached a value of US$ 3.0 Billion in 2023. Nanosatellite and microsatellite (NaM) are small-sized artificial satellites that help collect real-time data in the form of voice, data, videos, internet communication and video chat. These miniaturized satellites are launched at low altitudes and travel at high speed. NaM provides an optimum level of solutions in terms of remote sensing and land observations. They are also utilized for geographical mapping, navigation and scientific research as these satellites comprise a wide variety of hardware, software and data processing devices. In recent years, NaM technologies have gained traction as they are employed to improve water management systems and assist during relief and defense operations.

Global Nanosatellite and Microsatellite Market Trends:

The growth of the aeronautic and satellite industry represents the primary factor contributing to the market growth. NaM is used for scientific research, biological experiments and academic training across the defense and intelligence sectors. Furthermore, the governments of different nations are investing in NaM for low-cost space missions such as geolocation, signal monitoring, and communications. Besides this, simplified designs and technological advancements, such as the integration of artificial intelligence (AI), robotics, and the Internet of Things (IoT), in satellites have enhanced their capabilities. Machine learning (ML) is also providing efficient communications and computing capabilities, improving spacecraft reliability and enhancing coordination within a mission. Moreover, the introduction of Very High Frequency (VHF), Ultra High Frequency (UHF), and visible transmission technologies, along with extensive research and development (R&D) activities, are providing a positive impact on the market. Looking forward, the market is expected to grow at a CAGR of 16.9% during 2024-2032.

Market Summary:

Based on the satellite, the market has been categorized into nanosatellites (1kg to 10kg) and microsatellites (10kg to 100kg).
On the basis of the component, the market has been classified into hardware, software and data processing, space services, and launch services.
The market has been divided based on the application into communication, earth observation and remote sensing, scientific research, biological experiments, technology demonstration and verification, academic training, mapping and navigation, reconnaissance, and others.
On the basis of the end use sector, the market has been segmented into government, civil, commercial, defense, energy and infrastructure, and others.
Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being AAC Clyde Space, Axelspace Corporation, Berlin Space Technologies Inc., GomSpace, ISISPACE Group, L3harris Technologies, Inc., Lockheed Martin Corporation, Planet Labs Tb Inc., Spacequest Ltd., Spire Inc., Surrey Satellite Technology and Tyvak Nano-Satellite Systems, Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Satellite Mass, Component, Application, End-Use Sector, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AAC Clyde Space., Axelspace Corporation, Berlin Space Technologies, GomSpace, ISISPACE Group, L3harris Technologies Inc., Lockheed Martin Corporation, Planet Labs Tb Inc., Spacequest Ltd., Spire Inc., Surrey Satellite Technology and Tyvak Nano-Satellite Systems, Inc.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Nanosatellite and Microsatellite Market to Grow at 16.9% During 2024-2032, Bolstered by Technological Advancements

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