Global Nanosatellite and Microsatellite Market to Grow at 20.57% During 2022-2027, Bolstered by Technological Advancements

March 08, 2021

IMARC Group’s latest report, titled Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, finds that the global nanosatellite and microsatellite market reached a value of US$ 2.0 Billion in 2021. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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 20.57% during 2022-2027.

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.

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Global Nanosatellite and Microsatellite Market to Grow at 20.57% During 2022-2027, Bolstered by Technological Advancements
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