Overview and Scope
Nanosatellites and microsatellites (NaM) refer to miniaturized artificial satellites that weigh between 1 and 100 kilograms. They circle the earth in a polar (circular or elliptical) orbit and are usually launched at low altitudes. These satellites travel at high speeds and offer optimum solutions for communications, remote sensing, and earth observations.
Sizing and Forecast
The nanosatellite and microsatellite market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to emerging market opportunities, academic and research endeavors, earth observation and remote sensing, government initiatives and funding, rise of commercial space industry.
The nanosatellite and microsatellite market size is expected to see rapid growth in the next few years. It will grow to $5.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to emerging market verticals, government support and policies, space exploration initiatives, rise of small satellite constellations, expansion of earth observation. Major trends in the forecast period include rise of small satellite constellations, advancements in miniaturization, expanding communication capabilities, growth in space science missions, innovations in propulsion systems.
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Segmentation & Regional Insights
The nanosatellite and microsatellite market covered in this report is segmented –
1) By Component: Launch Services, Hardware, Software And Data Processing, Space Services
2) By Mass: Nanosatellites (1 kg- 10kg), Microsatellites (11kg- 100 kg)
3) By Application: Communication, Reconnaissance, Scientific Research, Earth Observation And Remote Sensing, Biological Experiments, Academic Training, Technology Demonstration And Verification, Mapping And Navigation
4) By Vertical: Government, Defense, Maritime And Transportation, Civil, Commercial, Energy And Infrastructure
North America was the largest region in the nanosatellite and microsatellite market in 2023. The regions covered in the nanosatellite and microsatellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in space exploration missions is significantly driving the growth of the nanosatellite and microsatellite market. Space exploration missions refer to projects that involve exploring the realms of the cosmos beyond Earth’s atmosphere using crewed and uncrewed spacecraft. Nanosatellites and microsatellites are utilized for extremely specialized tasks including Earth observation, telecommunications, and meteorology. Various governments around the world are expanding their space missions, and small satellites are assisting them in completing those missions. For instance, in November 2021, according to a report shared by Seed Scientific, a US-based provider of data innovation and analytics services, in total 8,378 flying objects have been launched into space since the beginning of time. Up until 2023, an ongoing rise in NASA’s annual budget for space exploration is anticipated. Therefore, the increase in space exploration missions is driving the growth of the nanosatellite and microsatellite market.
Key Industry Players
Major companies operating in the nanosatellites and microsatellites market are focusing on innovative products, such as tiny satellites, to drive revenues in their market. Tiny satellites can be constructed with off-the-shelf technologies and are intended to be inexpensive and lightweight. For instance, in March 2021, Rocket Lab Ltd. a New Zealand-based aerospace manufacturer and small satellite launch service provider, launched seven tiny satellites into Earth’s orbit. The mission’s primary objectives were the safe deployment of the satellites and the recovery of the rocket, the splashdown and recovery in the ocean were secondary. Rocket Lab accomplished a great deal with this launch, recovering the booster after it sank into the ocean, which was a crucial milestone in their reusable rocket program.
The nanosatellite and microsatellite market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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