Global Nanosatellite and Microsatellite Market Report 2022: Sector to Reach $10.52 Billion by 2030 at a CAGR of 18.3%
DUBLIN, April 3, 2023 /PRNewswire/ — The “Nanosatellite and Microsatellite Market Size, Share, Trends, By Type, By Component, By End-use, By Application, and by Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global market for nanosatellites and microsatellites is expected to reach USD 10.52 billion by 2030 with a revenue CAGR of 18.3% during the forecast period.
- Lockheed Martin Corporation
- Surrey Satellite Technology Ltd.
- GomSpace Group AB
- Kepler Communications Inc.
- Planet Labs PBC
- Astro Digital US Inc.
- L3Harris Technologies Inc.
- Millennium Space Systems Inc.
- Sierra Nevada Corporation
- AAC Clyde Space
The market growth is driven by factors such as an increasing demand for earth observation applications, a rapid increase in production and launch of small satellites, and growing demand for Low Earth Orbit (LEO)-based services to better connect remote and inaccessible regions. However, market growth is hindered by limited access to space and stringent government regulations .
Nanosatellites and microsatellites are small artificial satellites that weigh between 1 to 10 kg and 10 to 100 kg, respectively. These satellites are faster, easier to manufacture, and more cost-effective than large satellites. They have various applications in different sectors such as agriculture, weather forecasting, and communication.
For example, they can be used to identify suitable land for cultivation and to forecast accurate weather conditions. Satellites are also used for communication purposes, providing better connectivity with low earth orbit satellites to remote and inaccessible regions. Military organizations use these miniature satellites to enhance their military power and protect their countries from missile threats .
Private space exploration companies are investing in Research and Development (R&D) to develop more efficient satellites and explore new ways of launching these satellites separately into outer space using rocket launch vehicles. This provides an opportunity for these companies to expand their businesses beyond space exploration.
One of the main drivers of the market growth of nanosatellites and microsatellites is the increasing demand for Low Earth Orbit (LEO)-based services to better connect remote and inaccessible regions. LEO satellites, which orbit the Earth at a low altitude, are known for their ability to provide low-cost broadband services to individual consumers in developing countries.
The deployment of LEO satellites in constellations can deliver almost ten times more powerful signal strength than satellites in other synchronous orbits. Additionally, LEO satellites’ close proximity to the Earth allows for minimal time delay during communication.
One major restraint of the market growth for small satellites is the limited access to space for launching them. Small satellites are often rideshared as secondary payloads on rockets that are launching larger satellites or carrying cargo to the International Space Station.
This approach limits the flexibility of small satellites with respect to subsystems, launch schedules, and orbit destinations. Launching small satellites is also a complex process, and small satellite operators are seeking new ways to launch their satellites using separate rocket launch vehicles.
While some companies, such as Tyvak, TriSept, and Spaceflight Industries, have developed technologies to safely include large numbers of small satellites as secondary payloads on large launchers, the limited space for satellite launches can be a hindrance to market revenue growth. This is especially true as the demand for satellites for imagery purposes in various sectors, such as agriculture, economic forecasting, and urban planning, continues to rise .
The global market for nanosatellites and microsatellites is categorized into four segments based on type, end-use, component, and application.
In terms of type, the market is divided into nanosatellites and microsatellites. The nanosatellite segment held the largest revenue share in 2020 and is expected to witness a faster revenue CAGR during the forecast period. The small size and cost-effectiveness of nanosatellites make them ideal for space research, earth observation, and communication purposes.
The commercial segment was the largest revenue-generating end-use segment in 2020, and it is expected to grow at a faster CAGR during the forecast period due to the increasing use of geospatial technology in earth-imaging small satellites for various purposes such as agriculture, education, intelligence, navigation, mapping, and others. The hardware segment held the largest revenue share in 2020, and the rise in the number of launches of nanosatellites and microsatellites is driving revenue growth in this segment.
The software and data processing segment is expected to witness a faster revenue CAGR during the forecast period due to the growing demand for various software packages as well as data processing centers that are required for extracting information from raw satellite data at the ground station.
The earth observation and remote sensing application segment accounted for the largest revenue share in 2020. Remote sensing techniques help in observing and analyzing objects from a distance without being in direct contact with them. Communication satellites are increasingly being used in telephony, television, radio broadcasting, amateur radio, military, and data collection, which is expected to drive the communication application segment’s revenue growth.
According to regional analysis, the Asia Pacific region is expected to experience significant revenue growth in the nanosatellite and microsatellite market during the forecast period. In North America, the demand for these satellites is being driven by the increasing digitalization across various industries, as well as the rising demand for Earth observation satellites that offer high-resolution images and videos of the Earth’s surface. These satellites can capture images as close as one meter or less to the Earth’s surface. NASA and other private space agencies are launching more nanosatellite and microsatellite missions to meet the growing demand.
For more information about this report visit https://www.researchandmarkets.com/r/td8b3q
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